Succession planning

Succession planning helps you to decide how and when to pass your wealth on to the next generation, including children and grandchildren and as tax-efficiently as possible. We advise on how and when wealth should be passed on and address common concerns such as Inheritance Tax (IHT) planning, asset protection and educating beneficiaries on the responsibility of inheritance.

Our Private Clients team works collaboratively with our colleagues in the Corporate team to help clients plan for the succession of their businesses ensuring a smooth transition while minimising their tax exposure as the business owner. This includes reducing your taxable estate to minimise the inheritance tax (IHT) liability as well as ensuring you have enough income to meet your future needs.

We can help you:

• decide the best route and the best time to exit your business
• prepare your business for sale to ensure profit is maximised
• plan for succession of the family business
• maximise the use of Business Property and Gifts of Business Assets reliefs
• identify the tax implications of leaving your home to your children
• reduce the value of your taxable estate
• decide the right time to make any lifetime gifts
• assisting executors and Trustees with probate and Trust administration
• decide on the type of Trust that is right for you and your family (if applicable)
• work with your legal advisors to update your Will and ensure it is tax-efficient
• plan the best route for any donations to charity.