If you have built up a successful business you are likely to be an extremely hardworking and dynamic individual and whilst figures show 75% wish to pass the business to the children only 25% take the necessary steps to do so. By planning for the future you are taking sensible steps to protect your business, as well as your family and dependents against unforeseen events which may include accident or illness.
Together with trusted legal experts we are able to provide a review of your current position which will touch on the following issues:
- Lasting Power of Attorney
To enable decisions to be taken if you lose capacity to make them yourself; you can select your attorneys and include guidance and conditions regarding the business operation.
- Shareholder Agreement
To enable you to make provisions about what happens upon your retirement through ill health or death.
- Family Constitution
To enable you to include a full description about the ethics and values of your company so they become embedded within the business and not simply personal to yourself.
- Cross Option Agreement
To enable your shareholding to be purchased through insurance by the surviving shareholder, releasing the value of your beneficiaries whilst at the same time enabling the business to continue.
- Discretionary Trusts
To enable you to control how and when the business is passed on during your lifetime and which can protect assets and safe tax.
To enable you to appoint executors to deal with the business, to choose your beneficiaries and include a discretionary trust to provide flexibility and protect the business.
If this is of interest please contact Sue Stephens in our Tax Department.