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It is always good practice to seek out professional advice regarding FICs and trusts, especially when you are trying to plan for your families future. For more information and help, contact our expert team today.
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FAQS
Questions answered
Not sure that this is the service for you? Take a look at some of our frequently asked questions for more information.
A family investment company (FIC) is a privately owned company whose shareholders are all related (family members).
Typically, an FIC is run by a director or directors who control the business. These individuals are usually the parents.
Other family members, normally the children, then own shares within the company.
FICs are very tax efficient when it comes to dividends from shares.
It is one way to pass on wealth to other family members, whilst being very tax efficient, especially in regards to inheritance tax.
Inheritance tax is the amount charged when part of a received estate (property, money, possesions) is above the tax threshold.
Simply put, yes.
If an estates value falls below the IHT threshold it still needs to be reported to the HMRC.
The main difference is the article of association – which are drafted on a bespoke basis.
The solution to complex wealth management needs may well be a combination of both a trust and a financial investment company.
A FIC is a useful vehicle which can be used to tackle estate planning – when used in the right circumstances. However, every situation is bespoke, and it is vital to seek legal advice when setting up such estate planning measures.
Lodders is a well-established law firm that has both regional and national coverage, with a huge team of experts and highly skilled staff.
Simply click the 'Get in touch' button at the top this page or visit our contact page link below.