Hard work and dedication has meant that you have built up a sound business, and naturally you would want to make sure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?
You may feel that you have prepared for the worst and taken out sufficient Life Cover to protect all parties’ shares of the business. You may even have had the foresight to set up a Company Will and a Cross Option Agreement.
With a standard Cross Option Agreement, the surviving partner now owns 100% of the company. This is fine whilst the business is still trading and whilst Business Relief is still applicable.
However, what would happen if the business partner dies and the spouse decides to sell the business?
This means the spouse’s personal estate will be increased to include the proceeds from the sale. This leaves the spouse wide open to risks such as inheritance tax, creditors/bankruptcy, divorce settlements and care.
We offer Business Estate Planning tailor made to suit you and your business. With the strategic use of Trusts, we take the standard planning options available on the high street a whole step further.
Get in touch with us today to learn more on +44 7831 379562 (UK) or +34 622 374 738 (Spain), or email me at firstname.lastname@example.org