Corporate Estate Planning Knutsford

There is much to consider as a business owner like Knutsford corporate estate planning and how best to protect your business, you will no doubt have investigated many different insurance products. However, our Knutsford IFA talk to clients often and when we do it is about protecting their business for other directions, we talk about implementing an exit plan, about their tax mitigation possibilities, their shareholder agreements, and ownership of their own shares and finally would the business be able to continue in the event of their early death.

Knutsford Corporate Estate Planning Advice

We start with the Knutsford corporate estate planning basics

Will:

  • Is there a will drafted for the owner dealing with their shares in the business? Is this up to date and does it reflect your wishes and those of your beneficiaries?
  • Is the will drafted in a tax efficient manner?

Shareholder agreements:

  • Who owns what shares?
  • Are they voting shares?
  • Does the company’s articles and memorandum of wishes dictate the disposal of shares?
  • Has the value of the business changed in the past year, if so what is the value now?
  • Does any life cover for the shareholders reflect their share values?
  • Is there a cross option agreement in place to dispose of the shares effectively?

Inheritance and capital gains tax

  • Does the business qualify for Business Property relief? If yes, have the relevant documents been drafted to allow for this?
  • Are the business assets likely to attract Capital Gains Tax (CGT) on death or disposal post death?

Protection

  • Is there enough life cover in place to pay the value of the shares to the deceased estate?
  • Can a Relevant Life policy be used to reduce tax payable on insurance premiums?
  • Is critical and terminal illness covered in the current plans? Do you need this?

Control

  • Who will run the business if you were to become ill, or die? Are they capable? Do they want to? Do they have the knowledge and expertise to manage the business?
  • Do you a Knutsford Lasting Power of Attorney (LPA) registered for yourself? If not, who will run your affairs if you become incapable.

As you can see, there are lots of issues for you to consider. Simply have a life policy and a will may not be enough. Call the Assured Wealth and Estate planning team today to book a FREE Knutsford Corporate Estate Planning consultation with a Knutsford corporate financial adviser.

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