September: Advanced Planning: Clients with Business Assets Session 1 - Three-Dimensional Estate Planning for Business Owners

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September: Advanced Planning: Clients with Business Assets Session 1 - Three-Dimensional Estate Planning for Business Owners

Three-Dimensional Estate Planning for Business Owners’ is all about ensuring succession of your clients’ existing businesses in the most tax-efficient and fair manner, allowing both business continuity (for the surviving business owners) and for the family of the deceased business owner to benefit from the value created by them during their lifetime.

This is 3-D in that we will look at all of the elements that need to be considered and explain how they fit together, i.e. the need for a cross option, how life insurance should be setup and how the Will should be written to protect the assets, providing tax-efficient opportunities going forward without restricting the enjoyment and use of assets.

The majority of all Cross Option agreements should involve the use of life insurance, trusts and the updating of all of the shareholders wills and you can be the person advising on all of this.

This event therefore provides the tools and knowledge for you to exploit an opportunity for business owners who are already clients of yours as well as enabling you to source for future clients too.

Agenda

Option Agreements / Single / Double
Structuring Shareholders Trusts and the use of multiple trusts – sheltering the shares of the deceased in Trusts as opposed to being held absolutely by the surviving business owners.
Relevant Life Insurance / Key Man Insurance – where do these fit in for Business Protection.
Business Property Relief (the importance of ‘proper’ death planning / traps for the unwary)
Income and Capital Gains Tax efficiency of the trusts for the surviving business owners and the deceased family

This course can no longer be booked.

December 16, 2024

09:30

£85

Course Session Details

Advanced Planning Session 1 - Monday 16th December 2024

Dealing with clients who have large property portfolios or limited companies that own the same can feel like a bit of a minefield and in these two sessions, we will be arming you with what you need to feel more confident to tackle some of the key issues clients with such assets face.

In the first of the two sessions, we will be looking at the planning opportunities for clients with personal (non-corporate ownership) properties and these will range from the basics of ensuring that such a client has the right Will in place and how this should be structured, to take advantage of opportunities whereby significant perceived tax liabilities can be immediately taken away.

Despite the introduction of the Residence Nil Rate Band in 2017 ‘increasing’ the tax-free allowance available to some individuals on death, Inheritance Tax receipts are up and clients with property portfolios in the main can have a difficult job of managing their Inheritance Tax, mostly due to the Capital Gains Tax issue of disposing of assets.

Capital Gains Tax free allowances have been reduced and will continue to be so meaning that it is extremely difficult to dispose of assets without triggering a charge to CGT and there is also the perception that to give something away means you cannot continue to enjoy a benefit of the gifted asset.

It is possible with the use of trusts to make a significant dent into a clients Inheritance Tax liability, without creating an immediate charge to Capital Gains Tax and without necessarily losing them their right to benefit in the future, meaning a client can have their cake and eat it, all of which we will cover in this first session.