Estates and trusts
Bulmash Accounting provides tax, accounting and administrative services to lawyers and trustees dealing with estates and trusts. We prepare terminal and trust tax returns, and advise on the most tax efficient ways to make distributions to beneficiaries including distributions to non-residents.
We help trustees of estates that own private corporations avoid the double taxation outcomes that are often the result of estates owing those shares.
We prepare documentation for the passing of accounts, and make application for Canada Revenue Agency clearance certificates.
Estate and tax planning for entrepreneurial families
Bulmash Accounting can help you utilize effectively the earnings of your business. We can show you how to repay debts and distribute assets for personal consumption at the lowest tax cost. We advise on the disposition of your assets when considering your estate plan and we will confer with your lawyers and life insurance advisors to obtain the best outcomes for your estate and your heirs.
Creating an efficient corporate structure can allow a family of corporations to maximize the tax benefit of losses, develop an asset protection plan to protect assets from third party creditors, facilitate the low tax cost distribution of assets to family members and lower the after tax cost of debt repayment.
The use of a holding company can allow you to shift non-business assets from your operating company to a holding company without tax cost. This action can allow your operating company shares to qualify for the capital gains exemption on sale.
Post-mortem advice & planning for trustees & their counsel
Post-mortem planning can be crucial if the deceased passed while owing private company shares, interests in partnerships, joint ventures or private trusts. Without planning, estates can be subject to double taxes as a result of the deemed disposition of these assets at death. We can help you avoid the double taxation trap. For most situations there is a solution that can reduce estate taxes significantly, but there is a time limit for some of those solutions, so it is important to act on a timely basis.
Estates with minor and unborn beneficiaries are subject to the purview of The Office of the Children's Lawyer, a law office in the Ministry of the Attorney General of Ontario. The OCL delivers programs in the administration of justice on behalf of children under the age of 18 with respect to their personal and property rights The OCL Lawyers within the office represent children in various areas of law including estate matters. Trustees of estates and trusts with minor and unborn beneficiaries must become aware of their obligations to those beneficiaries.
