FICs as a solution for continuity, governance and growth

Over recent years the use of Family Investment Companies (FICs) as a way of generational tax planning has become more popular and are often used in a similar way as trusts to hold family wealth. The key to successful FICs is planning. Objectives, expectations and ownership structures need to be clear to all members through an effective line of communication. Clarity is needed regarding who will make decisions as this can impact tax status and it also help manage the member relationships within the FIC. When set-up well, FICs may offer many advantages. They have strong governance, support...