Protecting Your Assets for the Next Generation

We spend a lifetime striving to grow a business sometimes from scratch, pay the mortgage off, improve and add value to what we have inherited from our parents, giving our children a good education and upbringing.  We spend so little time ensuring that those assets etc., that will outlive us will be transferred to the right people in the most tax efficient manner.

1. Have you up to date wills?
2. Do you have Powers of Attorney appointed to carry out your wishes both personally and financially if you are still alive but incapable of making day to day decisions?
3. If you have a Partnership or Shareholder agreements, what do these say in the event of your death and is it up to date and in line with your current wishes?
4. Are all financial matters and important personal documents recorded and stored safely for your executors and survivors to access easily to minimise disruption to their business and personal lives in the event if your death.
5. Have you communicated to your immediate family whilst alive, how your estate will be left after your death?  Manage people’s expectations.  You don’t have to be equal to be fair.

All the above once in place probably only need to be reviewed every five years or when there is an exceptional change in your circumstances.  Once in place the first time, the review can be very quick subsequently.

Why spend a lifetime working hard to give it away to the wrong people including the government or cause family splits, when it could all be prevented with a little planning?

Contact your solicitor today and plan for the inevitable.  Your consultant is a good point to start the succession discussion regarding the business as they understand the people, the finances and what is practical on the ground in your business.

Contact Gerard at gerardfinnan@fcgagric.com  for expert input on farm business succession.