Private Wealth, Wealth Planning & Wealth Preservation

By Phillip Bolton, July 2020

Our mission is simple: to provide excellent, trusted and truly personal legal services. Key to our success at Goughs is our ability to adapt to ever-changing landscapes. We recognised the need for a different approach to client care and in 2017 introduced ‘Sectors’ to the firm.

What does this mean?

Our approach is different. We look through your eyes, we think about your needs and take the time to understand your world. You can rest assured that our sector specialists will provide pragmatic and practical solutions that will always meet your needs.

Advice for family business owners on estate planning and wealth preservation

These topics are often of great importance to family business owners with the members of the family who have started the business (often the parents) having a strong desire to pass the business on to a child or children.  There are a number of threats that could obstruct this desire, such as inheritance tax and claims made on estates.  It can be very concerning for family members to learn that such threats exist to the successful succession of their business through family generations.  It is, certainly, possible to structure one’s estate to mitigate exposure to inheritance tax and claims on estates to enable the family business to have the greatest chance of successfully passing on to future generations.

I enjoy the challenge of such estate planning and the stimulation of working with families through the generations to ensure security of the families’ wealth. The basic advice I would also offer is this:

“It is very important to have the basics right in having an up to date Will, along with lasting powers of attorney.  Where families have businesses or partnerships it is also essential to have shareholders and/or partnership agreement.”

To find out more about this, or any other topic related to wealth planning, our team of experts in dealings related to high net worth individuals would be delighted to hear from you. Please email privatewealth@goughs.co.uk to book an appointment today.

Phillip joined Goughs in 2013 and is based in Corsham.

He deals with private client work and has a particular interest in complex wills, wealth preservation, tax mitigation and estate planning. Contact Phillip direct on PhillipBolton@goughs.co.uk

"Phillip did a terrific job. He pointed out and explained clearly many intricacies which we’d have missed.  His style is friendly and entirely approachable. Throughout the process he was patient, thorough and clear-thinking - greatly appreciated!" April 2020