Associate, Martha Swann, has written an article for BBP Media about succession planning and estate management for UK entrepreneurs.
The UK has a rich history of commerce and entrepreneurial spirit, with 5.51 million private businesses in operation as of October 2022, and 64% of the workforce aspiring to start their own ventures. For successful business owners, succession planning is crucial to preserving financial and commercial achievements for future generations.
Lasting Powers of Attorney (LPAs) were introduced in 2007, allowing individuals to nominate attorneys to act on their behalf under specific circumstances. For business owners, an LPA can ensure the smooth continuation of the business, protecting not only their interests but also those of their family and employees. Estate planning is essential for business owners as well, with inheritance tax (IHT) considerations such as the Nil Rate Band and Business Property Relief playing a role in preserving wealth for beneficiaries.
Given the complexities of owning a business, it is strongly recommended to consult with professionals to create tailored plans that protect one's interests and maximize the potential for preserving wealth.
Martha writes: "Everyone's circumstances are different and owning a business does create a certain degree of complexity."
Read the full article here.