S3 Ep2 - Later Life Planning for Business Owners

Many business owners delay putting in proper plans for later life. Why does this happen, and what consequences can it have?In this episode, Melinda Giles is joined by award-winning business coach Lucas Vigilante to explore what stops business owners from writing a will or establishing later life plans, and why they should be having conversations with solicitors and advisers.From breaking down the problems that emerge when formal plans aren’t in place, to the simple steps that directors can take now to secure their future – this is a must-watch episode for business owners.In this episode, you’ll discover:What stops business owners from creating formal later life plansWhy owners cannot simply rely on their company taking care of everythingWhat can go wrong without a written will or later life plan in placeHow having formal plans changes the way owners think and behaveWhy owners focus more on a business exit than life after the exitWhen business owners should speak to solicitors and advisersThe simple step business owners can take to start planning properly– – –Chapters0:00 - Introduction1:38 - Do business owners think about later life planning?3:00 - What stops business owners from thinking about the future?4:29 - Planning for your company and family’s futures5:56 - Splitting Powers of Attorney for your business8:09 - The dangers of delaying business and later life planning11:28 - Does your shareholders’ agreement contradict your will?12:40 - Have a solicitor and accountant when starting your business15:12 - Getting married invalidates your existing will16:40 - Later life planning should be taught in schools17:26 - How Inheritance Tax changes affect business owners18:58 - Make sure what you do aligns with what you want– – –With over 25 years of specialist experience, Melinda Giles is one of the UK’s leading contributors, speakers and authorities for private client law.A standout voice for all private client matters on TV, radio and podcasts, including well-received appearances on BBC Breakfast, Sky News, The Martin Lewis Money Show Live, Money Box and more, Melinda’s candid #TVLawyer video podcast answers the crucial questions people have about wills, probate, Powers of Attorney, and all aspects of later life planning.Need help with later life planning? Contact Giles Wilson: https://www.gileswilson.co.uk/Want to learn more about Melinda? Visit her website: https://www.melindagiles.com/