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
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
view/download the newsletter as a pdf.
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.
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.
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.
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.
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.
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.
For further information or to talk to someone about a
specific matter, please contact a team member in the
office nearest you:
Brooks, partner and head of Private Client
Services group in our Portsmouth office, on 023 9228
2714 or at firstname.lastname@example.org.
Antoniou, partner in our Oxford
office, on 01865 254286 or at email@example.com.
solicitor in our Southampton and Portsmouth offices, on 023 8085
7282 / 023 9228 2748 or at firstname.lastname@example.org.
Smith, partner in our London
office, on 020 7814 5438 or at email@example.com.
Alternatively, email our general enquiries helpdesk