I grew up in a first generation immigrant family, where my parent’s education and qualifications did not have an equivalency here in Canada. Therefore, they took unconventional approaches, and significant risks in business and real estate to earn an income that would best provide for their family. Being part of a tight-knit community, I saw that my peer’s families had similar struggles.
As I grew older and became involved in the small and medium sized business communities, I noticed that a consistent service gap and lack of education existed regarding long term risk and business planning.
While trying to make ends meet and succeed in the immediate future, we sometimes neglect taking the time to reflect on risks that may emerge in the future and mitigating them. If any of the following applies to you, please book an appointment with me to sit down and talk:
-Buy/Sell arrangements: If something happens to you, is there an agreement in place with your business partner(s) to ensure your family gets a fair price of your share in the business.
-Are you in “handshake agreements” with your partners, then perhaps it may be time to formalize those agreements to ensure a fair and equitable transition to your beneficiaries.
-If you hold a lot of real estate assets, have you thought about how you would like to transfer those assets in the future to your loved ones? Have you considered the tax implications of estate tax and strategies to mitigate it, to ensure half your estate does not get eroded in taxes?
-Have you considered succession planning in your business and established a fair market value?
-Do you have the necessary disability, long term illness and life insurance in place to meet the needs of you and your loved ones?
-If you have built up a significant portfolio of assets, have you considered the best strategies to transfer that wealth to next generation in a tax efficient manner?
-If something happens to you, do your loved ones know where to find the necessary documentation and step by step instructions to handle your estate?
To arrange a no cost, no obligation review of you situation and see if my team and I can help, please call or email me at ravneet.virk@rbc.com to book an appointment.
