Goughs

legal & financial

SECURE YOUR FAMILY’S FUTURE FOR GENERATIONS

PHILLIP BOLTON, Head of the Private Wealth Sector at Goughs Solicitors, offers advice on estate planning for family business owners.

Successful high net worth estate planning involves multiple elements, from tax planning to the use of trusts and Wills, and from prenuptial and postnuptial agreements to property acquisitions and disposals. Each element needs to be very carefully structured and integrated. Goughs Solicitors find practical solutions to meet our clients’ objectives in relation to tax efficiency, asset protection and succession planning.

These topics are often of great importance to family business owners with the members of the family who have started the business (often the parents) having a strong desire to pass the business on to a child or children. There are a number of threats that could obstruct this desire, such as inheritance tax and claims made on estates. It can be very concerning for family members to learn such threats exist to the successful succession of their business through family generations. It is possible to structure one’s estate to mitigate exposure to inheritance tax and claims on estates to enable the family business to have the greatest chance of successfully passing on to future generations.

I enjoy the challenge of such estate planning and the stimulation of working with families through the generations to ensure security of the families’ wealth. I always offer one fundamental piece of advice: everyone knows they need a Will, but I can’t stress enough the importance of ensuring it is up to date and sits alongside a lasting power of attorney. Also, where families have businesses or partnerships, it is also essential to have shareholders and/or partnership agreements in place.

At Goughs we take the time to get to know you and your family before advising how best to protect your financial future. With a specialist Private Wealth sector, we have exceptional depth of knowledge among a variety of services to ensure they are always delivering the best advice to you.

Phillip Bolton

Goughs can help you to secure your family's financial future OUR PRIVATE WEALTH EXPERTISE INCLUDES:

• Private Wealth & divorce • Pre & post nuptial agreements • Trusts • Tax, estates & succession planning • Wills and probate • Estate planning, UK & abroad • Purchase & sale of high value properties • All areas of non residential land & property acquisitions & disposals • Business succession planning, including business restructures, refinance arrangements & preparing shareholder agreements

Don’t risk expensive mistakes. Choose Wiltshire’s largest wealth protection law firm. Get in touch today at info@goughs.co.uk, online or by calling 01249 712193.

• goughs.co.uk

"At Goughs we take the time to get to know you and your family before advising how best to protect your financial future."