Estate planning is an ongoing process and you should review your planning options on a regular basis to maximize your future wealth transition. The presentation will address several key estate planning considerations for pre and post mortem tax strategies to reduce overall estate income tax and probate related costs.
We will also review planning steps to be considered where individuals own shares in private companies to reduce potential multiple layers of tax arising. Please join us to see what you may wish to bring forward to your clients as their trusted estate planning advisor.
Presented by Rick Gendemann, CPA CA
Manning Elliott LLP, Accountants and Business Advisors
Rick Gendemann is the firm’s lead partner, overseeing and advising on family business transition services and is on the Board of Directors for CAFA.
Rick works extensively with family-owned enterprises, providing them with business advisory and business transition planning services. Rick is a graduate of the Institute of Family Enterprise Advisors program, which provides a comprehensive education in knowledge and best practices in family enterprise advising.
Rick has an extensive background and experience in the areas of estate tax and wealth transfer planning. He is a regular contributor and presenter of estate planning options and related tax topics to various organizations. Rick is also a member of the Abbotsford Estate Planning Council. His tax and estate planning expertise allows him the opportunity to provide creative planning strategies in an ever-changing tax environment to our clients.
No Charge for Estate Planning Council of Canada Members
Guests are welcome - this event is for professional Advisors only.
Portfolio manager Geoff Saab will address some of the personal challenges entrepreneurs face post-exit, as well as issues created by significant change in the nature of their wealth.
The author of “Low Risk Rules: A Wealth Preservation Manifesto” will share stories and answer these questions:
• What are common experiences shared by entrepreneurs after a liquidity event?
• Is it worth setting up a Family office?
• What is the difference between the mindset of entrepreneur and investor?
Geoff Saab is a wealth manager who has held various positions in tax, estate planning, and insurance, and now serves clients as a portfolio manager at Doherty & Associates Investment Counsel based in Ottawa. Geoff is a Chartered Financial Analyst, Chartered Accountant, Certified Financial Planner, and certified Trust & Estate Practitioner. He spent over a decade working in a single family office, advocating directly on behalf of his clients. With his unique experience of working as both a wealth management industry insider and outsider, he has gained a deep understanding of how the industry works (and doesn't work) for clients.
No charge for EPCC Members.
Mediation will work when all parties are prepared and understand the goal of mediation. A settlement should be reached on full knowledge, and transparency ensuring the best forum for understanding the issues involved, rather than having one party left in the dark about an aspect of the dispute.
What Should I do to Prepare for Mediation?
Lawyers should prepare their clients for the process, underscore the importance of confidentiality, explaining that this is a chance to step away from the adversarial process.
Clients should be prepared to be respectful of the process, to disengage the anger and entrenched views, depart from using blaming language and adopt neutral language, all with a view to compromise and brokering a deal that can be managed.
Importantly, no participant will leave with everything they want, nor will any party be completely satisfied with the process.
Documentary preparation is critical, and the mediator should be provided with helpful mediation briefs and all relevant materials including the drafting solicitor’s records, medical records etc... depending on the issues involved.
Counsel should have a full understanding of the assets of the estate, or related dispute and the legal issues. Settlement agreements are to be prepared by the parties or their counsel and should not be prepared by or witnessed by the mediator.
The mediator will remain neutral, is not an advisor and cannot become a witness.
Kimberly A. Whaley, founding partner of the boutique, Whaley Estate Litigation Partners (WEL Partners). Practicing Dispute Resolution in Estate, Trust, Capacity/Incapacity, Powers of Attorney, Guardianship, Dependants' Support, Elder Law & related Wealth Succession challenges.
WEL PARTNERS -Top 5 Trusts & Estates Boutique Firm in Canada since 2014 as ranked by Canadian Lawyer.
Kimberly is designated as a Certified Specialist in Estates & Trusts Law by the Law Society of Ontario. She has been peer rated by The Best Lawyers in Ontario & Canada since 2009; Chosen by Lawday Leading Lawyers as one of the top 60 leading lawyers in Estates & Trusts; Lexpert and Chambers ranked.
Kimberly is Past-Chair of the OBA Trusts & Estates Executive, Elder Law Executive, and honorary member of the CBA Elder Law Executive. Kimberly is also a past member of the OBA Solo, Small Firm and General Practice Executive, the Institute Executive, the Awards Executive, and JUST MAGAZINE editorial Board Executive. She is a registered member of the Society of Trusts and Estates Practitioners (STEP) (worldwide) and is past chair of the STEP (Toronto) Executive. Kimberly is a designated TEP. Kimberly is an honorary member of The Professional Advisory Group of the Baycrest Foundation, and member of the Estate Planning Council of Toronto.
Kimberly is a co-contributor to the yearly Canada Law Book publication "Key Developments in Estate and Trust Law in Ontario" authoring or co-authoring various chapters since 2008.
Kimberly co-authored the Canada Law Book publication "Capacity to Marry and the Estate Plan" The Cartwright Group Ltd. 2010. Kimberly has many related publication and journal articles.
Kimberly was awarded the Hoffstein Book Prize Award in 2009, recognizing contributions and achievements by Members of the OBA in Wills, Trusts and Estates. Kimberly received a Special Lecture Award from Queens University Law School 2003.
Kimberly has taught at Queen's University, Western University, University of Toronto, as well as Osgoode, and contributes to Continuing Legal Education programs for lawyers, professionals, and the community.
