All articles by Lorne Saltman

How to find and prepare the right successor in the next generation for your Family Business

By | Succession planning and transfer to next generation, Education, training and preparation of next generation, Family business, Family Governance and Family Charters, Family Office, Lorne Saltman | 4 min read

How do you find and prepare the right successor in the next generation for your Family Business? You choose a successor leader of the family who has earned the trust and respect of the other family members. Why do Family Businesses fail from one generation to the next? At my first family office meeting with the P. Family, I asked them what they thought were the main reasons for a business family to fail from one generation to the next? I explained that the two most common reasons are: lack of communication and unprepared heirs.   Lack of...

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Successor, Succession planning

What tax matters are important when emigrating?

By | Emigration and immigration, Personal income tax, Tax Planning, Lorne Saltman | 4 min read

What tax matters are important when emigrating from Canada? When you take up residence in another country, have you obtained advice on tax matters both on departure and on any risks of having continuing connections with your former residence? While it is possible with proper planning to minimize tax on expatriation to another country, it is equally important to reduce exposure to the risk of continued residence-based taxation in the former country. When my client Michael told me he was planning to leave Canada and needed tax advice, I...

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tax matters, emigration

Investing in U.S. Real Estate from A Canadian Perspective

By | Emigration and immigration, Tax Planning, Lorne Saltman | 3 min read

If you are investing in U.S. real estate, you can avoid common pitfalls and take full advantage of opportunities by using appropriate structures to preserve your assets and do so on a tax-effective basis. Investing in U.S. Real Estate and holding them I recently advised my client, David, about an opportunity he was offered to invest in a U.S. real estate project.  We started by identifying the structuring objectives: minimize U.S. taxation on income and exit gains avoid exposure to U.S. estate or gift tax avoid U.S. tax reporting...

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investing in u.s. real estate

Protecting real estate after death through a Canadian NPO

By | Estate planning, Estate taxes and duties, Living will, Lorne Saltman | 3 min read

Protecting real estate after death through a Canadian NPO If you are considering acquiring a domestic vacation property, you can avoid common pitfalls and take full advantage of opportunities by using appropriate structures to preserve your assets and do so on a tax-effective basis. Structuring Real Estate My client, David, was concerned that with the growth in the future value of summer vacation properties near Toronto, Canada, there will also come increased tax liability associated with such a vacation property. David asked how to...

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Protecting real estate after death

Acquiring a Vacation Home in the US

By | Foundations and Trusts, Tax Planning, Lorne Saltman | 2 min read

If you are acquiring a vacation home in the USA, you can avoid common pitfalls and take full advantage of opportunities by using appropriate structures to preserve your assets and do so on a tax-effective basis. Vacation home in USA My client, David, recently told me that as a so-called “snowbird” going to Florida each winter, he wanted to acquire a vacation property there. I advised him that a Canadian resident who dies owning property with a U.S. situs in law, such as the Florida Property which is real estate located in the United...

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Vacation home US, USA, America, Florida

How to structure your real estate investments to preserve your assets

By | Tax Planning, Lorne Saltman | 7 min read

Structure your real estate investments to preserve your assets on a tax-effective basis In a variety of real estate investments, you can avoid common pitfalls and take full advantage of opportunities by using appropriate structures to preserve your assets and do so on a tax-effective basis. Investing Through Limited Partnerships I recently advised David, a successful real estate investor and to use a limited partnership (“LP”) for a new project instead of his usual practice- a corporation alongside other corporate investments. I cautioned...

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real estate investments

Preserve your assets with a Principal Residence Trust

By | Estate planning, Family assets; art, portfolio, realty, Foundations and Trusts, Lorne Saltman | 2 min read

Preserve your assets with a Principal Residence Trust The family home is often one of the key family assets. It can be the object of friction among family members, and be subject to tax on sale or death, unless proper planning is implemented.  A trust can be used to address these issues and minimize risk of loss. Clients often ask me, “How can I best protect and preserve my assets, such as the family home, for my heirs?” I recently advised a couple before their upcoming second marriage, who wished to discuss what legacies they wanted to...

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principal residence trust