Protecting the family business
Hard work and dedication has meant that you have built up a sound business to benefit you and your family and naturally you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?
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.
Who would actually be entitled to the deceased share of the business?
Without a valid Will the deceased’s share of the business would be subject to the Laws of Intestacy and the person who inherits your business may not be the person you intended.
Would you have sufficient funds to purchase the deceased Director’s share from his family? Or would the business have to be sold?
If the business is sold then it could be at risk of Inheritance Tax at 40%, having lost any Business Property Relief available when the business was still trading.
Applefalls offers business estate planning tailor made to suit you and your business
It takes the Standard planning options available on the High Street a significant step further. Our Legal team advisors provide a cross option which offers significant protection to the business and reduces the possible impact of Inheritance Tax dramatically.
Furthermore the business and proceeds from a future sale of the business are protected for the bloodline from Inheritance tax, remarriage, creditor claims and Nursing Care Fees through the use of Trusts.