Despite many valuable businesses failing due to the death or serious illness of a key partner, director, or employee this is a much neglected area of financial planning.
You may feel that your company can "muddle through" or that your partners or fellow directors will "make sure my family is alright" despite evidence to the contrary. However, by pre-planning you can ensure certainty that there will be no adverse financial consequences for your business and for your family.
We can help you plan to ensure that the right money goes to the right
people at the right time should an unforeseen death or illness affect your business.
This could ensure that your business survives and/or that you or your family receive
your share of the value of your business.
We can make recommendations to ensure that any plan you put in place allows for future
flexibility, each person pays their fair share, and minimises any tax that may be
otherwise be payable.
This would normally involve the use of life assurance or critical
illness policies using appropriate trusts that are in turn linked to a cross option, buy and sell, or automatic accrual agreement.
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