Estate Planning for Business Owners
When you have put years of hard work into a business it is important that it continues to be successful and profitable, potentially safeguarding the financial interests of your loved ones.
Forward planning is essential when it comes to distributing your estate to ensure that your assets are passed down to the right people, and careful consideration is required when deciding what will happen to your business in the future.
The legal team at Clifford Johnston and Co. have the specialist knowledge to help you plan adequately for your business and can advise you on matters including inheritance tax, succession planning and will writing. For friendly, straight-forward, affordable advice contact us today on 0161 975 1900 and speak to one of our solicitors.
Why plan ahead?
As a business owner it is particularly important to document who you wish to inherit your estate. Without a will, your business and shares could be passed to someone without the necessary skills to run it profitably and there could be conflict among interested parties, who might disagree about how it should be run.
Effective succession planning is vital for the continuing viability of your business and to ensure that your estate benefits from any available tax relief and exemptions.
Business succession can be a complicated and difficult area of law and you will need a solicitor with the required level of expertise and specialism to advise you accordingly. Our advice will take into consideration:
- If you want to leave money equal to the value of your business rather than the business or shares themselves.
- If you have a legal partnership agreement in place.
- If you need a legal partnership agreement preparing.
We will put a robust structure in place that will include your will, a life assurance policy and other relevant documentation to give you peace of mind that your business and the financial futures of your loved ones are secure.
Business succession planning
Everyone’s individual circumstances are different, which is why we will work with you closely to create a bespoke plan that works for you, your business and your beneficiaries.
Our services cover all areas of estate planning including
Succession planning advice
How you plan for the future of your business will be very much dependent on whether it is run as a family business or is kept entirely separate. Careful planning now will help to avoid any future disputes between beneficiaries around the division of assets and responsibilities. We will help you to consider:
- Who will take over the running of the business?
- Should any profits be divided between beneficiaries or put back into the business?
- How will any partnership agreement be affected?
- Should any shares be held in trust?
- Whether you would prefer your business to be sold.
- Who would be an appropriate and proficient executor to handle such a sale?
We can help with the smooth transition of your family business to the next generation ensuring that any potential family disagreements can be avoided and that your business continues to be profitable and successful.
Will drafting services for business owners
Without a will, the legal division of your estate including any business interests won’t take your wishes into account and could mean that many thousands of pounds are paid in inheritance tax that could have been avoided. We can help you to prepare and write your will in line with your specific circumstances and plans. We pride ourselves on our close client relationships and will make sure that we thoroughly understand your business, your requirements and the needs of everyone involved
Tax relief advice and applications
As a business owner there are various inheritance tax reliefs and exemptions available to you and your loved ones could be eligible for 50% or even 100% tax relief on certain business assets, whether they are passed on in your lifetime or left in your will. We have the experience and expertise to offer comprehensive advice on all tax related matters.
At Clifford Johnston & Co. we can help across all areas of estate planning and administration so contact Wills and Probate Solicitors in Manchester or Stockport today, for cost-effective and expert advice.