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It's National Family Business Day!

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88% of current family business owners believe the same family or families will control their business in five years.

However only about 30% of family and businesses survive into the second generation and this is due to an unfortunate lack of family business succession planning*.

Are you safe in the knowledge that you have 'future proofed' all elements of your life? Some well timed advice and simple documentation may be all that is required to give you peace of mind.

As head of our private client services team, all too often I see situations where a lack for future planning causes problems and I recently recorded a video on this topic.  If you would like to discuss any of the points raised below please do give me a call.

Justine Osmotherley - 0113 336 3323  justine.osmotherley@clarionsolicitors.com

*Source: Family Business Institute


Business Protection and Succession Planning

Business owners have further requirements to ensure both personal and business protection.  Having spent years building a successful business its future protection is essential.  This should be considered in conjunction with your personal protection requirements.

This needs to be detailed in your Shareholder Agreement or via a Cross Option Agreement and Rachel Dean from our corporate team outlines a few of  the things you need to think about in terms of succession planning in this video. 

Your family and business partners require authority to be in place to make decisions on your behalf with regards your property or business affairs. Therefore it is essential to ensure the correct paperwork is in place sooner rather than later.

To contact Rachel Dean please call 0113 336 3388 or via email at rachel.dean@clarionsolicitors.com.


It is never too early to start planning

Planning for a safe and secure future is even more important these days - pension pots are not as substantial and both the younger and older generations need more financial support than ever before.

We all hit a certain age when our professional and business arrangements need to be intertwined with personal considerations. We have designed packages to help you put everything in place, provide peace of mind and security for the future.  Clare King explains all in one of her videos. 

It is never too early to start planning and it really is something that you should address sooner rather than later to ensure you have everything in place to ensure a secure financial future for you and your family.
 

Personal Wealth Protection

Putting in place a package of bespoke documents to include a Will, powers of attorney and a pilot trust will allow peace of mind that in the event of incapacity or death your assets will be dealt with effectively and with minimum fuss.

When putting these documents in place we can help you ensure that there is an element of protection in place to limit careless spending, for example.

An effectively drawn Will will allow you to do just this and maximise what goes to your family and friends. Also revisiting any Will that you might already have in place might allow for protection to be put in place against Care Home Fees.

Clare King in our private client team is your first point of contact if you have any questions regarding any of the above. Please call Clare on 0113 336 3363 or send her an email to clare.king@clarionsolicitors.com.

 

Future Financial Planning - Nuptial Agreements

Although the idea of any nuptial agreement can be a difficult subject to discuss, an agreement entered into before or after a marriage makes financial sense for many couples.

A nuptial agreement is a financial planning tool  -  parties may have significant assets from a previous marriage, historic family wealth they want to protect or children from a previous marriage that require access to a business succession plan.

Our family team has produced a blog and video that explores the benefits of nuptial agreements (pre and post) and why in later life these should be considered.

To find out if a nuptial agreement is the right thing for you please call our Family Team on 0113 246 0622.