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    How to manage estates to protect intergenerational wealth

    What happens when people leave inheritance to their children? Often, the assets are spent and wealth only makes it to the third generation in 10 percent of families. While it is a challenge, there are some steps Ontario families can take when planning their estates to encourage wealth to continue through to more generations of children and grandchildren.

    The first tip for Ontario estate planners is to focus on long-term strategies. For example, planners should take a big-picture look at all assets and beneficiaries to plan a strategy before executing a will. Working with trusted professionals, such as financial and an estate lawyer, can help reveal some of the most important aspects of estate planning.

    Conducting family meetings and communicating wishes is a good tactic as well. Estate planning should not only be about wealth, but also about the family’s social, human and intellectual capital. Planning for the future of the recipient, rather than focusing on the amount of money and how is it being transferred, can cause a perspective shift that allows for better decision making.

    Financial planning of any kind can be difficult, and estates are a particularly challenging issue as they can involve difficult conversations and many different personalities and expectations. However, those who care about the long-term financial health of their families will benefit from taking this process seriously and carefully considering how wealth will survive in the hands of certain individuals. After coming up with a plan, an Ontario lawyer can help solidify it with a legally sound will.

    The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.

    Posted By: Sarah Macaluso of Merovitz Potechin LLP

    Associate

    Sarah Macaluso practices extensively in the areas of estate planning (including drafting of wills, powers of attorney and trusts), estate administration and estate litigation. She is a hard-working, client-focused advocate with a can-do attitude. She focuses her attention on what matters most for her clients: the results.

    Before joining Merovitz Potechin LLP in 2018, Sarah articled at a reputable civil litigation firm in her hometown of Hamilton, Ontario.

    Sarah holds an honours degree in Business from McMaster University, and Juris Doctor degree from the University of Ottawa. While in law school, Sarah worked at the Business Legal Clinic, providing legal services and education to members of the Ottawa community. She also won the Beament Green Prize for Trial Advocacy.

    Sarah regularly appears before the Ontario Superior Court of Justice and the Small Claims Court.

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