We understand that your farm or business is something you have worked hard to build and maintain, for you and your family. When the time comes for you to take a step back, you need to ensure that your business can continue to grow and that your legacy is secure. Our private client team at Porter Dodson offer a wide range of expertise to our agricultural and business clients including:
As you move towards retirement and perhaps members of your family are becoming more involved in your business, consideration must be given to effective succession planning. How can you pass on the farm or business to ensure it remains as a whole without leaving discord and upset with other family members? How can you reduce any tax burden, be it inheritance tax or otherwise? Our solicitors can work with you, either individually or as a family, to discuss passing on the family business in a timely and considered way. With careful planning, assets can be passed on to the next generation in such a way as to ensure tax mitigation, whilst retaining stability in the business.
At Porter Dodson we are well equipped to offer comprehensive advice on mitigating your exposure to inheritance tax in the event of death, or during a lifetime succession plan. We can work closely with you to ensure inheritance tax reliefs are available and utilised fully. We can discuss with you when is the right time to make lifetime gifts in a timely and effective way. Our private client teams are also able to advise fully on the advantages and implementation of trusts and how trusts can be used to assist with the preservation of wealth.