Succession Planning

Create a tax efficient succession plan for you and your business, providing you with the peace of mind that comes with knowing that your future is secure and those you care about are provided for.

  • Do you have a tax efficient will?
  • What is your exit strategy?
  • Will a family member succeed you in your business when you retire and have you a plan for handover of the business?
  • Have you considered all the tax implications of passing the business to the next generation?
Just 5 Steps to Achieving Peace of Mind.
  1. Establish your current financial position
  2. Ascertain future financial requirements
  3. Develop tax efficient strategies
  4. Create a financial plan
  5. Annual review to ensure continued peace of mind!

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Who Gets What

This is often one of the most difficult decisions to be made as part of the succession plan. Having an up to date Statement of Affairs helps to see what is available to give.

It is then critical that this is discussed with your tax advisor to ensure your assets are distributed in the most tax efficient manner possible, both for you and for your beneficiaries. Make sure you have the full picture before making final decisions.

Benefits of Gifting Now

• Certainty of current tax legislation now
• Transfers at low values now with future asset growth in the family member’s name going forward
• Stamp Duty being the only cost in particular if CGT/CAT exemptions and reliefs are available
• Minimal or no CGT where asset capital values are low
• Minimal or no CGT due to capital losses which could shelter any chargeable gain arising on a gift

Main Asset Types

The Family Business

The Family Home


Legal Considerations – The Will
  • Do you have a will in place?
  • Is your will in date & valid?
  • Do you have a tax efficient will?

In the absence of a will (or if the will is invalid) the rules of intestacy would apply to your Estate. This would mean that for a married person with children, on death, two-thirds of the assets pass to the surviving spouse with the remaining one-third being divided between the children. In most cases, this is not a desirable outcome.

An up to date, tax efficient Will, with an asset protection strategy, will ensure the management and control of the succession process in line with your wishes after death.

Contact us today for an impartial, confidential review of your financial position and future financial requirements.


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