Wills, Estate and Trust Lawyers
In Canada, it is forecasted that over the next 20 years there will be about $1 trillion in wealth being transferred from one generation to the next. To ensure that bequests and devises are later made in accordance with the testator’s intentions, seeking advice from trusted legal counsel and working with them to develop well-thought-out plans is an essential step. Unfortunately, legal advice and thorough planning is not always sufficiently sought, which combined with complex family situations (multiple marriages and children from those marriages, siblings, step-siblings and their spouses, or family estrangements) are more frequently leading to conflicts and litigation.
MNP Estates Solutions is there to provide advice and support to legal professionals whose practices focus on estate and succession planning and/or estate litigation.
Our Commitment to Helping Find Solutions
Estate Planning and Advice
Planning one’s future and legacy is critical. As a trusted advisor in the area of wills, estate and trust law, you assist by advising and helping your clients with business successions plans, estate plans, including Wills, powers of attorney, guardianships, establishing trusts and foundations, and estate administration.
Beyond advising on methods to minimize income taxes within legacy plans and on death, estate administration tax and the tax implications for beneficiaries (e.g. foreign tax implication for foreign beneficiaries), MNP Estates Solutions has a comprehensive suite of services, including valuations, succession planning and transaction advisory, to assist and support you in this specialized area. With years of experience helping businesses, families and individuals grow financially and plan for the future, we have the expertise to support you and your client develop and implement plans to minimize risk and help secure your client’s future and legacy.
Estate Litigation
With complex family relationships, conflict and protracted litigation are unfortunately not uncommon. Far too often this litigation proceeds for several years, to the point that “litigation fatigue” sets in and tens of thousands, if not hundreds of thousands of dollars, have already been spent in the fight. Emotions can run high with logic and pragmatism no longer being factored into the parties’ decisions. In these situations, MNP Estates Solutions can help, by providing support to estate litigators and their clients (e.g. ETDLs, succeeding trustees, prejudiced beneficiaries, etc.) in contentious estate and trust matters.
By taking the emotions out of the decisions and bringing greater transparency and impartiality to the process or proceeding, MNP Estates Solutions can and has helped parties find resolution to these conflicts through:
- Providing financial analysis, including obtaining records through a production order and/or examination, investigating sources and uses of funds, tracing transfers of property, assessment of management fees paid, etc.;
- Assisting in preserve and safeguard complex/difficult estate assets, and as necessary, liquidating or marketing and selling same;
- Determining the value of complex/difficult estate assets and liabilities;
- Developing a model for the equitable distribution of estate assets;
Additionally, with interests in operating businesses now being more common as an asset of an estate (e.g. shares and loans), and possibly forming the largest part of the value of an estate, other stakeholders (e.g. other shareholders or partners, lenders, etc.) in the business may not be prepared to sit on the sidelines while litigation amongst the beneficiaries continues, and to the potential perceived detriment of the business. Accordingly, strategies to address and if possible, to get in front of these issues or potential problems can be key to managing and avoiding these potentially costly impediments and distractions. MNP Estates Solutions’ wealth of experience working with family businesses, closely-held private companies, their associated lenders and other stakeholders allows us to effectively liaise with these parties to fully understand their concerns or issues with the objective of achieving a solution to address such concerns or issues.
Subject the particular circumstances of the situations (e.g. the needs/objectives of the parties, the nature of the estate assets, the scope of work, the powers needed to fulfil the mandate, the risks, etc.), our role can be as expansive or as restrictive as is required and take form of a court-appointed officer (e.g. reference, inspector, sales officer, etc.), privately-appointed advisor, or expert witness.
Our Tailored Services for Estate and Trust Lawyers
Tax
We build integrated tax strategies (domestic and foreign), identify opportunities to maximize your return and keep you informed of tax legislation changes so you’re always prepared.
Valuations, Forensics and Litigation Support
Our extensive network of industry specialists deliver independent valuation assessments, forensic investigatory services and expert testimony that withstand the highest scrutiny of the courts.
Transaction Advisory Services
While transactions such as mergers, divestitures and acquisitions may be common, executing them is rarely simple. We provide support at all stages of a transaction to prevent costly surprises and to maximize the value of every business transaction.
Succession Services
A strong succession plan can improve financial stability and your client’s overall business value — ensuring long-term organizational success as your client exits their business on their terms.