What I've been trying to encourage clients to look at is some more lifetime planning. So rather than waiting for people that are living a little bit longer, look at doing something different to pass those assets on now so that the kids can run the business still in their lifetime, and they can take a step back.
FTA: If there's one thing every adviser should do...?
KA: Get a will. People just assume things go to their surviving spouse and that's not necessarily what the rules say. And make sure you've got powers of attorney in place. I've seen scenarios where parents have done their inheritance planning and have got a really efficient estate and the child has died and everything has flown back up to the parents' estate, in one fell sweep it's all sort of undone.
It's definitely one to keep on the radar and keep up to date.
carmen.reichman@ft.com
