Preparing for change now is the best way of preventing challenges in the future. This is what succession planning is all about; understanding the dynamics and commercial reality of an individual, their family and their business and making preparations that will save them facing problems later on.
Thrings’ Wealth Management team has years of experience in succession planning and has a reputation for the commerciality of its approach and the close and complementary relationship with colleagues from commercial teams across the firm.
We advise on all the legal, practical and personal issues that need to be addressed in your Will including:
- Advising on the appropriate will to reflect personal wishes, the needs of individual beneficiaries, the possibility of claims under the Inheritance (Provision for Family and dependents) Act,1975, the preservation of IHT Agricultural Property relief/Business Property Relief and addressing issues and opportunities for non domiciled clients.
- The preparation of Partnership agreements and Shareholders agreements where there is a family business; these documents may have more relevance than the will , on death, so far as devolution of an interest in the business is concerned, and need careful drafting to ensure that Business Property Relief from IHT can be claimed.
- Advising on appropriate Business/shareholder/partnership structures to facilitate the introduction of younger family members into the business and their ultimate succession to it.
- Addressing the liability to Capital Gains Tax/Inheritance Tax on the sale of a business or its handing on to the next generation of the family.
- Addressing issues of untimely death of the principal protagonist in a family business and putting appropriate structures in place so that trustees/executors can preserve the business until the next generation (which may be very young) is in a position to step up the plate, or, alternatively, to keep the business in good shape pending a sale.
