Law Times

Law Times • augusT 20, 2012 BRIEF: SUCCESSION PLANNING TLA event to tackle area many fall behind on Succession planning for lawyers BY KENDYL SEBESTA Law Times guest speakers and industry pro- fessionals to discuss succession planning, tax, and wealth man- agement during its upcoming dinner program. For this year' P reparations are under- way at the Toronto Lawyers Association as it gathers a variety of will take place on Oct. 2, the as- sociation will hold it away from its traditional courthouse venue for the first time. Instead, it will be at the Rosewater Room in Toronto. The event will offer practical s program, which hands-on knowledge to senior lawyers who are preparing to retire while also enabling them to identify and find solutions to legal, ethical, and business prob- lems that crop up during succes- sion planning. Completion of the program will allow participants to qualify for one hour of profession- alism content for continued pro- fessional development purposes or 2.25 substantive hours. Gerry Fields, the program' moderator and president and chief executive officer of the Cor- nerstone Group, says this year' s event will focus on a couple of areas of interest for senior lawyers while also offering unique per- spectives from various industry- leading professionals. "We really wanted to develop s three areas of focus: succession planning, tax, and wealth manage- ment," says Fields. "For senior lawyers, we felt the discussion on a number of tax- related issues that arise in prac- tice. "We intend to discuss a num- ber of issues that come up during the succession planning process," says Weissman. "In my experience, for exam- ple, it takes two to three years from the beginning of the succession planning process to clients actual- ly taking action. During that time, a lot of disciplines come into play. Weissman says those issues " will likely include both tax and estate planning. "Tax planning is an important for developing and imple- tool menting a succession plan for your business," he says. " talking about some creative ways to use family trusts and capital gains exemptions, particularly when it comes capital gains without giving up control of your company. For example, U.S. citizens living in to multiplying As part of that, we will also be Having a solid plan is particularly important for senior lawyers, says Ian Hull. Canada will have a different expe- rience than Canadian citizens. So we'll be talking about what impact that citizenship has on different aspects of succession planning. Ian Hull, co-founder of Hull " & Hull LLP, says having a solid plan is particularly important for ments to succession planning that have to be teased out by someone else other than the lawyer for which the plan is be- ing made, senior lawyers. He notes there are a variety of reasons why many lawyers tend to fall behind when it comes to their own succession planning, including not making it a priority, and, in some cases, a general disinterest in what can be- come a complex process. "There are some unique ele- torney, for example, lawyers oſten don't find it as easy to appoint a non-practising professional. Of- ten, we need to put our mind to appointing an executor that is at a different level. It becomes a hurdle because we're not as free to choose who our executors may be. "When choosing a power of at- " says Hull. true for sole practitioners who must select someone to take over their practice if they retire or die Hull says that's particularly " suddenly. According to Hull, law- yers and sole practitioners should seek out someone they know and trust to take on the job of run- ning their law practice. He adds lawyers should also consider whether their estate planning should include separate wills for themselves and their law firms. "Lawyers need to go out and spend the time and money on a lawyer they can trust," says Hull. "There is also the option of " looking at whether there is some form of insurance you can put in place for that lawyer if they ulti- mately take over your practice. Hull notes making those plans will save lawyers time and money in the long run. "The active practice is your life- line when you're alive," says Hull. "Without a proper plan to pass " LT PAGE 13 that lifeline along to your family, you're basically letting your prac- tice and all your years of hard work go up in smoke. www.ERASSURE.com ERASSURE® of Estate Risk Protection Plan Inc. is a registered trademark program would offer a dual op- portunity to acquire must-know information for their own prac- tices while also assisting their clients with their family and non- family succession challenges. Our hope was to make the pro- gram interdisciplinary while also embracing a less-than-typical venue with material that would be engaging to participants." The program will feature dis- cussions on a variety of develop- ments, trends, and solutions re- lated to the program' by tax, wealth management, and family lawyers. It will also provide insights into succession plan- ning from industry professionals. Some of the topics this year in- clude the common pitfalls in suc- cession planning, managing risk and planning for contingencies, and the processes for establishing and executing a succession plan. Speakers will include Dennis s three topics Are you prepared for an estate battle? Leung, senior director of Camp- bell Valuation Partners Ltd. and Veracap Corporate Finance Ltd., and Tom McCullough, chair- man and chief executive officer of Northwood Family Office LP and Northwood Private Counsel Inc. Tax professionals Peter Weissman and Nathan Wright from Cadesky and Associates LLP will also speak during the program. Weissman says participants can look forward to a detailed Untitled-1 1 Protect your executor clients with ERASSURE Executor Insurance – and protect yourself. Your executor clients face growing risk of litigation for the decisions they make in estate administration. And when they are sued, if they believe you haven't identified their personal liability and insurance available to mitigate their risk, they could make a claim against you. Don't get caught in the middle of another family's fight. Put ERASSURE® between your client's problem and your practice. Call 1-855-636-3777 to book a 10-minute orientation and start protecting your clients and your practice today. ERASSURE is the exclusive Preferred Supplier of executor insurance for Canadian Bar Association members. www.lawtimesnews.com 12-06-12 10:59 AM

• Cover