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Saturday, July 17, 2010

How to succeed at business succession

I'm attaching an article from the Globe and Mail about the need for business succession planning. They use Lloyd Robertson and Larry King as examples of two opposite means of choosing a successor. It makes pretty interesting reading. Click here to read the article. If you want to know more about business succession planning, check out my book, Succession Planning Kit for Canadian Business.

5 comments:

  1. Hi, there
    My brother die without a will , under the intestacy law my mum is the beneficiaries for the estates , what happened if my mum pass on before the property is sold , who will be the next beneficiers , she has 3 children , one of them is bankrupt

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  2. Hi my dad just passed away my uncle is the executor he just found out that it will take 6 months to a year for the money to become available from the estate I am pretty unclear about how the whole process works. My dad didn't have a house vehicle or really anything else if monetary value aside from the money in his bank account. None of his kids have any issues with the will so I am wondering what takes that long?

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    Replies
    1. The only thing that takes that long on a simple estate is the wait for the tax clearance certificate to be issued by Canada Revenue Agency. This is because executors must legally pay all debts and taxes before paying the beneficiaries, and the clearance certificate is the official notice that all taxes have been paid. Your uncle does have the option to pay out some or most of the estate before getting the certificate if he feels that is appropriate, but he doesn't have to.

      Lynne

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  3. Hi my mother passed away 4 years ago. The 2 executors sent an old will and got caught for lying. Everything went to my dad that was ok.
    My father was in a nursing home Veterans Affairs paid for everything. He had no debts. Only money in a bank account. It has been a year and all wills probated!! The grandkids get everything that is ok. However now the executors are stating that CRA is waiting for something on my moms will??? Makes no sense as all went to dad. Curious nothing in any if these estates would take long. Both wills have been probated. I worked for CRA

    ReplyDelete
    Replies
    1. Whether or not everything went to your dad is irrelevant. Each person is required to file taxes. When your mom passed, the executors would have had to file her last tax return. If CRA is waiting for anything, that's probably it. It seems more likely to me that it's actually the executors waiting for a tax clearance certificate from CRA. Those take a good 6 months after applying for them, and you can't apply until the estate is wound up.

      Lynne

      Delete

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