With careful planning and making the most of your accountant, financial advisor and lawyer it can be possible to save considerable amounts of money when you die and/or during your lifetime.
Key areas include:
– For business owners with care you business and/or farm business may enjoy exemption from inheritance tax
– For individuals there are reliefs and exemptions which may lessen your inheritance tax
– Where you are a company owner or partner in a business it can often be a trap for the unwary on the death one of the business owners the continuing owners have to pay to the deceased person’s family out.
– Careful succession planning needs to be given a lot of careful thought, for instance in your will it can be possible to set out who you want to run the business in the event of your death and what powers your executors should enjoy to deal with your business to ensure your business continues to run properly and/or is dealt with in a way which best benefits your family.
– Where a business owner loses mental capacity, without a Lasting Powers of Attorney (LPA) family member’s may be hampered with dealing with important decisions for many months until someone is appointed as a receiver by the Public Guardianship Office. This expense, delay and potential problems for the business can all be avoided with the use of an LPA.