What happens to your business when you need to hand over the reins?

The importance of succession planning for business owners

When you own a business, whether it’s a care home or another type of business, it's crucial to plan for the future. Succession planning ensures that your business can continue to grow and thrive, regardless of unforeseen circumstances.

Ensuring your business passes to the right people

When thinking about the future, it’s vital to ensure that your business transitions to the right individuals in a legal structure that minimises tax implications. Adequate Will preparation and Lasting Power of Attorney are essential tools in succession planning.

Inheritance tax and business owners: What you need to know

For business owners, particularly those owning high-value estates like care homes, it’s essential to be aware of potential inheritance tax reliefs. Up to £1 million could be passed free of inheritance tax, subject to conditions.

The benefits of Business Property Relief

Business Property Relief is a significant benefit in estate planning, enabling your business to be passed on tax-efficiently to your beneficiaries.

The role of Wills and trusts in business succession planning

Having a Will that is fit for purpose is key, especially when a business is involved. We can draft Wills incorporating trusts to ensure your business is passed on efficiently, while also minimising tax.

Lasting Power of Attorney: Protecting your business in case of incapacity

Business Lasting Power of Attorney allows you to appoint trusted individuals to handle your business decisions in the event that you become incapacitated or lose the ability to manage your business affairs.

The legal complexities of passing on a business interest

Even without inheritance tax issues, passing on a business can be complicated due to Shareholders’ and Partnership Agreements. It’s vital to plan effectively to ensure smooth transitions.