TORONTO - With the economic downturn, business owners may be feeling the impact on many of their investment vehicles. Family trusts, holding companies, securities portfolios - as well as the potential loss in value of the business itself - are just a few of the areas that privately held business owners are keeping a close eye on. But while there are many reasons to be cautious at this time, opportunities for tax minimization may exist in the lower values just waiting to be taken advantage of.

"The big freeze," the most recent white paper for individuals and owners of privately held businesses to come from Grant Thornton LLP, explores the potential benefits of an estate freeze - not just as a simple tax mitigator, but also as a flexible and multi-purpose succession and estate planning tool. It provides an overview of what an estate freeze is and how taxpayers can take advantage of this tax planning tool.

"Where the value of your investment assets is expected to recover and grow, an 'estate freeze' may not only reduce your tax liability, it also has great value as both a financial planning and a business succession strategy," said Kay Gray, CGA, Tax Services, Grant Thornton LLP. "Freezing, re-freezing and income-splitting may sound like complicated matters, but they're really just terms used to describe great opportunities for Canadian business and investment owners. It's time to spin the downturn into an upturn in your direction."

"The big freeze" offers several estate freeze or re-freeze strategies that could provide positive benefits during these uncertain times. A succession and estate planning specialist can help determine if the advantages of an estate freeze or re-freeze can benefit individuals and owners of privately held businesses alike.