A perspective on progressing family business plans for the next generation

A perspective on progressing family business plans

Alice Killingbeck discusses the key themes emerging for private clients.

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“Transparency, tax, and reporting requirements have become increasingly onerous for international private clients over the last ten to fifteen years. In the new reality, it has never been more important to obtain integrated tax and legal advice

In our latest new reality video, Alice Killingbeck discusses the challenges faced by private clients when it comes to considerations around family business succession plans and philanthropy including how to pass assets to children and transition interests in the family business to the next generation.

This period of uncertainty has, however, seen an emergence in new themes – such as a focus by trustees on investment policies and risk management. High net worth individuals are also starting to consider their philanthropy strategy and obtaining advice on the implementation of charitable foundations.

How to implement your action plan

  • Don’t delay - start conversations now and articulate your wishes to your family and advisors to prevent uncertainty and disruption for you and your family in the future.
  • Aim to get integrated international advice where appropriate, as transparency, tax, and reporting requirements have become increasingly onerous for international private clients over the last ten to fifteen years.

In the new reality, it has never been more important to obtain holistic cross-border tax and legal advice from experts who specialise in this fast-evolving, complex area.

Please do get in touch if you would like our support.

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