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05 Aug 2019 Tips and tricks

Should your business have life assurance?

Consider life assurance for your business. If you or your business partners died, a life assurance policy could provide cash to the business to purchase the deceased partner’s shareholding. Life assurance should generally be written in trust to avoid Inheritance Tax on death and trustees of the policy should be chosen carefully to avoid risks of conflicting interests between the deceased’s family and the ongoing business. If life assurance is to be used to buy out a deceased’ partner, it is important the level of cover and payment of premiums is closely monitored.

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