Estate planning and the family business

The family business was the main asset of the estate. As is sometimes common with family businesses, the operation was to be taken over by some, but not all, of the owners’ children and they required advice on making the transfer as seamless as possible to continue operations and reduce tax exposure.

Through planning, we were able to take steps to protect the business for lifetime, as well as upon death of each owner. Lasting Powers of Attorney were tailored to the specific needs of the family business so that the relevant children could step in and continue trading where a parent lost capacity or was unable to make a decision.

Similarly, planning within the wills also gave the opportunity to ring-fence the business assets to attract the maximum reliefs and exemptions for the family estate, retaining as much value as possible. The family were also able to provide for each of their children, depending on whether or not they became involved in the continuation of the family trade, compensating each accordingly.

Our dedicated team of tax planning specialists are able to provide advice tailored to each family setup, and will consider commercial needs alongside the wider family resources and needs to provide a sensible, practical structure.