Many entrepreneurs acquire substantial assets, often held in a family-owned company and/or concentrated in real estate. At some point, consideration must be given to whether these assets should be sold or passed on to the next generation. Such inter-generational transfers require careful consideration and planning.
Our lawyers are trusted advisers to numerous families and family-owned companies, and have extensive experience of advising on inter-generational asset and business transfers. In our experience, a well-considered, comprehensive family agreement helps ensure a successful transition.
Certain clauses are of particular importance in such agreements, including control of the sale, purchase and pricing (with or without a discount), exit clauses, separation of estates, rights of first refusal and A- and B-shares. Wills and marriage settlements are important ancillary considerations.
While inheritance tax has been repealed in Norway, inter-generational transfers often raise other significant tax issues which must be considered and addressed. Hjort has extensive experience of advising both on such issues and other questions arising on the sale of family-owned businesses. Our objective is to find the best solution for each family.