Estate & Tax Planning
Apart from the Estate Planning associated with general Wills planning, we assist our clients with all manner of more sophisticated Estate and Tax Planning strategies. This includes planning for the transfer of the family farm, use of Family Trusts, and otherwise.
Family Farm Transfers
Under the Income Tax Act, farmers are entitled to special tax treatment with respect to certain types of transfers. We can assist you in identifying those special rules and ensuring that the transfer of your family farm to the next generation takes advantage of those tax benefits. In particular, farmers will wish to ensure that they make full use of the Capital Gains Exemption available to farmers and farm property.
The use of discretionary Family Trusts has become an extremely common Tax and Estate Planning tool. A discretionary Family Trust offers not only tax benefits but also protection from bankruptcy, divorce, and other creditor and debt issues. We can assist you determining how you might benefit from the use of a trust of this type.