Trusts occupy a central place in Canadian tax, estate, continuity and succession planning, particularly for families with business or investment assets. While trusts can be powerful tools for preserving wealth, facilitating intergenerational wealth transfer and supporting family enterprise governance, they are often misunderstood, which can lead to confusion, conflict and unintended consequences.
As the first article in a four-part series published by Family Enterprise Canada, Michael Goldberg explores what trusts are, how they are formed and why understanding the distinction between legal and beneficial ownership is fundamental to effective planning. He also examines common misconceptions about trusts and explains how proper education, thoughtful design and ongoing administration can help trusts achieve their intended objectives.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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