We understand that planning for the future of your assets, your family and your business is one of the most significant steps you can take.
We offer comprehensive succession planning advice ensuring your wishes are met and your estate is protected for generations to come. We approach each matter sensitively and work closely with you to understand your specific needs and the needs of your beneficiaries. This includes strategic wealth structuring and tax planning for a variety of circumstances.
Why consider succession and tax planning?
- Ensures your wishes are met and protects your estate for future generations
- Enables strategic wealth structuring and tax planning
- Facilitates the smooth transition of a business and maximises tax reliefs
- Allows for the protection and financial well-being of vulnerable beneficiaries
- Reduces future costs and simplifies estate administration
Business succession:
Working closely with business owners to plan for the smooth transition of their business. This includes assessing eligibility for crucial tax reliefs, such as business property relief, and advising on the most strategic and tax-efficient way to transfer business interests via a will.
Specialist focus on agricultural succession planning:
For farming families, succession planning presents unique challenges. The farm is not just a business; it is a heritage, a way of life and often the family home. We understand the complexity of agricultural businesses and of the specific legal and financial considerations involved in passing them on.
We can work closely with farmers, landowners and rural businesses to develop bespoke agricultural succession plans that ensure the continuity of the farm for future generations.
Our specialist knowledge allows us to navigate:
- farm inheritance and ownership structures: advising on the most tax efficient and practical ways to transfer farm assets including land, property and other business assets whether through outright gifts, wills or partnership/company structures.
- agricultural property relief and business property relief: maximising available tax reliefs to mitigate inheritance tax liabilities on agricultural land and businesses.
- partnership agreements: drafting robust partnership agreements that clarify roles responsibilities and succession provisions within farming partnerships.
- wills for farmers: tailoring wills specifically for farming families to maximise access to inheritance tax reliefs and exemptions and, where appropriate, to provide flexibility for changing circumstances. This often involves the inclusion of trusts in the wills and a comprehensive review of pre-existing business documentation to ensure the will is compatible with partnership agreements or company documents.
We combine legal expertise with an understanding of agricultural succession. We appreciate the emotional and financial significance of the farm and we are committed to helping you implement a plan that not only protects your assets but also preserves your family’s farming legacy. We work collaboratively with your other professional advisors such as accountants and land agents to ensure a comprehensive and coordinated approach.
Vulnerable beneficiaries:
When planning your estate, it is natural to want to provide for all your loved ones. However, if one of your intended beneficiaries is vulnerable due to a disability, illness or other circumstances, leaving an outright inheritance can unintentionally create problems. We specialise in creating tailored estate plans that protect vulnerable beneficiaries, ensuring their long-term security, care and financial well-being.
We understand the challenges – from preserving eligibility for vital state benefits to protecting assets from mismanagement or exploitation.
We can include trusts in your will so that instead of leaving assets directly to the vulnerable beneficiary, they are instead left to trustees who can manage the funds for the beneficiary’s benefit.
Charitable estate planning:
For many, estate planning is not just about providing for family, it is also an opportunity to make a meaningful difference to the causes and charities that matter most.
We help individuals integrate their philanthropic wishes into their overall estate plan.
We provide expert advice on how to leave a lasting charitable legacy, helping you find the most effective and tax efficient way to contribute to the causes you care about. Gifts to UK registered charities are generally exempt from inheritance tax. If you leave at least 10% of your net estate to charity, the inheritance tax rate on the rest of your estate can be reduced from 40% to 36%.
How we can help
Our success and tax planning services:
- offer comprehensive succession planning for asset and estate protection.
- provide strategic business succession planning, including tax reliefs and efficient transfers.
- prepare bespoke agricultural succession plans for farming families, ensuring continuity and tax efficiency.
- prepare tailored estate plans to protect vulnerable beneficiaries, often through trusts in wills.