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Frozen Asset

Estate Freeze Litigation Concerns

if you ask the typical accountant about an estate freeze, he or she will tell you that smart people who are in a growth business are well advised to consider an estate freeze in order to defer taxes. In an estate freeze, the owner of the business will take steps to freeze the value of that business today and ensure that the future growth (and any capital gains on it) passes on to the next generation. Arguably, if properly implemented, by taking these steps the present owner can maintain control of the business while deferring the capital gains tax which would otherwise be paid upon the death of the owner on the increase in value. That may be how tax planners see an estate freeze, but there is another side to this question.
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Financial Statements

Financial Statements – Are Accountants liable to third parties for mistakes?

Lara Khoury, a lecturer at the Faculty of Law, McGill University, observed that “…the accounting profession has evolved greatly. Modern accountants, once only bookkeepers, have gradually been attributed a large range of responsibilities. They now not only prepare, investigate, and audit accounts, but also perform important advisory, reporting, investigatory, regulatory, and administrative functions. This new diversity in their functions exposes them to a greater risk of liability towards a larger range of people”.
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Rule 49 Offers: No such thing as a near miss

The expense of litigation is a top concern for all clients. So, if you are involved in a lawsuit and want to try to ensure that you have the best shot at recovering your expenses when successful, what should you do? One key option is to make a Rule 49 offer to settle.The timing of an offer to settle is important and can have a significant impact down the road. Now you might ask why anyone would offer to settle a fight when it’s either just getting started or getting really close to the trial that you’ve spent so long preparing for. The answer is a simple one: protecting your ability to maximize the return of your legal costs.
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When should I bring a motion for security for costs?

Security for costs is the payment of money or other security into court by a plaintiff or plaintiff by counterclaim to cover future costs orders made in favour of a successful defendant. Forcing a plaintiff to post security to cover your client’s costs is important for ensuring that your client is not left with an unenforceable costs order after successfully defeating a claim. It is also a useful tool in defending your client against frivolous claims. However, far more than just an effective costs-protection device, a successful security for costs motion can demoralize a plaintiff and even make the plaintiff think twice about continuing to pursue its claim. But when should such a motion be brought?
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Does the grammar in your entire agreement clause matter? Yes, it does.

Whether you are buying your first home or papering a multimillion-dollar corporate deal, chances are you will see an “entire agreement” clause somewhere toward the end of your contract. Sometimes known as an integration clause, an entire agreement clause confirms that there are no other terms, conditions, warranties or collateral agreements to the agreement, whether express or implied, except for those expressly set out in the document to be signed. The reason for these types of clauses is obvious – you don’t want the other side taking the position that some previous draft or letter or e-mail formed part of your written contract, then suing you for breach or negligent misrepresentation.
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