Planning for future ownership of an asset such as a family company or business, landed estate or farm, is not always straightforward.
Succession Planning Considerations
There are difficult questions to address:
- Who is to inherit the asset?
- Is one child to become the principal or can all be involved?
- What provision can be made for the other children, and how should this be structured?
- When should the asset be transferred, and what protection can be built in following the transfer against third party claims and tax liabilities?
There is no single answer to these questions. Every family's circumstances differ, and each will have particular complexity. At Turcan Connell, we have unrivalled experience and expertise in advising business owners, land owners, farmers and others on how best to structure their affairs to deal with these complex, and often emotive, questions. Inheritance tax planning and mitigation of the taxes must be considered as part of this process.
How Turcan Connell can help you
Our aim is to find the most appropriate solution for you and your family, providing support and advice on an individual basis. We would assist in developing a family succession plan through discussions, and then supporting in the implementation of that plan, including preparation of Wills, establishment of appropriate structures (trusts, family partnerships or other arrangements) while minimising tax exposure along the way.
Succession Planning for Family Businesses
Our Tax and Succession lawyers work closely with our Business Law Team to ensure that whether or not it will be appropriate or possible for the next generation to carry on the business, suitable plans are in place. These can include:
- A trade sale
- A sale to a private equity firm
- A management buyout
- An employee buyout
- A listing on the main market (if the business is of an appropriate size)
Our corporate lawyers will use their years of expertise to guide you in making the correct decisions for the future of your business.