Colin S. Ritchie

Oct 4

How To Really Screw Up Your Business At Death (And What You Can Do To Avoid This)

Introduction

In my last article, I wrote about some of the steps you could take to wreak legal and financial chaos on those you love. I originally wanted to also include those important steps you could take to also drag down the family business / farm or start a family squabble that could hopefully last for generations. When I started writing, however, I quickly saw that this needed an article all to itself, as the opportunities seem almost endless. Even so, I won’t have time to address the extra level of problems that can arise if your immediate family aren’t the only owners of a business.

Most of the mistakes regarding your estate planning if you own a businss can be broken down into 3 main areas:

• Working really had to build a successful family business / farm then putting no effort into the logistics of how the company will operate without you and how to make things work at that point without your children engaging in a bloodbath;

• Failing to think about taxes and other expenses that can cripple your business, force your heirs to sell out or result in a much higher tax bill at your death than anyone deserves; and

• Not getting the proper legal documents and advice in advance.

Sep 7

How To Really Screw Up Your Will (And What You Can Do If This Is Not Your Goal)

It really isn’t too difficult to leave behind a legal, financial and logistical mess big enough to make your heirs shake their fists to the heavens; for many of us, life is complicated, as are our financial affairs. We may have creditor issues, blended families, squabbling relatives, businesses, cabins, assets earmarked for some but not all heirs, disabled heirs, and children with addictions and crappy marriages or those with a general inability to see a dollar without spending it. Accordingly, if any of these or the many other things that make life so befuddling apply, how realistic is it to rely upon a Will Kit bought at Staples or whatever professional charges the least to tie up all loose ends when you finally get the chance to find out whether there really is an afterlife? I’ll leave it to you to decide but do ask that you bear with me for a few more pages before making your decision.

Aug 19

Defined Benefit Pensions: Steps to Get the Most Out of Your Pension

Introduction

Some people like to say God that is “in the details” while others claim say it is the devil that calls the shots. In any event, the financial planner part of me wonders if whoever coined these expressions was secretly thinking about defined benefit pension plans. Sometimes, the details of a plan are a safety blanket that makes sure you’re covered regardless of what happens next while in other instances, the fine print is a trip wire that leads to catastrophe. Fortunately, whether your plan is a safety net or tsunami isn’t entirely a matter of chance; the choices you make at key points along the way have a lot of impact over what happens later. As a result, I want to talk about some of these key decisions and the things you can do to make your future a little bit more like heaven and a lot less like hell.

Aug 4

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Wills, Thrills and Chills – Changes to Wills and Estates Law in British Columbia

I am the first to admit that lawyers generally a pretty conservative bunch; if something has worked well enough in the past (no matter how ancient), then why rock the boat by trying something new? Sometimes, however, even the most cautious and traditional of lawyers realize that it’s time for a change. Accordingly, after many, many years of consideration, contemplation and conversation, our province has implemented sweeping changes to the rules regarding wills and estates through a single new piece of legislation entitled the Wills, Estates and Succession Act that consolidates many other statutes into one stop shopping. Essentially, it’s like making 90 years of changes all at once.