Company succession arrangements should be a core issue when providing tax and legal advice to a company or entrepreneur. In their lifetime, entrepreneurs should, on a regular basis and with a high degree of legal certainty, transfer the assets that they have accumulated over several decades. Frequently, however, entrepreneurs are professionally active into their old age and do not find and appoint a successor in good time.
A timely succession plan is of vital importance from both a business and emotional perspective because it ensures that the entrepreneur's professional life's work will continue successfully and that financial security for the entrepreneur's final years can be achieved. Unfortunately, sufficient consideration is frequently not given to the tax and civil law issues that arise for heirs in the event of the death of the entrepreneur. In many cases, the deceased does not leave a will and, as a result, intestate succession is invoked. Or, at most, there is a "Berliner Testament" (a joint will between spouses or life partners whereby each is the sole heir to each other's estate, which will ultimately pass to a third party in the event of the last deceased's death). However, this can rarely capture the whole plethora of potential problems that may arise. Therefore, the entrepreneur should work with the tax consultant to develop a concept that opposes the divestiture of the company.
Our conceptual tax structuring consultancy includes the:
- Analysis of existing partnership agreements
- Analysis of existing wills and contracts of inheritance
- Presentation of various structuring options
- Company restructuring under company law
- Inheritance and gift tax optimisation
- Preparation of share transfers
- Private and corporate asset succession