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ARTICLE · 20 SEPTEMBER 2016

Succession Planning Using An Estate Freeze

Minden Gross LLP
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Looking to found a family business dynasty? Here's a sobering statistic: Only about 10% of family-owned businesses make it past the third generation.

CanadaWealth Management
Samantha Prasad
Samantha Prasad
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Looking to found a family business dynasty? Here's a sobering statistic: Only about 10% of family-owned businesses make it past the third generation. This has a lot to do with the lack of proper planning while the founding parents are still alive. One way to give your business at least a fighting chance to go beyond the third generation is to implement something that estate lawyers call an "estate freeze."

If you carry on a family business and are considering bringing the next generation into the business as owners, then it may be time to think about how to best accomplish this in the most tax-efficient way possible. If you are not sure your kids want to carry on the family business, a succession plan can also be an important tool in minimizing taxes on an eventual sale.

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