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To support our business owner and executive clients and their families, we utilize a comprehensive and complex process, consisting of a deep dive to thoroughly understand your situation and identify unique circumstances to be addressed. Our team then focuses on developing an all-encompassing plan to meet both your personal and financial goals.
Business ownership provides immense satisfaction and pride, gained as a direct result of all your hard work. It also presents you and your family with various wealth planning benefits and opportunities, including Income Splitting, Tax Advantaged Income, and more.
Our group specializes in professional investment advice that utilizes both Traditional (Stocks, Bonds, GICs, etc.) as well as Alternative Asset Classes (Private Equity, Real Estate, Private Debt and Mortgages, etc.). We dedicate time to work collaboratively with you and your family’s other advisors to develop, co-ordinate and implement all aspects of your capital and wealth management needs.
Business owners and executives often find themselves prioritizing their day-to-day business management responsibilities over their personal financial needs. The Black Financial Group works with diligence to ensure that your financial wealth management maintains a place of priority in your everyday plans. We help you remain focused on your long-term goals and prepare you for the next stage in your life.
Planning for retirement should include both financial considerations and various important emotional and psychological experiences. Our plan can help settle you into your “Third Act” or continue to support your long-envisioned structure for retirement. We strive to be there with you every step of the way.
While building your business requires significant work and effort that can vary over time, one challenge that remains constant is taxes. Most successful business owners look to reduce and minimize their tax liability. By working cohesively with your other advisors (Legal, Tax, Banking, etc.), our customized strategies work to prioritize Tax Minimization, Wealth Transfer Strategies, Investment Selection, as well as Insurance Solutions. Our team can also provide Annual Tax Reports to your Tax Professional that summarize Capital Gains, Dividend and Interest Income needed to file your returns.
Perhaps you have recently considered investing in a new business or diversifying your current holdings. As business owners ourselves, The Black Financial Group has a deep understanding of these opportunities and can lend our support. Through our expertise and extensive network, we can help you navigate the complex situations that may arise when investing in, operating, or selling a business.
Some senior executives may receive a large amount of their compensation in the form of publicly traded equities. While there are various employee and managerial benefits to this, it can also lead to significant potential risk and tax liabilities. Our group has extensive experience in customized, tailored and diversified portfolio solutions that can effectively diversify your concentrated holding.
Business owners often forego some of the benefits that regular employees receive (e.g., a pension.) For some Professionals and Business Owners, an Individual Pension Plan (IPP) can be beneficial in offering long term savings and tax benefits, as well as potential creditor protection. As well, saving rates can greatly exceed those of regular vehicles like RRSPs which can allow for more significant growth and compounding over time. IPPs can play an important role in a business owner’s Retirement Plan. Our team has significant experience with the establishment, operation and implementation of Individual Pensions for our clients. We are also well-versed in co-ordination with third party actuaries to ensure ongoing compliance to both tax and funding obligations.
Planning for your family’s financial security is of primary importance, especially in consideration of unfortunate events that may adversely affect you. For example, in the event of injury or illness, short and long-term disability insurance and critical illness insurance will ensure that you are able to sustain your lifestyle without any negative impact on your net worth.
You may also wish to protect your assets and ensure a smooth transition for your loved ones by leaving a legacy in the form of a gift or inheritance or to pay tribute to the people and organizations that helped shaped your life. Today, many affluent families are interested in philanthropy, particularly while they are still alive and able to witness the impact of their generosity and gain from associated tax benefits. Working with your vision in mind, we can develop various solutions to help meet and support your charitable asset strategies, ranging from setting up a foundation to creating your very own donor-advised fund, among others.
With some careful planning and the right combination of tools, including Wills, Secondary Wills, Trusts and Insurance Policies, our group can create a solid wealth transfer plan that reflects your personal wishes and plays a crucial role for future generations to come.
When it comes to the intergenerational transfer of wealth there is often more than just a financial inheritance to consider. However, money can be a difficult topic to bring up with your children. The topic of financial literacy is not often or sufficiently taught in schools, nor is an inheritance usually openly discussed at home.
As part of our service commitment to you, we offer our guidance and expertise to help you bridge the educational gap with your children. Family meetings, one-on-one focused sessions, and group educational seminar days are a few ways that we are here to help.
