Practice Areas Succession Planning and Wealth Management
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Succession Planning and Wealth Management

One of the most challenging issues facing family businesses can be the transfer of the business and/or assets - whether to the next generation, to management or to a third party. It is anticipated that a quarter of all family businesses in Ireland will change hands in the next five years.  The nature of family businesses is that often the majority of the owners' net worth is invested in the business and cannot be easily released. A balance needs to be struck between the business having sufficient reserves to continue and the owner being able to access cash on exit.  It is important to take advice at an early stage in order to consider the various options and find the best fit for the business, the family and the owners.

ByrneWallace advises family businesses on a range of succession and wealth management issues, including:

  • Estate planning and case-specific will drafting to ensure that various Capital Acquisitions Tax (CAT) reliefs may be availed of when passing assets or the family business to the next generation (reliefs typically include Business Relief, Agricultural Relief and Favourite Nephew/Niece Relief)
  • Utilisation of Family Partnership Structure to avail of tax reliefs while ensuring a measure of control for parents
  • Asset protection planning to provide a layer of protection for unencumbered assets from creditors
  • Enduring Power of Attorney to ensure control of the family business remains within the family in
  • the event of incapacity of any principal Utilisation of Business Relief on the transfer of business on retirement to the next generation
  • Settlement of assets into a number of trust structures during lifetime to avail of tax reliefs