Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

Top Four Motivations for Canadians Working Abroad

Canadians working abroad are afforded many opportunities to grow and advance in their careers, a fact which significantly impacts their decision to go overseas. Whether you remain in the Commonwealth, go down to the states or travel to faraway lands, there several good reasons to find employment outside of the country.

1. Living abroad provided opportunities for adventure and personal growth.

At the end of their lives, very few people have regrets about traveling too much or seeing too many foreign countries. Living and working overseas provides opportunities to experience different cultures and gain a broader perspective on world events. Canadians working abroad are more versatile and attractive to future employers because their resumes display a level of self-motivation and perseverance that other job applicants may lack. People who work overseas have demonstrated a level of drive that will set them apart from other people in their field.

2. The Commonwealth makes it uncommonly easy.

While the British Empire is not what it once was, the citizens of the Commonwealth have an advantage when it comes to traveling to other member nations. A citizen of the United States may have an easy time working in one of the territories, but they have a much harder time getting the necessary paperwork to start a career in New Zealand, for example. Countries in South America and Africa are members, and so are Australia and India. In total, there are 53 member states, including several islands in the Caribbean and South Pacific. Canadians working abroad could find employers in any of these areas.

3. You gain additional skills overseas.

Canadians working abroad have opportunities to polish different language skills and learn to adapt to a diverse setting with new challenges. Depending on the country and type of industry, there can be unique regulations or a whole different cultural approach to the situations you encounter. For those who ultimately want to prepare for management roles, it helps to broaden your horizons by seeing how backgrounds and personal dispositions affect attitudes on the job. The ability to look out for yourself in a wide range of settings, even completely new parts of the world, will tell future employers that you need less handholding than your peers.

4. It’s great for family and friendships.

Sure, taking the kids out of school can mean a complicated adjustment, but those who attend school in different parts of the world experience a more inclusive education. Other families may take their kids on a week-long vacation once a year, but yours can have the chance to learn in-depth about other cultures for years at a time. Travel can be a transformative experience, especially for the young. What’s more, the friendships formed elsewhere can be lasting bonds regardless of whether the family eventually moves back to Canada. Back home, the whole family is equipped with interesting stories of life in distant lands, which can be a way to help entertain new friends.

Artificial Intelligence Is a Must, Not a Need

WHAT DOES ARTIFICIAL INTELLIGENCE MEAN?

Artificial Intelligence refers to the vicinity of science and engineering focusing on developing the machines as intelligent as the humans. They are created to be fitted into place on behaviors that human regard as intelligent i.e. simulation of human behaviors which they consider as intelligent via the use of machines.

It is all concerned with developing the intelligent computer programs. The main objective behind the adoption of AI is to enable a machine to discover, analyze and crack the problems in parallel.

It is not essential that the computer programs developed are as intelligent as humans in all aspects. But in some aspects, the machine fitted with artificial intelligence can be even more intelligent than humans.

The future of artificial intelligence will change everything in our lives.

WHY DO WE NEED ARTIFICIAL INTELLIGENCE?

The integration of artificial intelligence into the computer programs, assists to create more efficient and effective systems. The opportunity in the form of AI is challenging and efficient at the same time.

The glaring pitfall to be kept in mind while talking about the efficiencies and the opportunities offered by this hi-tech world is that the amount of data being generated on a daily basis is rapidly increasing and it is becoming impossible to mine and analyze the data fully. The amount of data generation has made it impossible for the humans to deal with i.e. it has exceeded the capabilities of humans that they can extract the valuable information out of it.

The skilled professionals in the field of data science with the expertise and their skill sets try to create correlations between various inputs in order to draw out a specific output. But with the sheer volume of data, it has become relatively impossible to correlate every possible input.

This is where Artificial Intelligence can help. Incorporating AI into the systems lets you purify the raw facts into useful and palatable information.

The driver seat in the field of artificial intelligence is handled by the fresh and innovative codes generally referred to as algorithms.

Let us consider an example to understand how the AI works:

Facebook is a very popular social media platform. Facebook deciphers the user’s likes, the activities etc. and then determine what all content is to be placed on his/her news feed. The longer the time you remain active on Facebook, the more and more data is being generated and stored in the warehouse.

The systems incorporated with AI uses the deep learning to get the incessant feedbacks on its algorithms as the users interact. This way the algorithms generally referred to as coding assist the Facebook to analyze the interactions of the users to determine the content to be mentioned on the news feed.

Not only Facebook, even Twitter uses the concept of AI to position the tweets based on the users’ relevance and interests and also suggest them the tweets as per their interests.

5 Tips for Typography Best Practices

This was my first year at Typographics 2018. Typographics 2018 is a conference for typography enthusiasts around the world, that’s held at Cooper Union. There were panelists from San Francisco, Berlin, Buenos Aires, and Japan; it really felt like a truly international experience.

