The key advantage of a family partnership is that it enables parents to transfer assets into a structure where future growth can be enjoyed collectively by family members. While the initial transfer may give rise to some tax implications, with the right planning parents can:

• Retain control over how assets are managed and distributed.
• Protect family wealth.
• Mitigate future gift and inheritance tax exposures for the next generation as the assets increase in value.

A well-drafted partnership agreement underpins the arrangement, setting out how the partnership is to be operated and how profits are shared. Where minors are involved, their parents or trustees typically enter into the agreement on their behalf, ensuring that the structure is both practical and legally robust.

At our firm, we have extensive experience advising private clients on the establishment and management of family partnerships. We work closely with clients to ensure that the structure is tailored to their unique family and financial circumstances, maximising both control and long-term tax efficiency. Whether you are looking to:

• Transfer and protect family assets
• Manage intergenerational wealth effectively
• Reduce the impact of gift or inheritance taxes
• Create a clear framework for how family wealth is run

Our team can guide you through. Contact us today to explore how a family partnership could form a cornerstone of your family’s long-term wealth and succession planning.