There are several ways of protecting assets in the event of your death but one of the increasingly popular ways is to set up a Family Investment Company (FIC).
Solicitors in Anglesey can help investigate the benefits of options like this and help customers determine whether they are correct for them.
FICs are often set up by high-net-worth individuals who want to protect their assets and leave as much as they can to their family without paying large amounts of inheritance tax. These sorts of set-ups do not actually do business, but rather they are created to invest in the likes of property or equity portfolios. However, it is worth noting that anyone can set up this sort of company.
To set up an investment company a founder is needed, along with a minimum of two different types of shares. There is no set structure for these companies, but it is important to lay out who is responsible for making the decisions and who benefits from any financial growth. Shareholders Agreements and Articles of Association are crucial documents for the setting up of the FIC.
Solicitors in North Wales can explain the benefits of asset protection options like this, but usually these include keeping internal wealth within the network and making and increasing profits for the family with built-in tax efficiencies.
Make contact with us here at Bennett Smith Solicitors today and ask our advice about your options for protecting your assets in the event of your death.
