Jersey Foundations Wealth Planning For Family Businesses

By Richard Pirie Head of Trusts and Foundations, Collas Crill, Jersey

Wealth planning is a long-term exercise to preserve wealth while meeting the future needs of several generations.

The main reasons why an entrepreneur wishes to put his business into a structure are succession planning and asset protection – he wants to decide on the succession of control and benefit, and he wants to make sure that what he has worked so hard to build is protected if something goes wrong for him or for a member of his family, such as divorce. At the same time he wants to keep control of it. During his lifetime and after his death he wants his family to enjoy the fruits of his endeavours but he does not want them to be able to sell the income generator he has created. The question is how?