- Update/Intermediate * 3 hours CPD
This course looks at the estate planning tools available to the practitioner in the light of the underlying tax framework. The course will look at the following:
- Lifetime transfers that must be notified
- Lifetime tax planning the use of gifts, annual allowance, unspent income and trusts, the seven year rule and equity release schemes
- Is there a place for Life Policies?
- After the event tax planning; agricultural property (is the farmhouse eligible for relief?) and business property relief, heritage property, deed of variation, transferable nil rate band
- Raising the money to pay the Tax, using the deceased's funds, instalment option property, loans from the family or banks (a last resort)
- Watch out for prior transfers of value, particularly if you have not acted for the family for long
- Other tax problems; Income Tax, CGT and Stamp Duty Land Tax, appropriation of assets to beneficiaries
- Claims by DWP, family members and local authorities
- Managing clients' expectations as to time and costs
- Avoiding claims by aggrieved beneficiaries