Without the appropriate Business Succession strategies your spouse / partner and children may not inherit your share of a business.
Business partners may not be able to buy out the deceased's share. The value of the business could depreciate owing to the inexperience of any beneficiary.
The business may have to be sold and the proceeds become liable to Inheritance Tax.
Our Business Succession service is tailor made to suit you and your business, taking the standard planning options available on the High Street a significant step further.
If you run your own a business and lose capacity, banks will freeze the business bank accounts very quickly.
If no one can access the funds on the company accounts, consequences could be catastrophic and your business could fail.
Having a business Lasting Power of Attorney in place will remedy that and allows somebody you trust and who understands your business to take over operations as soon as required.
Business Assets Preservation
Hard work and dedication has meant that you have built up a sound business to benefit you and your family.
Naturally, you would want to ensure that your loved ones are provided for in the event of your death.
Shares in a private company are subject to IHT unless they qualifies for Business Relief (BR). The shares can then be transferred on death or during lifetime free of IHT.
Carefull Palnning will ensure the relief won't be lost. Solutions could include the placement of the business shares into a Family Trust for the benefit of the spouse and children.
It's also of paramount importance to have an up to date, professionally drawn, valid Will that includes your business wishes.
Business Shares Inheritance
Without a valid Will, the deceased's shares would be subject to the Laws of Intestacy and the person who inherits may not be the person they intended.
Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries?
This could have a major impact on the running of the business, or the value of the business may now go down following the death of such a key person. Protections and insurances may be available against such risks.
Please fill out the form and a member of our team will contact you or call 0800 612 5331.