If you hold business assets and are not sure what the best, most flexible and most tax efficient way is to leave them to your family then read our solution below...
The central problem when drawing up a will or carrying out some form of estate and tax planning is that there is a lot of different factors at play: what assets will you actually own at the time of your death? What will be the circumstances of your partner or spouse? What will be the tax policy and rates at the time of your death?
A business protection will is an option that provides the most flexibility to the executors. The whole of your estate will pass into what is known as a discretionary trust, the beneficiaries to which can include your partner/spouse, children, grandchildren and any other potential beneficiaries. The trustees will be able to apply the assets of the estate in any way they deem to be beneficial as per the conditions at the time of your death. This means they can choose to make immediate transfers of capital or income to the discretionary beneficiaries, or they can make the decision to keep the estate in trust for longer.
A business protection will can be extremely flexible and could well be the most tax efficient form of will. However, for them to work to your benefit then a lot of trust needs to be placed in the trustees - so it is worth considering the option of professional trustees.
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