Creating a successful business is a great achievement, but you need to protect the legacy you have built so your children and grandchildren can continue your work once you step away. Speaking to a solicitor about business succession planning is the best way to do this, as we can assist in bringing the next generation into ownership of the business.
To ensure the best provision for your family in regards to your business, you need to arrange your personal finances and plan ahead. Understanding the complex nature of wills, lasting power of attorney, and securing assets through trusts and Inheritance Tax planning can be overwhelming. It is important to find a solicitor who can explain your options.
If you have to temporarily step away from your business due to ill-health, our solicitors will work to protect your position in the company, ensuring your views are taken into account when key business decisions are made. We can also help put powers of attorney in place in case you permanently lose the capacity to make decisions on your own behalf.
At Glaisyers, we understand how important it is to safeguard the future of your business. For many years, we have been advising clients on how to best pass their assets on to the next generation, resulting in countless businesses being properly protected for the future.
We will work with you to make a will so your business assets are passed on according to your wishes including using available tax exemptions. After your death we will help your family or executors report Inheritance Tax to HMRC, deal with claims for tax relief on business assets and deal with tax enquiries with HMRC and the district valuer.