Protecting Business Assets

Find out how we can protect your estate, savings or business with a free telephone or video call consultation

Everyone with business assets should have a Will, yet approximately 70% of eligible people have not yet made one and those that have, will probably have a Will in place, which is entirely unsuitable for business assets.

When you are a business owner or have a share of a business, then your family, may not inherit your share of it.

Many business inheritances are often lost due to divorce settlements, or to creditors, bankruptcy and avoidable taxation.

Ensuring your share(s) in a business is not subject to the Laws of intestacy can only be achieved with a Will and the correct Will, with appropriate business trusts & clauses, protects your wealth and Business Property Tax Relief (BPR), whilst safeguarding your family’s security. We are here to help advise you through all the issues, such as establishing our groundbreaking tax-efficient, Cross Option Agreements and Share Holder Trusts.

“Protecting yours’ or your partners’ share of the business and the most tax-efficient way to pass those shares of the business to beneficiaries, is of paramount importance to the successful continuance of the business.”

Find out more about our estate planning services, call 0800 240 4587 or complete the form below.

FAQs – Protecting Business Assets

Would your spouse/partner or family even want to be involved with the running of the business?

Many spouses would probably not want to be burdened with the running of a business they may know very little about. For instance, if there are young children to care and provide for, then the surviving spouse might prefer to be bought out.

Would you have enough funds to purchase the deceased Director’s share from his family?

This of course very much depends on the liquidity of the business and/or any life assurances which may be in place.

Would the business have to be sold?

Quite possibly, especially if there is tax due and insufficient ‘Key Man Insurance’ to afford to recruit a suitable replacement.

How would the business be sold by the deceased’s beneficiaries, impact on their estate as their assets increase?

Potentially, this could increase their estate inadvertently creating an Inheritance liability.

How would it also affect the surviving business partner’s assets, as these too will increase?

Both parties’ estates could be impacted by Inheritance Tax in the future, having now lost any Business Property Relief previously available whilst the company was still trading. With the sale of the business, you risk losing 40% of the cash proceeds to the taxman.

“If there are Inheritance Tax issues and assets to be protected are involved, you may need a bit more than the basics. Michael Doctors is a great pair of hands.”

James Mason, Fifth Element Accountants

Let's talk about protecting your home, your business, your nest egg.

Please complete the form below or call us on: 0800 240 4587.

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