Do you own or run a business? Perhaps members of your family work for you, or maybe you intend to leave the business to relatives. It’s never been more important to protect your hard-earned wealth and manage their inheritance.
The 2007 changes to Inheritance Tax Legislation in the UK simplified inheritance tax issues, but you shouldn’t assume there is nothing further to be achieved by correctly planning your will. A professionally written will, backed by solid advice and guidance, is certain to benefit business owners who intend leaving their assets to family members.
Unlocking the secrets of protecting family wealth
- Shares in your business can qualify for business property relief (BPR)
- By leaving shares to a discretionary trust, inheritance tax can be avoided
- Business assets can be exempt from inheritance tax
Estate Legacy Services can advise you on qualifying for BPR, correctly using a discretionary trust and minimising your exposure to inheritance tax. A discretionary trust can help you and your family with succession planning. Speak to us to ensure that your business meets the correct criteria to qualify for exemptions.
Do you have more than one child? Do some of them work within the business and others work outside the business? This common family set-up can cause stress to a business owner planning his or her will. Typically, they will be keen to treat all of their children equally yet want to recognise those who work within the family business. We can assist you in managing shares in your business, ensuring that your children benefit equally should the business be sold.
Speak to us now to put your mind at rest. At Estate Legacy Services, we’re in the business of putting together the best will for you, your business and your family. We do our job so you can carry on doing yours: growing your business so that your family are well provided for.
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