New Webinars: Mastering Estate Planning for Clients with Businesses

Navigating estate planning for clients with businesses can be complex. There are usually numerous factors to consider and many assets to protect. In our February webinar, we discussed how to draft appropriate wills for business owners and discussed the practical applications of business relief in different contexts.

If you missed this first Spotlight Webinar with Spencer Tattam, fear not. We’re gearing up for our second part of this series in March, where we will delve deeper into essential strategies for safeguarding your clients’ legacies and discuss the options available to them.

Let’s review what we’ve covered so far and look ahead to what’s coming in March.

Part One Recap: Understanding Business Relief

In the first Spotlight Webinar with Spencer, we explored the crucial concept of Business Relief, a tax relief mechanism in the UK that allows certain business assets to be transferred to beneficiaries with a 50% or 100% reduction in Inheritance Tax.

Understanding Business Relief is essential as it can impact the posthumous transfer of wealth; throughout the session, we emphasised the importance of aligning wills with Business Relief provisions to optimise tax efficiency. Moreover, we highlighted the risks associated with incorrectly drafted wills, which can lead to disqualification from Business Relief benefits.

This part of our series on estate planning for clients with businesses provided attendees with an understanding of how to apply Business Relief to their clients’ estates. However, there is still more ground yet to cover!

Looking Ahead to Part Two: Cross Agreements and Business Succession

As we look forward to part two of our series, our focus shifts towards Business Succession planning.  Central to this discussion is the indispensable tool of Cross Option Agreements, which provide a structured framework for business partners or shareholders to handle the transfer of ownership in the event of death or incapacity.

Cross Option Agreements are essential considerations for most business owners, whether they operate as a partnership, LLP, or Ltd company. These agreements ensure the continuity of the business after the death of an owner, while also providing financial compensation to the deceased owner’s family. When strategically implemented, Cross Option Agreements offer several advantages:

• When coupled with trusts, they guarantee the deceased’s family receives funds free from Inheritance Tax.
• They can lead to Capital Gains Tax savings for surviving partners or shareholders.
• They can result in additional Income Tax efficiencies for the surviving shareholders’ families.

Understanding what those agreements are, and how they work, is crucial to providing a good estate planning service to clients with businesses.

In this session led by CTT’s Technical Director, Spencer Tattam, we will explore the fundamentals of Cross Option Agreements, and delve into the most tax-efficient strategies for business succession planning. You’ll benefit from our expertise on the subject and learn various tax-saving techniques for your clients’ businesses.

How to Join

Mark your calendars for the Mid-March Spotlight Webinar!

We have arranged two sessions, to ensure you don’t miss this learning opportunity.

Reserve your spot for our webinar on Friday 15^th March (9-10 am), or on Monday 18^th March (9-10 am) below:

Friday 15^th March, 9-10 am: https://events.teams.microsoft.com/event/3cd1ad49-e07c-4711-a4bf-832d6215d69f@89c2383f-81a1-4226-868b-3c454fc623c0

Monday 18th March, 9-10 am: https://events.teams.microsoft.com/event/6671007d-b719-452e-967d-21972f191ad5@89c2383f-81a1-4226-868b-3c454fc623c0