Keeping an estate or a farm “in the family” may sometimes seem like the best idea, but not always. There are many issues that can occur to achieve a tax effective solution that reflects the ownership structure and that also meets the needs of the family now, and for the future.
Each family member may have different aspirations for their contribution, whether business, personal or financial identifying the most appropriate structure needs sensitive, practical advice with a careful understanding of the family requirements.
We advise our clients to regularly review their plans as situations change within the family. Careful planning, consideration of all issues and early communication is key.