Succession Planning
As the term suggests, Succession Planning is focused on the way in which your wealth and assets are passed on to the next generation. While there is a great deal of overlap between succession planning and estate planning, succession planning is especially important for business owners, to ensure the continued operation and growth of the organisation in the event of your death.
Be Prepared
During succession planning, there are many things that may need to be considered, depending on the nature of your wealth. There may be international assets to deal with, which would be subject to different tax implications. There may be a very specific way in which the reins of your commercial interests should be passed on. There may be a need to plan for possible mental incapacitation in the future. Appointments of trustees and professionals could need to be made, and the minimisation of inheritance tax could be a priority.
In addition to the technical aspects of succession planning, there may be a need to communicate with family members – for the management of expectation, or to provide guidance on the management of their future inheritance. At Scotts Hall & Birtles Solicitors, our highly experienced team is able to meet all such needs with complete discretion and sensitivity. With a real understanding of the way in which the circumstances of each individual can differ, our team can provide advice and guidance that is tailor-made for your particular portfolio – providing you with peace of mind, and assurance that every detail has been addressed.
As a local law firm, we have over 180 years of experience in assisting clients across North Yorkshire and the surrounding regions. In engaging our services, you can be certain that our advice and guidance is based in expert knowledge, and deep, historical ties to the area.
To learn more about how we can help with your succession planning, please contact our team today.
