When you have spent many years nurturing your business or farm, we understand that you’ll want to do everything you can to pass it on to the next generation, as efficiently as possible.
What you may need help with
It might be that you’re clear in your aims and intentions, but we know that such a unique asset can sometimes cause you a headache in deciding what to do for the best. Perhaps you may need help in deciding how to pass your assets to those involved in your farm or business, whilst remaining fair to the rest of your family. Or you might want to find a way of providing for your children from a previous marriage, or to consider how best to split your assets between your family members and charities.
Relief from Inheritance Tax
You may also be interested to know about the valuable reliefs from Inheritance Tax which the government currently offers to farm and business owners in certain circumstances. These can really help to shield some or all of your assets from the charge to tax, but there are various, tricky hoops to jump through in order to get you there.
Let us help you
Whatever your position, we can help. Our priority is to listen to your intentions for the future and to offer you clear, concise advice on the options for you for succession planning, perhaps putting these together for you in a Will. We’ve got many years’ experience finding practical solutions for situations like yours and we’ll work closely with our colleagues in other teams to work out the solution that’s right for you.
What we can help you with
We can advise you on:
- succession planning specifically for business owners and farmers
- structuring of family wealth for the next generation
- protecting assets for children of previous marriages
- Inheritance Tax reliefs and exemptions for business owners, farmers and heritage property owners