'10 Minute Tip' by Tim Mullock
Tim started in Oct 1986 as a Financial Adviser with the Porchester Group - the largest IFA at the time – then worked for various High Street banks as an Independent Financial Adviser dealing with the banks’ High Net Worth business owners in their Commercial Banking sector.
Since the banking crisis and redundancy, he set up as a self-employed Estate Planner incorporating his limited company in April 2015 to advise on Wills, Trusts & Tax Planning. He is based in Olney, near Milton Keynes.
About the conversation:
DO YOU WANT TROUBLE FOR YOUR FAMILY THE MOMENT YOU DIE?
In this week’s 10 Minute Business Growth Club Tip, top Milton Keynes Asset Protection expert, Tim Mullock, shares what can go horribly wrong - and how to make sure your business assets are properly preserved for your family.
Don’t miss the Business Growth Club this Friday March 3rd, 07:15 – 09:30 at Abbey Hill Golf Centre, Two Mile Ash, Milton Keynes
Without the appropriate business succession strategies:
· Your spouse/partner and children may not inherit your share of a business.
· Business partners may not be able to buy out the Deceased’s share.
· The surviving spouse or children may be obliged to take over the running of the business.
· The value of the business could depreciate owing to the inexperience of any Beneficiary.
· The business may have to be sold and the proceeds become liable to Inheritance Tax.
Hard work and dedication has meant that you have built up a sound business to benefit you and your family, and naturally you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?
Who would actually be entitled to this share of the business?
Without a valid Will, the Deceased’s share would be subject to the Laws of Intestacy and the person who inherits may not be the person you intended.
Would you or your business partner be content to run your business with their surviving spouse or their Beneficiaries?
This could have a major impact on the running of the business, or the value of the business may now go down following the death of such a key person.
Would they even want to be involved with the running of the business?
Find out exactly where you stand with your own business, and how to secure your assets, at the Business Growth Club this Friday March 3rd.
Your speaker is the highly experienced finance and asset protection specialist Tim Mullock of Adept Asset Solutions Ltd.
