Estate Planning

BFP Estate Planning Services
Most of us don’t wake up thinking about doing estate planning, but it is really just one part of financial planning that just happens to grow in importance the older we get. The fact is if you work hard to accumulate assets, and if they end up being more than what you can spend during your lifetime then by definition you will leave an estate. Estate planning is making sure that those assets go to who you want them to in the most efficient way so that the value is maximized. Ask yourself whether the Canada Revenue Agency is the best beneficiary you can think of for your estate, and the answer will be why you need to do estate planning.
Why Plan?
The answer to the question why plan your estate might be answered by sharing a true story.
Bubble Bursts for Chewing Gum Magnate
William Wrigley Jr. came to Chicago in the spring of 1891 with $32 in his pocket. He was 29 years old and was a born salesman. He started off selling soap and as an extra incentive for merchants to carry his soap he offered baking powder for free. The baking powder proved to be more popular than the soap. One day he came across the idea of offering chewing gum with each can of baking powder. As they say the rest is history after Wrigley made a fortune selling chewing gum. 

In 1920 Wrigley ended up buying the rest of what became the crown jewel in his organization, the Chicago Cubs and Wrigley Field, from Charles Weeghman. When Wrigley died in 1932 it ended up in his son Philip’s hands, with the instructions to never sell the Cubs or Wrigley Field. 

Unfortunately, with Philip’s son William III now at the helm of the company, Philip and his wife Helen both died in 1977. The resulting estate tax bill was estimated at between $40 and $50 million. That bill forced William to sell their prized possessions the Cubs and Wrigley Field for $20.5 million, ending 60 years of Cubs history for the Wrigley family. 

It has been estimated that the tax bill was at least double what might have been the case with proper planning. With that proper planning the club might still be in the hands of the Wrigley family, and with it the most iconic stadium in baseball. By the way, in March of 2012 Forbes magazine pegged the worth of the Chicago Cubs at $879 million...

Estate
Planning

Estate Planning for Business Owners
At BFP we specialize in estate planning for business owners. We are business owners ourselves so we understand the unique challenges. Most business owners spend 100% of their time working in the business and don’t have time to step back and take an overhead view of what they have accumulated and what will happen to, in most cases, their largest asset if they are no longer around. The process of estate planning is the same as financial planning in that there are a few main steps you go through:

Financial Snapshot  We prepare and or confirm your current financial situation, net worth, income, cash flow, future income requirements. This includes excess assets and ways your maximizing their value.

Business Structure  We work with you and finance team to clarify business valuation, share ownership, shareholder agreements, share cost base, tax payable (at sale & at death), capital gains opportunities and other factors.

Business Succession  We help clarify how shares will be distributed at death (value, distribution & control) - hard questions that when handled properly minimize potential sources of conflict and maximize what you have spent a lifetime building.

Plan Development  We work with you to create a long term plan for long term wealth - from conception to implementation.  Our services include working with other professionsals to establish  trusts, holding companies, estate freezes, life insurance, etc., that makes sense for you. 

Get Started Today. 
Contact Us for a Free Consultation.

We'd love to discuss your estate goals and tell you more about our 
Estate Planning Services. Click on the Contact Us button or call 
1-866-442-2587. 
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Get the BFP Insights Newsletter
Employee Benefits | Group Retirement | Financial Planning 

Published twice a year.
Dedicated to the latest changes and trends in the employee benefit, group retirement and financial management. Developed in house by our team, we think you will enjoy it and find it is not like your standard "dry" financial newsletter.
SUBSCRIBE