2. Photo: Chuck Corrigan CFP, CLU, CH.F.C.
Corrigan Succession Planning
preserving family wealth
The most gratifying reward for Chuck Corrigan
is seeing the smiles on his clients’ faces as
they see their estate plan come together;
everything is now in order. While each situation is
unique, Chuck says many people share a reluctance
to begin their succession plans. “It’s quite natural
for most people to delay projects that don’t seem
to be an immediate priority. There are however,
many risks involved for any business or any family
that does not have an up-to-date plan in place.”
Chuck goes further to explain that, in the
extreme, the absence of an estate plan or business
succession plan can easily result in the diminishing
of someone’s net worth by as much as 25%. With
proactive planning, however, the picture improves
as the tax exposure is significantly reduced.
Where There’s a Will ...
Chuck believes that one of the important first steps
of the planning process is to simply define and
clarify one’s wishes in a Will. An up-to-date Will
begins a process that will eventually gather all the
pieces of the puzzle. It starts the journey toward
consideration of all options while developing a plan
that preserves and maximizes family wealth.
By working with the family and their trusted family
advisors, Chuck and his team help to pull all details
together and complete a thorough analysis in order
to develop a clear path; a well-crafted, confidential
estate plan. After the tax planning blueprint has
been initiated by their accountants and lawyers,
the option of using any one of several life insurance
solutions is examined with the client to see how
insurance might dovetail with their Plan.
A Legacy
For clients who wish to build their assets for the benefit
of future generations, Corrigan Succession Planning
considers all avenues, to minimize the impact of taxes.
One of their key strengths is bringing expertise to the
table to support family advisors. Chuck relates a recent
example when, “A full examination of a family business
was completed and the family was surprised by the
amount of capital gains tax that would be due and
payable upon succession. Chuck suggested plans be put
in place that anticipated Canada’s tax regime, ensuring
the preservation of the estate by integrating tax and
insurance strategies.”
How Does It Work?
Chuck collaborates with families and their key
professionals who advise on legal, financial and other
business considerations. Very often he acts as a catalyst
to help the client begin the process. Then Chuck and
his team provide guidance and follow-through to plan
completion at a pace that’s comfortable for the client.
Since most family assets already include life insurance
policies, it’s not unusual for Corrigan to be sought out
by a family’s lawyer or accountant to audit the family
insurance portfolio and to present a clear view of all
protection and of its relevance to today’s needs. Such
projects often lead to the completion of estate plans,
on-going monitoring and regular reviews that ensure
the plans remain relevant.
The team at Corrigan is a strong one, like a good
quality coffee blend; growing and working together
over the years to support clients as their needs change,
focused on the best possible outcome. The experience
and technical knowledge that is evident here makes
Corrigan a welcome addition to any discussion focused
on seeking solutions and planning for the future.
That accounts for the long term relationships with
many local families; people who count on the diligent,
resourceful team at Corrigan Succession Planning,
trusting that their legacy is secure.
Contact: Chuck Corrigan
Phone: 519.744.4176
Email: CCorrigan@corrigansuccession.com
Web: www.corrigansuccession.com
CORRIGAN SUCCESSION PLANNING
