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Copyright of Canadian Tax Journal / Revue Fiscale Canadienne is the property of Canadian Tax Foundation and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Wealthy families often turn to a multidisciplinary team of advisers to assist with the prudent management of their wealth. When these professionals work together under one roof, they are commonly referred to as a "family office." This advisory team must ensure that the planning undertaken for the family is consistent with the mission, vision, values, and goals of the family. Families with significant wealth are often focused on protecting their assets from potential creditors, and then preserving and growing those assets. This article discusses key tax-planning issues and opportunities that often arise for families and their advisers in the pursuit of these goals. [ABSTRACT FROM AUTHOR]

Many wealthy families turn to a multidisciplinary team of advisers to assist with the prudent management of their wealth. These professionals often work together under one roof and are commonly referred to as a "family office." This advisory team must ensure that the planning undertaken for the family is consistent with the mission, vision, values, and goals of the family. When wealth is shared by a number of family members, maintaining harmony in the family and finding appropriate ways to make periodic financial distributions to family members are often key goals to be achieved. Maintaining harmony in the family can be facilitated through, among other methods, regular family retreats, often at one of multiple properties owned by the family, and through strategic philanthropy. Facilitating periodic distributions of the wealth to family members requires an appropriate governance structure and an evaluation of the alternative methods of making those distributions. This article considers key tax and estate issues and opportunities that arise in pursuit of these goals. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Tax Journal / Revue Fiscale Canadienne is the property of Canadian Tax Foundation and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)