We have all heard of pre-nuptials in high profile family and especially Hollywood marriages and more often after a star’s divorce happens. A pre-nuptial agreement also can be necessary in a family business, where the family wants to ensure that the business and enterprise stays within the family, whether or not one of the children’s […]
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Have you ever stopped to think about why you are working so hard, an existential enquiry? I know we all have continuing responsibilities: family, employees, customers, suppliers. All are important and all, hopefully for you, are assisting you in creating wealth, especially family as they can provide the moral support and accountability that others may not always be able to provide. So, back to the question, why are you working so hard?
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Does your business have a soul? or does it exist just to make money and provide a comfortable lifestyle for the family, its employees and other key stakeholders? This may sound like a judgmental statement. It is not. Whether or not your business is there for a greater purpose is really up to you. There are many businesses that are there just to make money….take Wall Street for example. Some pundits allege that the greed in Wall Street is one of the reasons why the US economy is in its current state.
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What happens or what can be done in the situation where a child who is now an owner of shares of a company has a problem. These problems could include divorce, death or the fact that you do not want that child to be an owner any longer, for whatever reason, of the company.
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The value of your business only becomes relevant when you either wish to sell it or when you pass away. Whether you live in the US with its estate tax or in Canada with its deemed capital gains tax, your heirs will likely pay some taxes upon your passing.
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