Family Office Lawyers

Mr X is single but lives with his partner and their three children.  His estate is in the region of £70 million consisting of businesses, properties and other investments. We help to manage his affairs from assisting with the set up of bank accounts to allow relevant persons to access to setting up trusts to provide education for his children and prenuptial agreements. 

We manage the family trusts to include all compliance to keep assets outside of his estate for Inheritance Tax purposes.  We deal with the sale and purchases of his portfolio of properties from commercial to private some of which sit within his pension. 

We liaise with the provider of his pension wrapper to arrange provision of income for his family and employees after his death.  We conduct regular reviews of his Will and estate planning and Myerson Trust Corporation are appointed as a professional Executor and Trustee after his death. 

Our involvement extends to assisting with arranging valuations and coordinating with an insurance broker to arrange coverage for his properties and chattels.

For Mr X’s business, we review the structure and update the shareholdings (as required) and constitution. This may include preparing a suitable shareholders’ agreement, tailored articles of association and cross options, to deal with (amongst other things) transfers of shares during lifetime and on death, appointment of directors and dragging minority shareholders on a sale. If any funding is required, we can advise on third party loans as well as loans from the Family Office, together with security.

We were originally instructed by a business owner to advise on the structure of his company and subsequent sale of his business.  We also supported him in setting up a SSAS which contained a portfolio of commercial properties, one of which was the premises from which the company carried on its business under a lease.

Following the sale of the business, the business owner asked us to help with his personal estate and succession planning to include preparing a Will and setting up trusts for his minor children with the proceeds of sale. 

As a result of some historical tax planning by the client, changes in the interpretation of legislation potentially meant unwinding it could lead to a substantial tax bill. We recommended tax advisors who negotiated with HMRC resulting in significant tax saving of £1 million, which the client was delighted with. 

We became the family’s trusted advisor and continued to assist in the administration of the trusts for the children throughout their education and were appointed as professional trustees to the SSAS.  This required careful coordination and sourcing other professionals such as banks, financial advisors, tax advisors and insurance brokers which continued even after the death of the business owner. 

We also assist the widow of the deceased with her business to include employment issues and the development and sale of the commercial properties within the SSAS as well as the children who have become adults and require their own estate planning advice and Wills.  This is an example of one of our longer standing appointments spanning over 20 years for an substantial estate.