If you are the sole director / shareholder of your business, or your company has multiple director / shareholders, have you stopped to consider what would happen if you or one of your fellow shareholders died or lost mental capacity (through a stroke for example)?
- How long would your company survive?
- Who would look after your spouse and family?
- What would happen to your assets within the company?
- Your spouse may inherit the shares, but would they prefer the money!?
- Can the other directors afford to buy back your spouse’s shares?
… and finally, is their inheritance tax to pay on the value or does your business benefit from Business Relief? – you might be unpleasantly surprised!
If you haven’t made adequate provision, please contact us at GPW Tax and Law to discuss your options, especially as these strategies setup fees are all tax deductible!
Ensure your business legacy is the one you want, and it does not die with you.