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Thursday, January 5, 2012

Don't gift businesses to family

This article from http://www.capitalmagazine.ca/ offers some simple advice to business owners thinking of gifting their  business to their children. He says not to do it. Click here to read the article and find out why.

The attached photo is also from that article in http://www.capitalmagazine.ca/.

2 comments:

  1. Hi Lynn,

    My question is, if the husband (registered as a non-resident) has passed away, how does his wife (NOT a Canadian resident) and child (minor, non-resident) claim their inheritance?

    The husband had some shares in a privately owned company.. What is needed to effect the transfer from the husband to the wife and child? Or at least the child since the mom is not a Canadian citizen.


    Thanks!

    ReplyDelete
  2. Hi Lynn, If my decreased mother gave money to me as gift for a down payment for a house and she told me that it was not to be repaid to her. But my sibling is now insisting that it should be repaid to the estate because she feels it was a loan and that is double dipping. And that I abused my mother because she gave me money. My other mother offered this money to me, I never asked or solicated it from her. Life has become very difficult and I do not know what to do. Our consel has said have no discussions until the sale of the house but this sibling has gone to mother's home looking for evidence and removing what documation she thinks would support her claims. Please help

    ReplyDelete

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