I had the chance to sit in on both the conference and TypeLab parts of Typographics. Here are a few highlights from the panels/breakout sessions that I really enjoyed:

1. Emojis = Pictures + Character (Jennifer Daniel, Google Emoji)
Emojis are images that may translate into different meanings across different devices. Jennifer gave an example about how the “dumpling” emoji looks different across different chat platforms -every culture has a dumpling!
I found an interesting tension in this statement -emojis should have a consistent user experience (across platforms), yet still be personalized to their users.

2. Ubiquitous type is can cause user confusion (Mr. Keedy)
Mr. Keedy created Keedy Sans, a popular font in the 90’s. The font was considered “uncool” 10 years later and used everywhere. Keedy sans is used on teenage girl makeup packaging, as well as winebars. This could create a bad user experience for people because of lack of branding. Last year, Mr. Keedy refreshed his font -to create greater customization and allow Keedy fans to layer the font for interesting visual effects.

3. Braille is a form of typography (Ellen Lupton, Cooper Hewitt)
Ellen talked about how blind individuals read Braille in a unique way -holding it across their body. She also demonstrated a blind person’s experience watching music videos by showing the accessibility voiceover.

4. Brand holds content together with design (Gale Bichler, NYTimes)
Gale foused on how the New York Times(NYT) has branded itself as a publication that experiments with many types of fonts. NYT can play around with different types and massive fonts as illustration. If someone picks up a page from the floor, they can usually tell that it’s from the New York Times because of branding.

5. Picking fonts is like eating ice cream. (Veronika Burian and Jose Scaglione, Type Together)
When combining fonts, look at mechanic and organic feels. Veronika and Jose talked about how people like humanist fonts, with a hint of a calligrapher’s hand. Ideally, you should find a balance typefaces share a common language.

The overarching theme is that typography is wide-ranging and crosses various mediums. Visual languages include symbols, braille, and audio caption. The challenge now lies in how to design the best experiences for these new forms of language.

Using A Broker For Your Business Mobiles: What Are The Key Benefits?

It is the question on the minds of procurement managers and business owners nationwide and one that could significantly impact the productivity of a business, “is it better for me to go direct to a major network for a business phone contract or use a broker?”

Often businesses operate under the misconception that going to a network directly will garner them the most cost-effective prices and ultimately the most ‘secure’ deal due to the fact that they are dealing with a big name in the telecommunications industry. But is this always this case? Below we explore some of the benefits that a business mobile broker could bring to your business.

Why should businesses use a mobile phone broker?

Contract range
With extensive marketing budgets and overall market share it may appear that a network will have anything and everything your business needs from a mobile contract, but the packages that networks offer to businesses tend to be rather rigid in their offering and therefore a business may end up with a deal that is not necessarily the best package for the requirements of each individual. The end result of this is multiple contracts with multiple networks that not only leads to an administrative nightmare but also increases costs exponentially.

Moreover, a business may not even fully understand the intricacies of their requirements, with which the business is able to run efficiently. Where a broker can assist is in the negotiation of these contracts due to the strong connections they have with these large networks, developed over many years of working alongside each other and due to the sheer volume of potential custom they can bring. This ultimately leads to the brokers effectively negotiating the ideal contracts to suit a business model.

Their effective negotiation skills and their ability to identify the most suitable packages for a business is precisely the reason why a broker is a much more cost-effective solution. Many perceive that a broker’s cost is simply added on top of an already established cost structure, however, the buying power that a broker will bring to the table is second to none and therefore effective negotiation is part and parcel of their role. Furthermore, as brokers aren’t supplementing substantial marketing budgets or operating their services with a specific profit target to maintain their share price, they are able to offer these cost-effective solutions without adding an astronomical fee on top.

Account management
Now a business has a contract in place, what happens when something goes wrong, they have a query or they simply need some support with a mobile device? For those dealing directly with large networks this usually means waiting on hold for an inordinate amount of time and subsequently being passed from pillar to post until you reach the right person. The fact of the matter is that large networks are simply inundated with these type of queries, and more often than not your first contact will not have adequate training to provide you with the support needed and don’t know one business from the next.

Mobile brokers will have a strong team behind them, with decades if not centuries of expertise between them in the mobile communications industry. These teams will know a business, know their requirements and will ultimately be able to regularly assess that their current mobile contract meets the ever-changing needs of a business. This investment in high quality customer service is one of the major factors that entices businesses to use a broker each and every time they require a mobile contract.

As we have demonstrated, the use of a mobile phone broker can be an invaluable asset to any business looking for the right mobile solution. Whilst deciding to go with a broker is a fantastic first step, choosing a poor broker is on a par with a poor network, therefore choosing that ideal broker for your business is essential; check their reviews, their finances, ask for referrals, anything so that you feel confident that they will provide your business with the best service.