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New Estate Planning Toolkit

Authors Peter Lillico (left) and Steven Bark and contributor Pina Melchionna at the official launch of Chartered Accountants of Canada: New Toolkit Helps Business Owners Prepare for Estate Planning

Authors Peter Lillico (left) and Steven Bark and contributor Pina Melchionna at the official launch of "The Estate Planning Toolkit for Business Owners: Building and Preserving Your Wealth" in Toronto, Wednesday, October 21, 2009. The toolkit is collaboration between the Canadian Institute of Chartered Accountants and Scotiabank Group. MARKETWIRE PHOTO/The Canadian Institute of Chartered Accountants

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2009)

A new publication offers valuable advice for business owners who have assets and families to protect.

The Chartered Accountants of Canada and Scotiabank Group have teamed up to publish The Estate Planning Toolkit for Business Owners: Building and Preserving Your Wealth. The toolkit stresses that the time to start planning is now.

"An estate plan is not a concept to be conceived and triggered at the time of death," said Cairine Wilson, Vice-President, Member Services, Canadian Institute of Chartered Accountants (CICA). "It is a living, documented road map and one that must invariably change at various stages in life. Knowing more about where you are now and where you are headed is very much in your own self-interest, and that of your family."

Estate planning involves creating, managing, preserving and passing on wealth. It incorporates financial, tax and succession planning, along with risk management and personal protections.

Written by Peter B. Lillico, B.A., LL.B., and Steven C. Bark, B.A., B.Comm., Chartered Professional Accountant, with contributions from Pina Melchionna, B.A., LL.B., M.B.A., National Director, Will & Estate Planning, Scotia Private Client Group, the toolkit will help business owners:

  • Set a value on their estate through an analysis of their assets and project estate values over time;
  • Assess and address current and future liabilities, such as mortgages or bank loans, taxes, legal fees, executor's compensation, and any personal guarantees that will be payable by their estate;
  • Determine how best to manage wealth creation to meet their needs today — and in the future, provide for their family and other beneficiaries; and
  • Provide protection for both the business owner and their family against a wide variety of risks.

"A carefully crafted estate plan can balance the 'hard' financial and tax goals with the 'soft' family and personal issues," said Lillico. "Whether the business is a partnership, incorporated or proprietorship, the toolkit is a comprehensive, first-stop resource that provides valuable guidance to help owners understand the important concerns that must be addressed when estate planning."

According to Melchionna, "The sooner a business owner develops a forward-looking estate plan, the better. The Toolkit, along with a team of trusted tax, legal and financial advisors, will help them stay on track to achieve their goals and give them peace of mind."

"Business owners are faced with many unique needs related to creating and retaining wealth," noted Bark. "However, estate planning should not be limited to just business owners. This toolkit provides valuable information for non-business owners as well. At any age, an estate plan can be beneficial."

The Estate Planning Toolkit for Business Owners is available in both English and French from the CICA at www.knotia.ca/store.

More information is available at www.cica.ca/estateplanning.

The Canadian Institute of Chartered Accountants (CICA)
The CICA, together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 75,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).