Estate and Planning

Our Tax Partners are designated Estate and Planning specialists. Benefit from their expertise.

Estate Planning

Protect your assets and retire in style. Our advice will give you peace of mind.

Estate and Planning Services for Business Owners and High Net Worth Individuals

Whether you have worked your way to the top or received an inheritance, it’s crucial to work with a tax specialist to when it comes to estate and planning to protect your wealth and loved ones.

Stern Cohen has worked with generations of Canadians and we’ve earned their trust.

Being proactive and understanding the tax planning strategies available to you will ensure you maximize your assets and minimize estate taxes for today and tomorrow.

Recognized Estate Planning Practitioners

Estate planning is a complex area of financial expertise. Fortunately, our Tax Partners Joe Gervasi, CPA, CA, TEP and Adam Morke, CPA, CA, TEP hold the Trust and Estate Practitioner designation (TEP) establishing them as trust and estate specialists. TEP is recognized worldwide as a way to formally distinguish qualified practitioners from non-specialists who only occasionally deal with trusts and estates.

Preparing for Business Succession and Retirement

“The Business Development Bank of Canada recently estimated that close to 60 percent of small and medium-sized business owners are aged 50+. Of those, almost half are planning to leave their businesses in the next five years.”

As a business owner, are you prepared for succession in your company? Does your accountant have the expertise to advise you? Change and uncertainty can erode business value. It’s critical to get the right advice well in advance of your business sale or retirement.

Stern Cohen has helped many clients successfully transition their businesses and we’d like to share our expertise with you. Our Estate Specialists will provide you with the guidance you need to accomplish your goals.

Your business is your life’s work – being proactive, getting the best advice available, and having a proven plan in place will ensure you maximize your wealth and achieve optimal results for you and your family.

Estate and Planning Services

For those thinking about retirement and who may also be leaving their businesses, our services include:

For Business Owners

Strategic planning and strategies to maximize value in your business
Consulting to ensure the correct steps to buy, sell or transition ownership of a business
Tax minimization strategies
Asset protection techniques including trusts, estate freezes, and tax rollover elections
Analysis of risk factors, and ways to mitigate risk factors
Compensation and shareholder agreements
Timing, costs and common issues that can arise during transition
Profit sharing plans & pensions for retiring and new owners

For Individuals and Families

Family estate and planning
Tax compliance and planning
Integration of personal and corporate holdings
Accounting for investments
Retirement and pension planning
Annual or monthly bookkeeping and write up
Tax issues for snowbirds and those living in the US or outside of Canada (cross border)
Estate administration and freezes
Family trusts
Advice on selection of wealth manager and diversification of investments

Q&A

What is Estate Planning?

Estate Planning is a general term for accounting, tax and legal services that deal with life, death and planning for the transfer of wealth and assets.

Estate planning provides reassurance and comfort because it can involve:

creating a plan to protect your estate and earnings
maximizing earnings and Capital Gains exemptions using tax strategies
providing for your loved ones and/or future generations
planning a tax efficient way to disperse your estate while you are living or after
ensuring complex administrative, legal, and tax compliance requirements (like probate) are taken care of in a timely and professional manner to minimize penalties and costs

How do I know if I need Estate Planning?

If you are in any of the following situations, you might benefit from estate planning services:

You’re a successful business owner and
- you want to “wind up” your business in a tax efficient way
- you want to sell your business in 5 years
- you want to pass your business to the next generation, to employees, or to others (succession planning)
You may have future capital gains tax exemptions from selling your business, home, or stock options.
You have stock options, RSU’s
You have significant “self-directed” investments (2M+)
You are not working with an investment banker. For example, you’re using a Robo Advisor or Wealth Simple.
You want to decrease future probate costs for your family or a loved one.

What is the TEP designation?

The Trust and Estate Practitioner (TEP) designation ensures you are dealing with a highly trained and experienced professional when it comes to services for you and your family’s inheritance, estate and business succession.

Joe Gervasi and Adam Morke are Stern Cohen’s Tax Partners. Both Joe and Adam are designated Trust and Estate Practitioners (TEP). The TEP designation is recognized worldwide as a way to formally distinguish qualified practitioners from non-specialists who only occasionally deal with trusts and estates. So when it comes to selecting an estate and planning specialist, Joe and Adam are excellent choices.

Why do I need a Tax Specialist for Estate Planning?

Tax is a very complex field requiring constant study due to ever changing legislation around tax law. Complex tax matters and tax planning require detailed background information on each client and careful consideration of available options and the client’s objectives. While most accountants do basic tax, they are not tax specialists. At Stern Cohen, our Tax Partners are tax specialists and they lead a team of tax practitioners. Our tax team focuses exclusively on tax and estate planning. They also work with trusted lawyers who can assist with legal matters like your will. Most lawyers recognize the importance of working with a tax specialist (not a general accountant) for corporate tax and estate planning.

When should business owners begin planning for the future sale of their business?

Business owner transition planning should be carried out 3 to 5 years in advance of retirement (anything less than 18 months can be problematic).

Picture of Stern Cohen Tax Partner Joe Gervasi

Client Reviews

Our clients are extremely happy with our services.

Read More on Our Testimonials Page

Succession of a third generation family development firm presents unique, complex and so often, devastating hurdles. Only with the expert knowledge, advice, attention and patience demonstrated by Stern Cohen have we not only conquered these obstacles but at the same time, with what I can only describe as brilliant strategic planning and insight from Stern Cohen, we have restructured and diversified what was a simple one dimensional real estate company into a multifaceted investment corporation that enables us to compete in the changing real estate arena. Working with the Stern Cohen’s team of professionals has freed my time to concentrate on the vision and the deals.

Robert Mantella, President and CEO Mantella Corporation

Our company has enjoyed a relationship with Stern Cohen since 1998. I originally met Mike McCleave through my Mother & Father our founders who looked at Mike as another son. Upon their passing Mike was instrumental in arranging a seamless transition in my becoming President. I share the opinion of my parents that Mike is more than a business associate, he is a member of our extended family. I would without reservation recommend Mr. McCleave and the fine support team of Stern Cohen.

David McPake, President Custom Door & Lock Service Security Consultants

These days, financial services are about providing added value. For us, the added value is our 50-year relationship with Stern Cohen and the firm’s expert knowledge of our business. They have provided us with planning and guidance related to management succession, as well as other services. Everyone I have dealt with at Stern Cohen has a style that is representative of the firm; they take the high road. They are thoughtful, professional and they think before they shoot.

Robert Dales, Owner Bacon Basketware Limited

Estate and Planning

Estate and Planning Services for Business Owners and High Net Worth Individuals

Recognized Estate Planning Practitioners

Preparing for Business Succession and Retirement

Estate and Planning Services

For Business Owners

For Individuals and Families

Client Reviews

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