Does your Will protect your business assets for your family after you’ve gone?
With the correct estate planning in place business owners can protect their assets from a variety of threats.
You may have worked for years to build your company into the success it is today. All that hard work and dedication should mean that you and your family can now reap the benefits. But what would happen to it if you were to die?
If you don’t have a will, the business assets along with the rest of your estate are subject to the laws of intestacy and Inheritance Tax may be due as a result.
Even with a will, the estate could end up paying Inheritance Tax at some point - when the spouse passes away for example - and the tax due (at 40%) might even necessitate selling the business. But this could be avoided with the correct estate planning in place.
Incorporating a Business Clause in the will to take advantage of Business or Agricultural Property Relief and directing those assets to a Business Trust could dramatically reduce the possible impact of Inheritance Tax and also protect those assets against various threats. Once entering a Trust the business assets are outside of the beneficiaries’ estates and therefore cannot be included in the assessment for their own inheritance tax, care costs, divorce or bankruptcy.
MVL Wills and Trusts Ltd of Battle can put in place a bespoke Trust-based estate protection plan to suit your needs. Call or email for more information on 01424 577070 and [email protected].