Lifestyles of the rich and famous

Mourning

I read this article in the Globe and Mail the other day, about estate planning for very wealthy families. Some points the author raises: estate planning is very complex, and involves multiple meetings with potentially multiple professionals; estate planning gets even more complex when you have a family business, especially where not all of your children are involved in the business; and it gets even more complex when there are loans from one parent, or a charitable foundation.

All of these points are relevant to high-net worth clients, however, they are also relevant to those of us with more modest assets. If you have any assets you want to pass on, you need to meet with the right professionals and have a full meeting with them. This is true whether you have $10 million or a house and a car. If you own a business, there are significant issues to consider whether the business generates $1 million of revenue per year or $100,000. And whenever you loan money to children, or have charitable giving in mind, you need to be aware of the many issues that go into that type of planning.

Ultimately, estate planning is important once you have assets, period.

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