Do you ever stop and think about the continuity of your business? What happens if you can no longer work? With continuity planning, you ensure that your business continues to operate.
It is advisable to consider which civil and fiscal measures can be taken in order to ensure the continued existence of your business. This insight is very important because your plans must take both income tax and inheritance tax law, into account amongst another things. These things should also be reflected in the content of your will. Continuity planning could entail:
Establishing a foundation
This foundation holds the shares of the business. This means that the control goes to the board of directors of the foundation and it disappears from the estate.
Continuous information to the board of directors
Arrangements must be made about the communication between the business and the foundation. The board of directors of the foundation should be kept regularly informed. A quarterly meeting could be sufficient.
Plan of action
Drawing up a plan of action is important for the continuity of your business. Who will be informed when you are no longer there, the order in which this takes place and what will be said in the given circumstances are points which are dealt with in a plan of action.
Get help you can trust
GMW lawyers has a team of experts in inheritance law and estate planning who can give you the advice you need. Please contact us to discuss your situation.
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