BLM partner James Beresford discusses succession planning with UK Landlord magazine
UK Landlord, the National Landlord Association's members' magazine drew on BLM partner and head of private wealth, James Beresford's expertise in its January 2020 feature 'Succession planning in the balance'. Presenting rounded advice to landlords who having built substantial property portfolios might be considering future-proofing their portfolios, James commented on Family Investment Companies (FICs):
" They are currently in vogue due to the lower corporation tax. They are being pushed heavily. The downside is that in the medium to long term, it wouldn't surprise me of while they currently have favourable treatment, future governments look on them less favourably in years to come."
Commenting on the fact that 60% of the UK population have no will in place and 90% didn't know what happens to an estate when someone dies intestate James added:
"It's not the case that the estate will go directly to the husband, wife, civil partner or children on the death of a family member. This is often overlooked. But death is one of the two certainties in life, and although no one wants to think about it, without a will you are playing Russian roulette with your estate."
To read the full article in UK Landlord a subscription is required.