MacMillan Estate Planning Corp

Description

Our client decided that she would like to set up a bursary to aid deserving students in their post secondary studies. However, unlike the conditions of most bursaries, her bursary was quite unique. Although never at the top of her class, our client had worked hard during her studies. She felt that average students were too often overlooked and under-appreciated in the academic world. In order to remedy this, we helped her create a bursary that financially awarded only those hardworking students with a GPA between 65-80%.

Due to the daughter’s innovative business practices, the family business has been projected to grow quite substantially. In order to ensure proper succession, the family business was put into trust and the current business value was frozen within the parent’s estate. This method will effectively protect both parents and children as well as defer a substantial amount of tax on the growth of the business.

A wife-and-husband team running a successful family business had begun to plan their retirement strategy. They had two adult children, one working in the family business and the other employed in a company abroad. The child that worked abroad had never expressed any interest in the family business. Consequently, this led them to assume that she was not committed to its future.

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