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Striking a balance
KEY POINTS
- Succession planning involves a combination of lifetime giving and asset transfer on death.
- The Thompson family and their assets.
- Will assets qualify for agricultural property and business property relief?
- Compare the tax implications of the client’s possible options.
- The capital gains tax and inheritance tax advantages of transferring property to a trust.
Succession planning typically entails a two-stage process involving a combination of lifetime giving and asset transfer on death. There are many more complexities and nuances to it of course but every case is different and it’s our job as an industry to demystify the process for families and ensure future generations retain as much of their relatives’ legacies as possible.
The focus is usually on reducing an individual’s taxable estate to minimise the inheritance tax...
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