Estate Planning for Business Owners - MLP Law

Estate Planning for Business Owners

Estate Planning

Estate planning helps ensure a smooth transition of ownership and management in the event of the business owner’s death or loss of capacity. This is crucial for the continuity of the business and to prevent disruptions in operations.

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    Estate planning allows a business owner to outline specific instructions for the future management and ownership of the business, which ensures that the business continues to operate according to the owner’s wishes.

    Request a consultation with one of our experienced lawyers to discuss how we can help you with your estate planning

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    Our lawyers can provide you with personalised advice based on your business structure, family situation, and financial goals. We can also prepare strategies to help mitigate your Inheritance Tax liabilities and protect your assets for your loved ones.

    Our services include:

    • Preparing Wills to include trusts of business property 
    • Preparing Lasting Powers of Attorney
    • Inheritance Tax planning 
    • Working with our Corporate Team to ensure your business’s cross-option agreements and partnership agreements contain effective planning 
    • Trusts for pensions/life assurance

    Our Approach

    Working with our Corporate Team to ensure your business’s cross-option agreements and partnership agreements contain effective planning.

    We are dedicated to crafting tailored solutions that align with the specific needs of our clients and their individual circumstances.

    We will provide you with the peace of mind that your
    business interests have been safeguarded for the future.

    Testimonial

    I would have no problem with recommending
    this solicitor or using them myself again.

    They provided an excellent service throughout.

    The solicitor handling my request was Doris Raggatt
    and I found her straight forward and easy to deal with.

    Barbara

    FAQs

    1. What Inheritance Tax relief is available for my business?

      You can claim Business Property Relief on business assets, and those assets are either 100% or 50% exempt from Inheritance Tax.

      You can obtain 100% relief on:
      • A business or interest in a business;
      • Shares in an unlisted company.

      You can obtain 50% relief on:
      • Shares controlling more than 50% of the voting rights in a listed company;
      • Land, buildings, or machinery you own and use in a business you are a partner in or have control of;
      • Land buildings or machinery used in the business and held in trust that the business has the right to benefit from them.

      We highly recommend meeting with one of our lawyers to discuss your business interests, who will then provide you with a breakdown of the Inheritance Tax that is likely to be paid on your estate and suggest tax-efficient ways to mitigate this.

      *There are some conditions to these lists in order for the assets to qualify.

    2. What is a Will?

      A Will is a legal document that sets out what you would like to happen to your assets when you pass away. If you do not make a Will, your estate will be dealt with under the laws of intestacy, and your estate may be distributed to family members whom you would not have wished to inherit.

      In your Will, you appoint executors, who are people you trust to deal with your estate, guardians to look after any minor children, and beneficiaries who will inherit your estate assets.

    3. Do I need Lasting Powers of Attorney for my business?

      If you own a business, it is vital you make Lasting Powers of Attorney to ensure that if you lose capacity and are unable to make your own decisions, someone you trust can make those decisions on your behalf.

      If you lose capacity without making Business Lasting Powers of Attorney, this may cause issues for your company and even make small tasks very difficult, for example, using the business bank account.

    4. Do I need to update my partnership or cross-option agreements when making a Will?

      As part of our fact find with you we will check your partnership agreement or articles of association and suggest any recommended amendments to ensure that your wishes are carried out on death and check that the business will have the funds available to pay to your estate on death.  We will check that the necessary cross options are in place and if not make our recommendations on what is required to effect your wishes.

    5. Why do I need Inheritance Tax advice?

      Inheritance Tax planning is vital for maximising your estate and reducing your Inheritance Tax liability. Through tax-efficient planning, you may be able to save over £1 million in Inheritance Tax which would have been payable had you not obtained legal advice.

    Speak to us to see
    how we can help

    0161 926 1535

    Why choose the mlplaw team?

    • Unparalleled Expertise and Experience

    We are vastly experienced, Legal-500 recommended Wills, Trusts, and Probate experts.

    We achieve successful outcomes for our clients and help them to navigate the complexities of Private Client law.

    Our team includes STEP-qualified lawyers, the highest level of qualification for a Wills, Trusts, and Probate practitioner, and all of our lawyers are members of Solicitors for the Elderly.

    • Your family, your service

    Your family is unique, as are the challenges it faces. That’s why our approach is all about crafting bespoke strategies that fit your specific needs.

    Whether your personal and financial circumstances are straightforward or complex, we can plan and implement effective solutions to achieve the best outcome for you.

    • In your corner from start to finish

    You need someone in your corner who knows you and your situation inside and out. As seasoned experts, we stand by your side from the moment you need us to the conclusion and beyond, representing you and supporting you along the way.

    • We don’t like legal jargon

    Communication is key. We use clear, plain English to explain the law and legal processes to you.

    We are transparent about our costs, offering fixed fees and preparing pricing options for you to choose from, so you are never caught off guard.

    • What our clients say…

    Our Wills, Trusts & Probate lawyers have over 50 reviews on Review Solicitors, demonstrating their commitment to providing excellent service. Here are some short testimonials:

    “Excellent, professional and friendly”

    “Extremely knowledgeable and helpful”

    “Supportive, efficient and effective”

    “Communication and approach was first class”


      Request a consultation

      Simply complete the form below and one of our experienced team will be in touch soon




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