Personal Planning for Business Owners

Securing Your Business

As a business owner having a business continuity plan which clearly states what would happen in the event of the unexpected death of you or a co-owner, is crucial to ensure the future of the business and to make sure your family is provided for in unforeseen circumstances.

Personal and business planning are intertwined, and it is important that a personal Will works in harmony with the succession plans for the business. A simple Will is unlikely to do the job. In the event of the unexpected death of a business owner, the Will and company paperwork need to make certain that the management and control of a business are not disrupted. The Will should also safeguard the value of business assets for the beneficiaries, separate from the estate, so they benefit from relief on Inheritance Tax.

Our specialist Private Client lawyers advise on Wills and Powers of Attorney for shareholders and their spouses or partners, cross options and relevant shareholder agreements, and work closely with business owners to implement appropriate legal changes to company or partnership documents in the event of a death.

We advise on:

  • Inheritance tax relief on the business owner’s interest in the business
  • Provision to secure management and control of the business in the event of a death
  • Ensuring the business owner’s interest is passed on appropriately

Business Succession

Succession planning is integral to business plans and wealth preservation, and our experienced Private Client team understand the issues facing you when thinking about succession in the case of a family business.

Tax, business and estate planning should all be taken into consideration when considering multi-generational ownership and our specialist team can provide advice on tax-efficient wills and effective structures to secure the future of the family business.

We work closely with other professionals such as commercial lawyers, accountants and financial advisers to provide a joined-up approach for effective planning for the future, for the benefit of your family and the family business.

Personal Planning

You can avoid paying unnecessary inheritance tax, with some timely forward planning to make the best use of the exemptions and relief provided for in tax legislation.

Business owners can qualify for generous tax reliefs from inheritance tax and our team of expert Private Client lawyers can advise on the likelihood of securing business property relief and how you can put yourself in the best possible position.

Our team of specialist tax experts can help ensure you increase the tax efficiency of your business and reduce your personal tax exposure as well as providing advice if you are considering selling or passing on shares in your business during your lifetime.

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What clients say

"I've got no hesitation in recommending Geldards for the work they do and I have done so in the past."

Chambers High Net Worth 2021

"A very long-established firm in Cardiff and has always had a very good reputation."

Chambers High Net Worth 2021

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Legal 500 2021

"The firm has a reputation for integrity and high standards."

Legal 500 2021

"Geldards private client team are the best advisors on domestic and cross-border inheritance and tax matters I have seen outside London."

Legal 500 2021

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