Farm & Ranch Wealth Planning Consultants, Serving Western Canada
Our team historical roots are in the Farming and Business communities, and therefore understand the stresses, and rewards of their labour(s). We also chair the CAFA (Canadian Association of Farm Advisors for the Calgary – Red Deer Chapter). CAFA is a not for profit association dedicated to the education and success of the Farming and Ranching industry.
We recognize the difficult tasks, but yet rewarding a culture of our farm and Ag related business share.
Our team will provide clarity where there is complexity, present an easy to understand quality financial plan with built-in solutions to your needs while maintaining harmony in your family circle when transferring to the next generation. We believe that all Farmers and Business Owners are unique and deserve a well thought out, and comprehensive road-map which we will review regularly and update all as needed.
Ask us about our AG programs!
Our alternative to traditional banking
Our synchronized approach to financial planning involves having an open conversation with you about your real-life plans, and uses a variety of strategies based on your current financial picture to help you achieve them.
We understand that all of your financial needs are interconnected, and we treat them as such – from investing and managing debt; to making sure you only have the insurance you need; to paying as little tax as possible.
Estate & Succession Planning
Planning for your estate
We will recommend solutions that help maximize your estate’s value, while helping to ensure your beneficiaries will receive everything you’ve planned for them. We can help you understand how the decisions you make today impact the value of your estate.
It is never too late to plan your financial future, Start Now!
Given our experience and expertise, every operation should have a minimum of three, maximum could be five to seven, depending on the size of the farm operation. Some have additional relationships such as Bankers, Agronomists, Risk managers, Cfo’s, and so on.
Every successful farmer will need an Accountant, and or a CPA, a Financial Advisor, and Lawyer.
Many assume that an Accountant or CPA, is a Financial Planner; however, their purpose can be quite different, unless they have their CFP or relevant designation. You should seek clarification as what services they provide? In most cases, they only provide accounting & tax planning services.
A Financial Advisor has many roles. In today’s world, many financial advisors only provide Investment & Insurance products, when, in fact, there are six or more key planning disciplines. It is our firm belief that all farmers should receive complete holistic advice.
Tax Planning, Cash – Flow, Education, Debt, Investment, Insurance, Retirement, and Estate, Farm Succession. Peters Wealth Management provides a comprehensive financial plan.
Peters Wealth Management does not charge a fee for building a holistic financial plan. Consultations provided at no cost, no obligation to all. Full financial disclosures provided transparently and at the time of any transaction executed at the request of the client.
Farm Succession and transfer of wealth from one generation to the next requires the involvement of Farm Planning Specialists, CPA, and Estate & Planning Specialist, which is provided to you by Peters Wealth Management.
*CPA and Legal services are an independent value chain of advice; therefore, the cost of these specialists, are subject to their Fee schedules.*
What is your Risk Management, Exit Strategy, for your Farm / Corporation? Are you protected, and Why Should I have a Buy-Sell?
Without a buy-sell agreement, you could find yourself sharing the reins of your LLP or corp with your former partner’s spouse, children, or someone else. Would you want to be in business with someone who knows little about your business and does not have skin in the game?
A buy-sell agreement in basic terms, is an exit strategy for you and your business partners. It can protect you, your family, and partners, because it sets ground rules for how ownership shares should be dealt with or restructured, should you, or one of your partners leave the business.
If you ever need to act on your buy-sell agreement, the money will change hands. Do you have a cash account set aside for this purpose? Sources of revenue could include cash, CSV, installments, or collateral loans. Many shareholders and partners utilize life insurance as a cost- and tax-efficient solution. Cash values, also known as CSV, are available. If an entity-redemption agreement is in place, the Entity, LLP, or Corporation purchases individual life insurance contract on the lives of each owner. The entity then funds the monthly or annual premium and is both the owner and beneficiary of the agreement. When an owner of the policy passes away, the LLP, Corporation, an or Entity uses the income-tax-free sheltered death benefit to purchase the deceased owner’s shares. A cross-purchase buy-sell,allows each owner to buy a policy on the other owner(s). When one of the owners’ passes, the surviving owner(s) use the death benefit to purchase the deceased owner’s shares.
Yes, one of the greatest threats to your livelihood, is the ability to manage your risk beyond your control. All shareholders included in your LLP, or Corporation, run the risk of Death, Disability, Failure of Health, and eventually Long Term Care. Ask yourself this: If something were to happen that affected my ability to earn an income, how would I fare? What if this happened to my partner(s), how would it affect my LLP or Corp?
A well-designed estate plan will provide a road map for the transfer of property from one generation to the next while reducing or deferring taxes. However, as a farmer, you may have other estate planning objectives:
- What is Fair & Equitable?
- How do I provide for the Farming heirs?
- What do we need in Retirement?
- Preserve wealth and minimize current taxes, and Capital Gains upon rollover?
- Estate preservation and minimization of taxes upon death?
- Liquidity at death sufficient to meet debts, tax liabilities and other obligations?
- Transfer of farm to beneficiaries without dissolution of the business?
- Equitable distribution of the estate for children not involved in the farm operation?
- Protection of the Farm against a person’s Illness, Disability, Failure of Health, or Death?
Every Canadian, should at a minimum have Living Will, Medical Directives, POA, and whatever else may be required, depending on your situation. It is recommended your documents be five years current and reviewed every two years. ***These documents can neither be changed or updated, once the person in question has lost capacity.****
We want to hear from you.
You deserve the value of a personal, lasting relationship.
Our commitment to face-to-face relationships, a proven investment approach, the breadth of our products, and the depth of our management are what make a relationship with us so rewarding.
We look forward to working with you to help you achieve your lifelong financial goals.