Having worked hard to build up a sound business during a lifetime it’s important to put in place the correct strategies to protect these same hard earned assets after death.
Without the appropriate Business Succession strategies:
- Your spouse/partner and children may not inherit your share of the business.
- Business partners may not be able to buy out the deceased’s share.
- The surviving spouse or children may be obliged to take over the running of the business
- The business may have to be sold and the proceeds become liable to inheritance tax and capital gains tax.
- The proceeds from the sale of a business would be at risk from 3rd Party Claims such as divorce, creditors and Long Term Care Fees
- The business may be vulnerable to any future changes to the legislation affecting Business and Agricultural Property Relief.
- The value of the business could depreciate owing to the inexperience of a beneficiary.
Some or all of the above problems will affect a business owner if they are a partner or shareholder in a business and all of the above issues are made worse, if they are a minority shareholder or, the sole owner of a business.
We know you care very much about the business you have built up over the years and want to ensure that loved ones benefit as fully as possible after you are gone and ensure that thier inheritance is protected for generations to come, and with so few people having even a basic Will in place let alone the correct Will and estate planning, the demand for our services is vast.
We do not just offer death planning strategies, but also planning throughout the client’s lifetime.
Our areas of expertise include Personal Estate Planning, Business Succession strategies, and Agricultural Planning, and our estate planning solutions are tailor made to suit every set of personal circumstances and every pocket.
The levels, bases and reliefs from taxation are subject to individual circumstances and maybe subject to future change.
To find out more about the services on offer please call us.