Wealth Without Bay Street 179: Estate Freeze with Richard Canfield & Henry Wong
One thing that many people often forget is that we don't know when our best before date is. It's actually really important to be prepared for the unexpected by taking care of tax, estate and insurance planning, and ensuring the set up of the right structure and environment.
This way, if something unpredictable happens to you or your business, you won't have to deal with unnecessary complications. It's crucial to have a plan in place so that if an accident were to occur, there are clear steps to ensure a smooth transition for your family.
WATCH: Tax Planning For Intergenerational Wealth Transfer
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IN THIS EPISODE, YOU WILL LEARN:
[00:00:56] Intro: How do you effectively plan for the taxes on intergenerational wealth transfer?
[00:10:42] The benefits of doing an estate freeze transaction
[00:17:21] Purify your business from unproductive assets
[00:21:28] Including other shareholders into the estate plan structure
[00:30:53] Picture a worst case scenario
[00:34:56] Take advantage of the capital gains exemption
[00:51:39] Our new book Keep Taxes Away From Your Wealth
QUOTES:
- Understand what you need to do to preserve a lifetime capital gains exemption.
- Estate and tax planning can be done effectively to maximize the utilization of a capital gains exemption for all parties involved.
- Every business owner wants to have proactive tax planning, but they end up with reactive tax planning.
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