ACCOUNTANTS

Accountants

The majority of our clients are referred from Accountants, who recognise the need for additional specialist advice for the preservation of client wealth.

We help you by adding a whole new dimension to the in-house Tax advice and service you already provide, further cementing your client relationship and often bringing their children into the planning cementing future income and relationships for the Practice.

Fact - Research has found some 70% of family-owned businesses fail to successfully transition from the first to the second generation. This is mainly down to inadequate planning and failure to take advice and action. This can lead to family fallouts and disappointment.

Sophisticated business owners turn to their trusted Accountants for advice, so working collaboratively with Oldgate Trustees provides a one-stop complete service where effective planning can vastly reduce this risk. We ensure the business has a strong foundation for continuance in the event of death, retirement, or incapacity.*

*Source Deloitte Business review.

Working closely with you - this may involve:

Restructuring a business or business group to maintain Business Relief which may otherwise be lost due to an overweighting in cash or property investments.
Reclassification of shares with a view to succession or sale.
Business Relief qualifying assets being held in an appropriate Trust for intergenerational planning.
Business relief qualifying shares transferred to a bespoke Trust for future growth outside of the IHT taxable estate.
Maximising Inheritance Tax reliefs.
Inheritance Tax and Asset Protection bespoke Wills.
Post-death administration of Estates, advice, and Probate applications.
The appropriate Inheritance Tax advice, calculations, maximising reliefs, and submission of HMRC forms.
Deeds of Variation.
Lifetime gifting.
Powers of Attorney, including specific ‘Business’ Powers of Attorney.

As an Accountant, what would this additional advisory service - as a seamless part of your in-house team - mean to your clients?

What will your clients’ family lifetime legacy look like?

Did you know three-quarters of the UK’s businesses are family-owned? This means family businesses employ just over half of the UK workforce.

Here are some worrying facts:

Nearly half of family run businesses have no formal plans in place for succession.

Many do not even have a basic Will in place, and those that do, rarely have provision or direction for their business assets, resulting in a full or partial intestacy on death*.

*Source L & G Business protection state of the Nation report 6th edition.

A typical dilemma..

Family Trading Business

100% Shareholders – Parents

CHILD 1

ALEX

Works in the business and is reliant upon it for livelyhood.

CHILD 2

VIC

Does not work in the business but expects to inherit.

CHILD 3

SAM

Does not work in the business but expects to inherit.

PROBLEMS:

Upon death of one parent – we need to ensure the widow(er) is provided for!

Upon death of second parent – how can we make provision for some kind of equality amongst the children?

What if Alex can’t afford to buy out the siblings? Are Vic and Sam supposed to walk away with less than Alex?

The last thing any parent wants is to create a post-death fall out between their children, which can be the sad outcome of inadequate planning!

A further complication could be a second or subsequent marriage of parent, resulting in a step-parent inheriting all of the shares! Who would they favour in their Will?

SOLUTION: