Business Succession
According to the STEP family business survey, the top three reasons for not having a succession plan are:
• 27% said they know they should do it, but haven’t got around to it;
• 15% think they don’t need to do this yet as there is plenty of time to plan;
• 14% don’t have a clear successor.
Don't leave your business's continuation to chance. Let's talk about what we can do to protect your business if you're no longer here to do so. Your legacy deserves a solid plan.
Contact Tim Mullock:
📞 01234 713021
📩 [email protected]
#SuccessionPlanning #FamilyBusiness #BusinessContinuity #Legacy #FuturePlanning
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Our best advice would also be to have your Will rewritten or updated after any change in circumstances such as marriage, co-habitation and divorce as events such as these could void the validity of your Will.
When it comes to writing your Will, it is critical to have a professional provide the expertise to craft one. We are the experts to assist with the entire process, from beginning to end, ensuring the creation of a proper and binding Will.
Contact Tim Mullock:
📞 01234 713021
📩 [email protected]
#WillsandEstates #EstatePlanning #WillWriter
You may wish the financial value of your inheritance to be divided equally among your children but the way it’s handed out to differ.
We can advise you on how to not only pass your assets on safely, but also how to protect your loved ones.
📞 Contact us on 01234 713021.
📧 Or email [email protected]
#inheritance #inheritancetax #estateplanning
So often, old age fails to live up to the idyll of a tranquil and harmonious ‘drawing down of blinds’.
We can advise you on how to not only pass your assets on safely, but also how to protect your loved ones.
📞 Contact us on 01234 713021.
📧 Or email [email protected]
#inheritance #willsanddementia #estateplanning
Domicile is, broadly speaking, the place you regard as your permanent home. Awkwardly, this isn’t necessarily the same as your country of residence.
Domicile is separate from nationality and place of birth. There are three categories of domicile:
Domicile of origin
Domicile of dependence
Domicile of choice
Read more here: https://pos.li/2kqrt6
When it comes to estates and tax planning, it always pays to consult an expert. Don’t bury your head in the sand: give us a call to find out how we can help.
📞 01234 713021
📩 [email protected]
#domicile #IHT #InheritanceTax
What does domicile actually mean? 🤔
Domicile is, broadly speaking, the place you regard as your permanent home. Awkwardly, this isn’t necessarily the same as your country of residence. Domicile is separate from nationality and place of birth.
When it comes to estates and tax planning, it always pays to consult an expert. Don’t bury your head in the sand: give us a call to find out how we can help.
📞 01234 713021
📩 [email protected]
#domicile #IHT #InheritanceTax
Many of us dream of moving to sunnier and warmer climes in our golden years, buying a slice of paradise in the south of France or Spain…
But the dream generally doesn’t come with a bill for inheritance tax from the UK Revenue, which can have a substantial impact on how much your nominated heirs may actually receive.
This is where the Domicile Dilemma can come into effect: https://pos.li/2kl94p
#willsandestates #domicile #estateplanning
Cross option agreements (right to buy and right to sell)
Also known as a double option agreement or put and call agreement, a cross option agreement is an accord entered into by all shareholders of a private limited company, under which each shareholder grants to the other shareholders put and call options over their shares, which are exercisable on death.
Full article here: https://pos.li/2k2gei
#BusinessWills #BusinessTrusts #WillsandEstates
If your business involves a partnership (in this instance, we’ll consider the partnership a 50/50 split of ownership) then you’ll want to have a business will.
This can help the process of transferring business assets to your chosen beneficiaries without causing serious problems for the surviving business owner and shareholders.
Full article here: https://pos.li/2k2ged
#BusinessWills #BusinessTrusts #WillsandEstates
It is generally “tidier” to put your business assets into a business trust, rather than to include everything within your personal will.
Full article here: https://pos.li/2k2gee
#BusinessWills #BusinessTrusts #WillsandEstates
Although Paul and Elizabeth have always got along well, Paul is not an expert in interior design. He thinks it’s just picking out paint colours and scatter cushions, and he doesn’t have the appreciation for design that Barbara had, and he’s not really interested in learning about it.
To him, it’s just a hobby that his wife played with after their children grew up and left the family home. To Elizabeth, it’s her entire legacy, and it’s difficult to see half of that legacy in the hands of someone who says “you want to pay how much for curtains?!”
Full article here: https://pos.li/2k2gec
#BusinessWills #BusinessTrusts #WillsandEstates
You see, while Barbara and Elizabeth had spoken vaguely about what they would do with the business when they each wanted to retire, they had judged that would probably happen another 10 years down the line, and they could work out the specifics later on.
But now Barbara is gone, and as the partners hadn’t put any plans or protections in place, Barbara’s share of the business will go to her default beneficiary: her husband, Paul.
Full article here: https://pos.li/2k2gd8
#BusinessWills #BusinessTrusts #WillsandEstates
