32 WILLS AND PROBATE
PROTECTING
Working With You To Grow Your Business
We understand local issues, because they affect us too. We will work in partnership with your team, offering advice and assistance with national expertise delivered at a local level to assist you on your journey of success.
We can assist you with;
YOUR FAMILY AND BUSINESS by Louise Highton
Office managing partner, Baldwins Preston Office
A recent poll found that over two-thirds of adults in the UK have not made a will, and for those that have most of them were written over five years ago.
It is crucial that if you own assets, and especially if you own and run a business, you have a valid will, structured to maximise tax reliefs and safeguard assets for your loved ones. Your will should be reviewed every five years, or earlier if there have been any major life changes.
Call your local office for more details.
Bolton 01204 551100, Manchester 0161 2451000, Lancaster 01524 541200, Preston 01772 907070, Rossendale 0345 3379409 and Stockport 0161 4740200
Not having a valid will could leave your family and business in a vulnerable position.
baldwinsgroup.com
Another important document is a Lasting Power of Attorney (LPA), which enables you to choose trusted people to make decisions on your behalf should you not be able to make them yourself. There are two types of LPA available
– Property and Financial and Health and Welfare. If you have a business, you may want different people to look after your business and personal affairs, so you would have two separate financial LPAs.
Unexpected events happen which could mean that you can’t run your business for a short period, such as an unexpected hospital stay. A business LPA means that your business affairs can be dealt with by the trusted nominee during this period and is safeguarded from risk.
Events of the last couple of months have shown us that you never know what is around the corner, so now is the time to make sure that you and your family are protected. Our experts can assist with the structuring of tax efficient wills and can make and register an LPA for you.
MAKING THE MOST OF BUSINESS
PROPERTY RELIEFS by Jane Parry
Managing partner, PM+M
Achieve more for your loved ones
Committed to supporting and helping you make the best decisions for your family through expert probate, tax, trust and estate planning advice.
Speak to us today: 01254 679131
enquiries@pmm.co.uk www.pmm.co.uk @pmm_acc
If you own a trading business, company or farm, some or all of its value will be exempted from inheritance tax when you die. This is due to business and agricultural property reliefs.
As a result, currently the most tax efficient method of business succession is to retain ownership and pass it on via your will, free from inheritance tax with also a capital gains tax uplift to its base cost, meaning your beneficiaries can sell it free of tax (which can sometimes act as a barrier to effective business succession).
This, plus pressure for reform of what is agreed to be an overly complex tax compared to the amount of revenue it raises, led to January’s All Party Parliamentary Group report. Amongst other radical reforms, the report recommended the abolition of business and agricultural reliefs,
as well as removal of the capital gains uplift on death.
It’s not clear whether these recommendations will be implemented, but it’s likely that some reform of inheritance tax is on the horizon.
Accordingly, now is a good time to consider your business succession and maybe look to pass on some of the ownership to the next generation.
If that’s a step too far, maybe consider a gift to a family trust, which will pass the value out of your estate but still allow you to maintain control. Alternatively, you could broaden share ownership in your family but maintain control via bespoke share rights.
There is no one size fits all. You should take advice to understand your options and work out what is best for you and your family.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67
