Hard work and dedication have enabled you to build your business for the benefit of you and your family.
It is natural to want to ensure that things are taken care of in the right way in the event of:
- The death of either yourself or your business partner
- You or your business partner being unable to continue to make decisions
Our business estate planning is tailor made to suit you and your business, taking the standard planning options available on the High Street a significant step further.
Without the appropriate succession strategies:
- Your spouse / partner may not inherit your share of the business
- Your business accounts may be frozen if owners lose the ability to make decisions.
- The business may need to be sold, with the proceeds subject to Inheritance Tax
- The business may go into decline due to the inexperience of any beneficiary
- Business partners may be unable to buy out the deceased’s share
How can we preserve business assets for the family?
Wills should be drawn up specifically considering how the business assets are to be dealt with. How would you or your business partner feel about running a business with a surviving spouse, or their beneficiaries? This could have a significant impact on the running of – and the future value of – the business.
Planning needs to be undertaken to ensure that tax free capital is available for the right people following the death of a key person.
Business Power of Attorney needs to be in place to ensure that bills and salaries could continue to be paid if you were unable to make decisions yourself.