A family investment company (FIC) is a long-term tax efficient vehicle that enables an individual to pass assets out of their estate for inheritance tax (IHT) purposes while retaining control and protecting them.

Entering business is usually a carefully planned undertaking, however, this may not always be true of a partnership. Where family members, often across different generations and over many decades, are involved in a farming operation, they may unwittingly create various partnerships. All partnerships – even those that are unconsciously entered into – have significant, immediate and longer-term legal consequences which often only to come to light in a moment of crisis, such as the death of a family member or a family fallout. To avoid protracted disputes and further breakdown of relationships, it is always advisable to ensure that partnership agreements and wills are consistent and correctly reflect the farm family’s intentions.

A family investment company (FIC) is a tax-efficient vehicle allowing protection of, and control over, wealth transferred out of an individual’s estate.

The UK has 4.8 million family businesses – 88% percent of all businesses in the UK – big brands such as Dyson, Warburtons and Specsavers are but a few that spring to mind. While the majority are small businesses, over 17,000 are medium and large companies.

It took until 2004 for the Civil Partnership Act to be passed, another year for the Adoption and Children Act 2002 to come into force (in 2005), and the Marriage (Same-Sex Couples) Act to be passed in 2013. Dal Heran discusses same-sex partners and raising a family.

As family law solicitors, we work alongside you to achieve the best result in a cost-effective and sensitive manner.

It is not unusual for property to be co-owned by family members within a farming family, regardless of whether or not those members are actively involved in the farming business.

The recent amendments to the Family Procedure Rules 2010 (effective as of 29th April), mark a significant change to conventional approaches to dispute resolution in family matters. With a pronounced emphasis on mediation and other non court dispute resolution methods (NCDR), these changes herald a new era of resolving familial disputes.

Joan Thompson claimed reasonable financial provision under the Inheritance (Provision for Family and Dependants) Act 1975 from the estate of her partner, Wynford Hodge. He gave his £1.5m estate to Karla Evans and Agon Berisha, who were tenants of one of his properties. The will made no provision for Joan, who was financially dependent on Wynford and who had lived with him for 42 years.

Our specialist family lawyers work with you to support you through various family law issues