Succession Planning for Family Businesses

    Having spent time and money on building up your family business, why would you not plan for the succession of it on your death, in a structured and tax efficient way?
    Seddons Private

    Succession Planning for Family Businesses

    Having spent time and money on building up your family business, why would you not plan for the succession of it on your death, in a structured and tax efficient way?  

    At Seddons, we can help with the following:

    • Assessing the inheritance tax liability on your business on death;
    • Advise on the likelihood for business property relief;
    • Reviewing current partnership/shareholders agreements and the impact on death and succession;
    • Lifetime planning including tax advice on the sale/transfer of business assets
    • Liaising with financial advisors and accountants on your behalf;
    • Advising on a Will structure including the uses of business property discretionary trusts

    Whilst the succession of your business on your death is one concern, what would happen should you lose capacity and the inability to run and manage your business?  
    We always recommend putting in place business property Lasting Powers of Attorney.  Whilst the same documents as personal financial Lasting Powers of Attorney, the person/s who are authorised to deal with your personal finances (perhaps spouse/children etc) may not be best placed to be managing your business matters.  We can assist with drawing up a business lasting power of attorney limited to dealing with business matters only to ensure continuity of the business should the unthinkable happen.
     

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