On October 3rd, 2024, DTM Legal was proud to participate in the Future-Proofing Your Holiday Park Business event, where key industry leaders came together to discuss strategies for safeguarding the long-term success of holiday park businesses. Heather Lally, Partner and specialist in Wills, Trusts & Estates at DTM Legal, delivered an insightful presentation on proactive estate planning, focusing on how business owners can protect assets for future generations.
Heather’s presentation addressed estate planning for holiday park owners, a topic of particular relevance in an industry that is heavily reliant on the effective management of both personal and business assets. Her talk highlighted the importance of inheritance tax planning and the role of business relief in minimising tax liabilities.
Key Insights from Heather Lally’s Presentation
Heather began by emphasizing the need for an estate review, which considers not only a business owner’s assets and liabilities but also factors such as family dynamics, land ownership, and succession planning. She outlined critical elements to consider and the importance of a well-drafted will to protect personal and business assets.
Heather discussed the potential impact of inheritance tax (IHT) on holiday park owners, illustrating this with case studies that showed how business relief can significantly reduce tax liabilities. For example, business owners who qualify for 100% business relief on shares in a trading company or partnership can save substantial amounts of inheritance tax, potentially reducing a family’s tax burden by hundreds of thousands of pounds.
Using a case study to structure the presentation Heather was able to take the attendees through the numerous estate planning considerations for holiday park owners.
DTM Legal’s Wills, Trusts & Estates Services
At DTM Legal, we understand that estate planning can be a complex process, especially for business owners. Our team of experienced Solicitors take the time to understand your situation and offer tailored advice. Whether you need assistance with drafting a Will, setting up Trusts, or ensuring your business qualifies for Business Relief or Agricultural Relief, we are here to provide practical solutions that protect your assets for your beneficiaries.
You can learn more about our services by visiting Wills, Trusts & Estates or contact Heather Lally on 01244 354822 or via email at heather.lally@dtmlegal.com.
