If the worst were to happen tomorrow are your affairs in order?
If you are running a business, or have a broad spread of assets and sources of income it may be time to have another think about what should take place.
How we helped a business following the owners’ passing
We dealt with the estate of a long-standing client who sadly passed away in 2020.
At the time of his passing, he was running two limited companies and a sole trader business. Simon Rowe, head of our Intervention team was appointed as a director to run the two companies, and also took over day-to-day control of the sole trader business.
In accordance with the client’s wishes and with support from his family, we took control of the businesses and kept them operating. Without our immediate intervention they would have ceased to trade, resulting in the loss of over 30 jobs and the creation of significant liabilities.
Once the family felt able to think about anything other than the immediate necessities, we discussed the options and what outcome they most desired. We then built a strategy which delivered on those wishes.
Throughout that process the family had dedicated points of contact for any questions and were kept up to date on the progress of the matters to be dealt with.
The individual’s affairs were incredibly complex but this complexity was not a problem for the family as Milsted Langdon took care of it, and them.
Why Milsted Langdon?
Although there are other providers who would be able to act as executor of your will, for example people traditionally think of using the lawyer who drafts it for them. However, that may not be the best option for you.
As your accountant, we know your business very well, and no other professional is likely to spend as long working on and getting to understand your business(es) and financial interests as we do. Because we are continually being updated on your position we are better placed to know when your circumstances have changed such that matters need to be updated or reconsidered.
For a confidential discussion about our legacy services, please contact our friendly and experienced team.
Considerations when thinking about the future
How is your business structured and how pivotal to it are you? Are there natural successors already in the business that could step in? If not, our Interventions team can work closely with your accountant, who already has a detailed knowledge of your business.
Using their skills and experience of running a variety of different businesses, they can ensure a smooth transition whilst a decision is reached over what steps to take to help the business survive, and where appropriate, value is retained, and staff taken care of.
Ensuring that your assets are structured, and your gifts or legacies are managed in the correct manner is crucial to maximise the amount of your estate which is passed on.
There are a number of things that can be put in place to minimise the tax burden without impinging on your life. Our tax specialists can guide you through the best options for you and your family.