Registration $25 - Professional Advisors
Trusts are so pervasive in our world. They really can be the answer to all the problems in an estate plan – Have a disabled son? Answer: trust. Have a drug addicted nephew you want to help? Answer: trust. Want to support your new spouse but still help your children? Answer: trust….
The types of trusts range from formal, multigenerational trusts to oral arrangements interpreted by a court to impose a trust. We will review these various forms, including family trusts, alter ego trusts, spousal trusts, resulting trusts, and bare trusts, along with some of the tax aspects of each form, and when each type might be useful. We will also review the roles and responsibilities of the various people involved– Settlor, Trustee, Beneficiaries, and Protectors. And to help us sleep at night we will cover some tips, and some pitfalls to avoid in drafting these ever so flexible and useful tools to help with our clients’ estate planning.
Doris Bonora, TEP, QC - Partner, Dentons
Doris Bonora is the Canadian group leader of Dentons' Trust, Estates and Wealth Preservation practice. Her practice focuses on will planning, estate planning, estate administration, estate litigation and trusts. Her practice involves developing estate plans for her clients that match their families and their needs. Doris takes an active interest in developing the right estate plan for each person, including incorporating companies and reorganization of companies. She also drafts Enduring Power of Attorney and Personal Directives to deal with incapacity or illness. Doris is also involved in estates on the death of a person. Her practice involves applying for the grant of probate, and advising the executor on all aspect of estate administration.
Doris advises high net worth individuals and their family offices, banks and trust companies in personal and business succession, philanthropy, as well as in trust and estate planning matters. She provides insight into the decision-making process surrounding the structuring of a family office in order to build and maintain an effective structure that serves the needs of the family.
Rhonda Johnson, TEP - Partner, Dentons
Rhonda is a partner practicing in our Trusts, Estates and Wealth Preservation group. She focuses on trusts, estate planning and estate administration solutions advising individuals, trustees, business founders and next generations, including helping clients with assets in BC and Alberta.
Her practice includes drafting inter vivos and testamentary trusts, First Nations Trusts, multiple wills planning, incapacity planning, charitable giving, wealth transfer strategies and multi-generational planning.
Rhonda articled and practiced with Dentons in Edmonton from 1990 until 2001 before moving to Vancouver Island to help start and run an award-winning outdoor tourism business with a focus on fully guided sea kayak tours. She then went back to her roots and practiced law on Vancouver Island, first as a solo practitioner and then with mid-sized firms, until returning to Dentons Canada in 2020.
Rhonda has been a sessional instructor of the wills course for the Law Faculty of University of Alberta, and an instructor and presenter for the Legal Education Society of Alberta, CBA Wills Section, STEP National, STEP Edmonton, STEP Calgary, and Cambridge Forums. She has also been a sessional instructor in economics for North Island College.
Meet fellow members from across Canada and join our lively forum! We will do some small group breakouts and also round table discussion on challenges for Advisors.
Kathy Logan, CPA, CGA, CFP, TEP
Director of Gift Planning
Estate planning practitioners are frequently presented with issues involving valuation matters, whether in planning scenarios, dispute or other situations. While best practice in many situations will dictate the involvement of a valuation expert, whether for an independent report or other assistance, it is very helpful for the estate planner to have a sufficient understanding of valuations and be able to speak the same language as the valuator, understand the relevant parameters of the particular situation, and communicate valuation-related issues to the client.
Join Melanie Russell, CPA, CA, CBV, CIM, CFE, CFF, ABV, Founder and President of Kalex Valuations Inc., for an overview of valuations, situation-specific considerations, as well as practical tips.
More specifically, topics covered will include:
• Valuation definitions, reference points, principles and concepts
• Valuation basics
• Common uses of valuation reports
• When a valuation is needed/triggered, and when formal valuations are not required
• Practice standards for CBVs/valuation professionals
• Key engagement issues
• Reading a valuation report
Melanie is the founder of Kalex Valuations Inc. and began professional practice in 1985, which includes several years of industry experience. Throughout her professional career she has been involved in many assignments for a variety of public and private companies of various sizes and across many industries, obtaining her training at two of the largest international accounting firms in the industry. Melanie placed second in Canada on the CICBV membership examination. She founded Kalex Valuations Inc. in 1996.
Ms. Russell has been active in teaching business valuations and related topics since 1987 at various universities and professional organizations, and runs the premiere preparatory course for CBV students in Canada taking their national Membership Qualification Examination. She has written various articles, taught professional courses and had many public speaking engagements on matters relating to business valuations and related topics.
Ms. Russell has qualified as an expert witness in the Ontario Court of Justice, the Ontario Superior Court, the Federal Court of Canada, the Chartered Professional Accountants of Ontario (“CPAO”, formerly Institute of Chartered Accountants of Ontario)’s Discipline Committee (which determines whether members should be charged with offences as brought by the CPAO’s Professional Conduct Committee) and the Investment Dealers’ Association. She has qualified as an expert in the areas of business/asset valuation, quantification of damages, income determination and forensic accounting. She has also acted as an accounting expert in arbitration, mediation, mediation/arbitration and other alternative dispute resolution proceedings (e.g., collaborative practice), and negotiated a number of buy/sell transactions.
We promote cross-education, referrals and connection for Estate Planning professionals and foster a collaborative approach to Estate Planning through our members and their firms.
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