Estate Planning
Your family’s path to generational wealth
From handshake agreements to broad assumptions, we often have a false sense of security with estate planning. However, if you want to create multi-generational wealth, you need more than loose plans and hopes to get you there.
We work with high-net-worth families to create plans to support successful children, build philanthropic enterprises and achieve other, beyond-life goals.
Through a comprehensive approach, we provide:
- A collaborative approach with your current trusted advisors
- A path to minimize tax and maximize generational wealth
- Peace of mind that your desires and goals will be respected
“Cox Financial Group is very knowledgeable, professional and easy to deal with. I highly recommend Cox Financial Group!”
- James
Work with wealth experts who know you
Frequently Asked Questions
What is estate planning?
Estate planning is not just a well-crafted will (although that is certainly a part of it). Next steps mean you need comprehensive guidance, and that’s why we work to smoothly transfer your wealth and your business to the next generation while minimizing risks, taxes, as well as navigating other pitfalls.
When is a good time to start estate planning?
There is never a better time to start than right now. Because your needs are always evolving, estate planning is not a one-time process. We work closely with you to regularly update your plan to ensure it’s continually meeting all your needs.
What is the best way to pass on my wealth to the next generation?
There is no one-size-fits-all in estate planning. Your needs and goals are unique, and so, your plan should be too. We work closely with you to ensure your estate planning works to satisfy your needs, your family’s needs and your business’ goals.
Case Study: How do we transfer our wealth fairly among our kids?
Ted and Sheila* had a tall order when they came to us for advice about their family business. They were both 55 years old and looking to retire by 65, with four older children: two who were involved in the family business and two who were not.
Ted and Sheila wanted to:
- Transfer (or gift) shares to the two children involved in the business
- Treat the two children uninvolved in the business fairly
- Make sure they had a health trust in place (so as not to be a burden on their children in the future)
- Set up an education trust fund for their grandchildren
Covering all the bases
After meeting with our Tax and Estate Planning Group, we established comprehensive options for Ted and Sheila, including to:
- Freeze the estate for the business shares held by Ted and Sheila
- Give the couple preferred shares which hold the voting rights and so, control the business
- Issue new common shares to be owned by the two children involved in the business (this would also give Ted and Sheila options to transfer all or partial future growth of the company to their children)
- Create a family trust which would own the preferred and common shares
- Get the business to purchase life insurance policies on both Ted and Sheila for the value of their shares plus any tax that will be due on the preferred frozen shares
We also helped Ted and Sheila:
- Redesign the USA (Buy/Sell) Agreement to accomodate their future wishes regarding the redemption of shares, death, or disability
- Restructure their will to ensure their two children who were uninvolved in the business would be fairly compensated
- Set up an Education Trust Fund for their grandchildren
- Set up a Health Trust Fund that could be used if either Ted or Sheila needed long-term care
Protecting and preserving wealth
Ted has since passed away and his corporate life insurance policies were paid into the corporation upon his death. The proceeds helped fund the USA and provided cash for Sheila for retirement. A portion of the proceeds were payable to the two children who were uninvolved in the business, and cash was also left for both the Education and Health Trust Funds.
Through idea-sharing and the proper estate planning advice, we were able to satisfy and fulfill Ted and Sheila’s long-term needs.
*Names have been changed