private client issues - March 2012

In our last newsletter, we examined some of the issues associated with protecting investments in works of art or heritage property, ensuring that you can enjoy them now as well as hand them on safely to the next generation.

In this edition, we look at some of the issues affecting those families whose ‘family silver’ doesn’t have pride of place on the mantel piece, but takes the form of an owner managed or family business, built up over many years of hard work; issues such as dealing with the effects of an accident, relationship breakdown, tax planning and succession.

On a positive note, smaller businesses are clearly much more in favour with Government and we also touch on some of the recent initiatives to de-regulate and support smaller businesses.

I hope that, if you have any active interest or involvement in an owner managed or family business, you find this edition useful.

Click on the links below for more information.

Alternatively, view/download the newsletter as a pdf.

• new regulations to ‘de-regulate’ small businessesMar 2012
  We review recent developments that suggest that the Government, and even the EU, has finally woken up to the importance of owner managed and family businesses.
• it's a family affairMar 2012
  A family business can be so much more than just income for the owners. Often it is the family’s capital, the children’s future inheritance, jobs and income for wider family members. This is precisely why it is an asset that needs to be protected from any relationship breakdown. We review the options.
• succession planning in the family business - “one day son, all this will be yours”Mar 2012
  Nowadays it seems that more and more family owned businesses are sold rather than passed down to the next generation. However, even just to think about selling a family owned business, let alone planning for a sale, can be emotionally difficult for the current owners. We consider the practical and emotional issues.
• you may have invested a lifetime building up your business, so providing adequately for it on your death is also a worthwhile investmentMar 2012
  As a business owner you will be doing more than planning for the distribution of your personal estate in preparing a Will. We explore how you should also be thinking about making provision for your business and optimising tax planning opportunities in the process.
• accidents and business ownersMar 2012
  Owners of a business who have an accident outside of work can come across difficulties in recovering their work-related losses. We look at how the different ways of owning a business can affect the losses that can be recovered and the evidence that is needed to prove them.
• mental capacity issues for directors and business partnersMar 2012
  We look at the consequences for a business if the owner or business partner were to suffer loss of capacity and be unable to manage it, perhaps because they had suffered a stroke or a serious head injury. Importantly, we highlight some precautionary measures.

Wills, mental capacity, probate and tax

• drafting and updating Wills
• probate and administration of estates
• mental capacity
• Wills and inheritance disputes
• tax planning and trusts

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