Longtime Côte Saint-Luc and District 2 resident Jerry Grossman has been practicing accounting for over 30 years as a trusted, relationship-driven partner and financial consultant to mid-sized private companies and high net worth individuals.
Two years ago his wife lost her father to COVID-19. Besides being devastated and heart broken, she had no idea on how to settle his estate. “I immediately made a list of everything that had to be completed and I made sure that everything was done properly in an orderly and timely manner,” he said.
Over the years, Grossman has been involved in the settling of many estates and he has dealt with numerous family dynamics. This led him to the conclusion to transition his company, Jerry Grossman Accounting Services Inc. to specialize in “Executor Estate Settlement Services.”
Settling an estate is normally a complicated undertaking, especially when you are also grieving the loss of a close family member or friend. As an executor, you are responsible for settling an estate according to the wishes of the deceased or if no will is available, by intestate succession. There are numerous tasks to complete and multiple organizations to deal with-including beneficiaries, legal advisors and tax authorities such as Canada Revenue Agency (CRA).
If you have been appointed as an executor, but do not feel that you can administer the estate or need help with certain responsibilities/duties, Jerry Grossman Accounting Services can offer you knowledgeable support and a variety of services, including assistance with all your responsibilities or only those you specifically choose through our Executor’s Estate Settlement Services. As an Executor Assistant, his company will assume as much or as little of the responsibilities as you require, while you continue to retain the final decision-making authority.
“Settling an estate can be an overwhelming process and with many complex steps involved - you might not know where to start,” reasons Grossman. “I work closely with my clients to ensure the estate settlement process is smooth while they are going through a difficult time.
"Whether you need guidance on the settlement process or need the estate settled from A to Z, I’ll be your right person.”
Grossman notes that he has found in the past little while that if the person is still alive, it is a good idea for the executor to meet with that person and make a list of their assets and liabilities.
“People usually organize their tax papers once a year for their accountant or just give it to their tax preparer/accountant to do their annual income tax returns,” he explains. “Unfortunately, in many cases they do not organize their affairs in case they pass away unexpectedly.”
Grossman himself has been maintaining such a list for the past several years. It includes his bank, broker and corporate accounts, life insurance policies, will, etc. as well as who to contact with respect to each. The list also includes all the various passwords he uses that may be helpful.
In meeting with a new client on such a list, Grossman learned the following:
- They own real estate up north and out of the country, but they do not have a handle on the original cost and the renovations done.
- They have life insurance, but nobody was aware of this.
- They made an interest-bearing loan in 6 figures, that I just learned about.
- They remembered that they had a safety deposit box with valuables inside and they found the key.
- They had a 10-page handwritten will that was not very clear and would lead to issues of interpretation.
“By meeting with this new client, it has forced them to organize their affairs and adjust their will, which will be done by a notary shortly,” Grossman says. “They are extremely grateful, that we went through this exercise together.”
Grossman states that settling an estate can be an overwhelming process and with many complex steps involved. “You may not know where to start,” he says. “I can assist clients organize their affairs while they are alive, as well as well as provide guidance in the settlement process of the estate or settle the estate completely."
Looking back to when his daughter was very young, Grossman and his wife had their wills drafted. “We appointed my wife’s brother as the guardian for our daughter,” he says. “We actually didn’t think of the ramifications of this. Her brother lived on a small island off Vancouver Island. He was an emergency room doctor and worked very hard at his job which was in Alberta. He was single and did not have any parenting skills. He would not have had the available time to take care of his niece. A move like this would have taken our daughter away from her friends, her school and other family members. What were we thinking?”
Grossman says parents with minor children should agree on what they are looking for in a guardian name in their wills. Questions to ask would include: Where would the child live? Where would the child go to school? What are the values and religion of the guardian? What are the skills of that person as apparent? What is the age and health of the guardian? What is the financial situation of the guardian? Is the person willing to be the guardian for your children?
“I was recently involved in a file where a client who owned a very successful business died with out leaving a will,” Grossman notes. “ What a nightmare this was! He had a wife, children, brothers and sisters and an elderly mother. We had to get lawyers and notaries involved to deal with this mess. If the deceased has not left a will, the succession is liquidated in accordance with the provisions of the Civil Code of Quebec and is known as a legal succession or intestate succession. In this case, the heirs perform the liquidator’s duties jointly, unless they decide to appoint someone to the role.”
And here is a comment from client Julia Gersovitz: "Becoming a liquidator is a difficult experience. It usually happens when you are grieving and raw. As well, it has a lot of components that are related to banking and tax, and for which most people are poorly prepared or at least not very knowledgeable. Working with Jerry Grossman has been not only a pleasure but a comfort. At every step of the process, he has been a calm intelligent helpmate, providing clear advice and patiently steering us through the confusion of dealing with the various banks. I would unequivocally recommend his services. What a godsend.”
To learn more about the Executor Estate Settlement Services, head over to his website.