In the news | Canadian Family Offices | Scott Binns | If you own a business, you need a trust, too
Finding the best way to pass wealth to the next generation is something that many families struggle with – especially those who also own and operate a business. Our Partner, Scott Binns, explains how an estate freeze works and how it can provide owners and business families with control and stability in a recent article published in Canadian Family Offices.
As Scott points out, there are several factors that impact the right time to implement an estate freeze: a business owners age, their family profile, and their finances. “It’s never too early to broach the topic with your business advisers,” he says, noting that it can be an emotional discussion when dealing with retirement plans, a company’s value, whether the next generation is ready and what happens if you suddenly die.