How do I protect the family business?
Protecting a family business, from the curve balls which life throws at us, is a priority, especially in an area such as Cumbria which has many family owned businesses. Whether the business is a family farm, B&B or a service focused business, protecting its future for generations to come should be taken seriously. Whilst your mind is usually focused on the day to day running of the business, you should take time to think about the future. What happens to the business if one of the Directors/Owners passes away? What will happen to the business following retirement? What happens if one of the Directors is going through divorce – is the business at risk?
Families and Financial Help for First Time Buyers – Which is the Best Way?
With the cost of living on the rise, many parents and grandparents find themselves assisting younger family members with property purchases. There are various ways in which assistance may be given and it can often be difficult for families to decide which route is best for their particular circumstances. Each family is different but some of the considerations that may influence the way in which you proceed may include:- ensuring that each of your children are treated in the same manner, if your son/daughter is purchasing with their partner/spouse and tax implications.
New Inheritance Tax Rules for Residential Property
For many of our clients seeking to secure their family’s future, much consideration is given to what they would wish to happen when they pass away. In a previous issue of The Exchange we discussed the importance of making a Will in order that your assets pass to who you wish. At Arnold Greenwood, we find that a major concern amongst our clients is the amount of inheritance tax that their estate may have to pay in the future. Many families are keen to ensure that their estate falls within the current inheritance tax nil rate band, which has been frozen by the government until 2020 at £325,000. To do this, clients can decide to transfer assets during their lifetime.
Your Family's financial security
Families, what do you do with them, what would you do without them? One thing we can all agree is that families are important. They are a source of comfort and joy, concern and exasperation. But, most of all, they are a source of support. More than a network of love and emotional support, families can also offer you financial security and prosperity.
Fundraising Update - Bendrigg Trust
At Arnold Greenwood, we are proud of our long-standing connection with the local community. In keeping with this, we chose Bendrigg Trust to be our charity of the year for 2016. Bendrigg Trust is a local charity, based at Old Hutton near Kendal, which provides a wide range of adventure activities for disabled and disadvantaged people.
Solicitors Supporting Dementia
Here at Arnold Greenwood, we understand that a diagnosis of dementia can be a challenging time for the patient and their family. We are proud to be an active member of the Kendal Dementia Action Alliance (KDAA).
The Dangers Of DIY Divorce
In an age of DIY divorces, supported by celebrities such as Gary Lineker, fewer couples are seeking legal advice when they split up. Many people often mistakenly believe that once you are divorced, your ex-husband/wife cannot make a financial claim. However, the reality is that claims can be made against the other person, even after the divorce is complete.
Care Home Fees, Inheritance Tax and Gifting Your Home
Looking a Gift House in the Mouth
In our spring edition of The Exchange we touched upon the difficulties younger generations face in being able to afford their own home. In this article we consider the other end of the scale in which an older generation face the concern of care home fees and even inheritance tax attaching to their property. Such concerns have prompted a trend amongst the older generation to consider transferring their homes out of their own names into that of their children.
Three Top Employment Law Tips for Small Businesses
We recognise many busy, small businesses do not have sufficient time or resources to dedicate to employment law issues. We also know that mistakes can be costly. Therefore, our employment law specialists have put together their top tips to assist small businesses with their employment matters.
How to Successfully Sell Your B&B
Thinking of Selling your B&B? You’re in the Right Place!
An important part of our local community, and one of the largest sectors for employment in this area, is the hospitality industry. Every year the Lake District and surrounding areas attract hundreds of thousands of visitors and the popularity of our beautiful region doesn’t seem to wane. Hoteliers and B&B owners make up a significant proportion of our local economy and it’s not difficult to see the attraction of running a B&B in this area.
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