Once we have a better understanding of the business structures involved, we can then determine the asset pool.
When business structures such as companies and trusts have been used, determining an asset pool is not as simple working out “mine, yours and joint” assets. There is often a challenge in finding and valuing the assets as well as working out a strategy to transfer them in an effective manner.
In Pamela’s case we had to determine:
- How the family home was held – joint tenants or tenants in common?
- What were the various businesses and what were they worth?
- Was everything properly recorded in the accounts of the businesses?
- What loan accounts were in the different entities?
When we had a clear picture of all the assets we were then able to come up with a value.
Note: These are real case studies of clients we’ve worked with, though we have changed their names to protect their privacy.
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