Estate Planning for Your Business with Bespoke Support Network
September 22, 2017
September 22, 2017
Estate Planning can be a difficult and confusing task to undertake. However, if you’re a business owner and want it grow and prosper, estate planning is a vital key to ensuring your company’s success.
What is Estate Planning?
So, what is estate planning? Similar to a will, estate planning is the process of arranging, during the business owners’ life, the final management of their estate for both during the person’s life as well as after their death. Estate planning helps reduce the amount paid in legal fees, court costs and taxes.
If you’re a business owner, your estate planning needs to include both your business and personal assets. It needs to address such issues as:
- More Complex Estates
- Business Succession
- Complicated taxes
What Are Your Options?
One route you could go down, particularly if your estate has significantly grown in value, is an estate freeze. If your estate is worth a considerable amount, then it may be riddled with a substantial large capital gains tax bill. This could potentially leave your family with a financial burden. That’s where an estate freeze comes in.
An estate freeze is where your business interests are frozen from a certain date. This is often a common strategy used to address this issue.
The Benefits of Estate Planning:
- Guarantee of Longevity
Through estate planning you are able to allow your business to continue to grow. Like any successful business owner, you want to pass on your innovative ideas across generations.
- Minimises Tax
As briefly aforementioned, estate planning helps you to minimise the amount of tax one needs to pay after you’ve passed. If you are the business owner, you are able to transfer your business over to your children. This means that when your business starts to grow, the increase in value and equity of your business will not enclose overwhelming taxes.
- Peace of Mind for the Future
Without sounding morbid, passing away is inevitable, so, planning ahead allows you to not only see the bigger picture, but also gives you peace of mind that your business will no longer be a burden but instead a success!
If you would like more information on estate planning or any other services Bespoke Support Network offers, get in touch today 0300 303 3441.