Martin Sorensen, Marshall Haughey and Hennadiy Kutsenko write part two in a three-part series in The Lawyer’s Daily on select tax planning strategies that make use of the market downturn or otherwise mitigate its impacts.
Part two looks at asset-protection measures that taxpayers may wish to undertake when worried about possible lawsuits or creditor claims. These include:
- trusts as creditor protection tool;
- separate ownership of business property; and
- secured loans to operating company.
In the first part of the series, they discuss estate freezes and income splitting. Part three will outline certain tax considerations relevant where businesses are in a tough economic climate, such as loss utilization and debt forgiveness.
This article was originally published by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc.