The TK Advisor -TK Financial Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

Family Business !

There are many family business owners that are looking to pass the business down to the next generation but unfortunately that is not easy to do . Over the last 29 years we have been involved with family businesses where the transfer was a effective one and have also witnessed some that unfortunately did not go well . Why do these transitions fail ? Waiting too long to begin the process . No clear plan . Parents are not prepared to give children control . When treating children in the business and ones outside the element of fair is sometimes confused with equitable . There is no one qualified in helping the family to facilitate the process . Sometimes parents do not want to deal with it and their advisersfail to point out the importance of this process for all parties . We urge you to get a team of advisers that are accustomed in working within a team environment to guide you through the process . We have done this work and it is rewarding to see the stress relief that is created when the work is completed .

Shareholder agreement could cost you a lot of money !

We instruct people to get a shareholder agreement and I still think it is a must to have one. Make sure you take the time to craft a agreement that works for you . When it is not properly drafted , by a lawyer who is not a true specialist or one that just wants to give you a boiler plate version , it can cost you thousands of dollars when a dispute occurs . Ask your advisers questions so you completely understand what the legal terms are and how they will affect you . When relationship between shareholders sour they will go back to the agreement and that is not a good time to learn that the agreement you have is inadequate .

Long Term Care Insurance

Why should you be considering long term care insurance for you or your parents ? Our current health system is good but not able to handle the overload caused by baby boomers all needing more services then the system is able to accommodate . Long Term Care insurance is designed to provide cash to individuals that need financial assistance to get proper services they need . Do not let a Long Term Care need drain assets you have accumulated examine the insurance options available to you and your family .