Do you know what would happen to your land and rural business if any of these events occurred:
- Disability or incapacity
- Dispute (family)
- Debt (tax bills)
These events can all disrupt your business, without planning in place.
These are some questions to ask yourself:
- The answer to what would happen to your business will be in your existing arrangements, but do they do what you want – for you, for the business and for your family?
- For example, would your business pass on your death to the right person, taking into account continuity of the business, protection of the business and protection of your family?
- Can and should the process of passing on the business begin in your lifetime and can this be done with the minimum amount of tax paid?
- If you lost capacity to make business decisions, does someone appropriate have the power to step in for you?
- Do you have an intended heir to the business? Would others who are disappointed by this have a claim to make on the business and thwart your plan? Is there a risk that someone else has a claim on what your heir inherits from you?
- Does the structure of your business maximise inheritance tax reliefs on your death and, if not, could the tax be paid without parts of the business being sold?
If you would like to think about the answers to these questions, we can review your arrangements, including title deeds, leases, partnership/shareholder agreements, share/contract/other farming arrangements, business accounts, inheritance tax reliefs and any will and power of attorney.
We can report to you on your current position and recommend any changes needed to give you everything you need for successful succession to your land and rural business.
Please contact me to arrange a no obligation 1 hour meeting to discuss, at no cost. We would agree costs with you before following this up with a review and report.
On May 6, 2019