If parents set up a FIC in the usual way with class A shares in their names and class B shares to the next generation, but thereafter enter into a Business Lasting Power of Attorney naming the next generation as active attorneys on their behalves, with the inclusion for the BLPA to also govern FIC activities, does that in any way affect the IHT efficiency of the FIC or fall foul of the FIC structure whereby the next generation shouldn’t have any decision-making/control within the FIC?
My thoughts are that it shouldn’t as the FIC, IHT and LPAs all fall under their own separate legislation but any thoughts on it would be welcomed.
Thank you in advance.