Family Business Succession Planning

Welsh Law Family Business Succession PlanningThe majority of all businesses in Canada are family owned.  Yet, surprisingly, according to the Canadian Association of Family Enterprises, 70% of family businesses do not make it to the 2nd generation and an astonishing 90% do not make it to the 3rd generation.

The largest asset of most families is their business and an appropriate succession plan to preserve that asset is self-evident.

Family business succession planning is not restricted to the preparation of Wills or Powers of Attorney.  On the contrary, while those are part of the process to successfully transfer a family business, a much more significant issue is the identification of the appropriate Senior Management to perpetuate the family business.

Read More»

Asset Protection and Creditor Proofing

Welsh Law Asset Protection and Creditor ProofingTwo phrases with essentially the same meaning (like: passed away/dead) but with significantly different  connotations and intentions (although ‘intentions’ form a large part of the distinction, the intentions are often merely concluded rather than fully evidenced).

Nevertheless, “asset protection” is designed to be a way through various  alternative vehicles to protect an asset, sometimes forever and sometimes for a while, from the grasp of a creditor.

There are legislatively protected  vehicles in Canada into which money or assets may flow which cannot be made to cough up that money even by court order.  On the other hand there have been many instances where an asset owner transfers that asset to a third party at the time the transferor had no debts, then after the transfer, he legitimately developed creditors who seek to bring the asset to within their  legal grip.

To discuss either full or limited asset protection, please feel free to contact us on our confidential email.

© Copyright Peter R. Welsh Law Professional Corporation - Theme by Pexeto