Often one generation of a family wishes to pass assets to the next generation while retaining control over the assets.
Family partnerships can be a very useful legal structure for a parent who wishes to retain control over a family business or investments while allowing the capital appreciation to arise in the hands of the beneficiary children. If structured tax efficiently, assets can be transferred into the partnership by the parent, tax free.
With a suitable will in place, the parent’s interest can continue to be held by someone appointed by the parent even after their death (and thus the parent retains control even from beyond the grave!).
Like all legal documents, suitable advice should be obtained prior to the establishment of a family partnership, to ensure no adverse tax (or legal) consequences are triggered.
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