Taking Stock
Posted: Thursday 25 February 2010
For individual clients we are always keen to stress the benefits of making a will and the need to review this regularly to ensure the provisions remain relevant and appropriate as personal circumstances and tax regimes change. This is no more important than in the case of owners of agricultural property where Inheritance Tax and specific reliefs are commonly material considerations, particularly so when considering the continuity of a family business from one generation to the next.
In the last few months we have been busy on a number of cases, all with differing circumstances, working through clients’ aims and aspirations for management of and succession to their personal and business assets, be that during lifetime or on death. If you have not reviewed your personal and business circumstances recently now would be a good time to do so, given the current economic climate, the likelihood of an increasingly demanding tax regime and with a change of government in the offing.
One of the strengths of the Agriculture & Rural Property Team at Morton Fraser is that we act for a great variety of clients with interests in all types of agricultural and rural property. This means that we have valuable experience to draw upon and are ably supported by colleagues who are specialist practitioners in other relevant areas of law, such as tax, succession and financial planning, as well as corporate business and employment.
