Elliot Chambers, a solicitor in the Goughs Private Client team based in Trowbridge, advises 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.”
As a solicitor in the Private Client team, I enjoy the the challenge that comes with this type of estate planning, alongside the stimulation of working with families through the generations to ensure security of the families’ wealth and offering a fundamental piece of advice.
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.
To find out more about this, or any other topic related to wealth planning, the Goughs team of experts in dealings related to high-net-worth individuals would be delighted to hear from you.
“Elliot 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 2025
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