Ensuring added value in estate administration and planning

Event Details

Course Code: S4112
Speaker: John Bunker
Specialisations: Wills, Trusts, Tax & Probate,
Venue: Liverpool Law Society, 2nd Floor Helix, Edmund Street, Liverpool, L3 9NY
Date: Thursday, 18 January, 2018
Time: 13:30 - 16:45

Members Price: £105
Non Members Price: £150
Training Season Ticket: Free

Note: 20% Vat added at checkout

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Event Description

The frustrating process by which HMRC has been introducing the new Trust Registration Service for Trusts and “complex estates” has caused many solicitors real concerns in recent weeks.
As it is such a topical and important issue, we will be covering this in some more detail on this course, looking not just at the different ways to deal with tax in an estate administration, but also the Trust Register part. How is it supposed to work and what does it mean for creating and running trusts in practice?
Adding value in probate work is a constant aim for lawyers administering estates, watching for opportunities to differentiate their offering. With ever increasing competition, encouraged by the Competition and Markets Authority’s report on Legal Services in December 2016 (which starts with residential conveyancing but will be targeting will drafting and probate fees), it’s a good time to take stock of probate work in the light of recent major changes. Pro-active advice of steps that can better reduce tax liabilities is increasingly important.
The new IHT relief of homes, RNRB, is now affecting estates and can have a significant effect on action required, and potential variations within two years of death. and the 3% higher SDLT charge can create problems for beneficiaries. So how can tax traps be avoided and executors and beneficiaries better advised?
•             Estate Administration: Tax issues – IHT, CGT, Income Tax & Variations
•             How to administer estates most effectively, to use the tax planning options available especially with RNRB & to avoid the tax traps
•             Appropriations –the crucial legal & tax aspects
•               SDLT: what steps might save the extra 3% charge?
•             Valuations of property, chattels & investments: changes of value post Death – gains and losses on property & investments  
•             Interaction of IHT loss relief & CGT;  CGT on executors & individuals
•             Income Tax of administration period; timing of distributions & Income Tax planning
•             Deeds of Variation:  The key tax issues when varying an estate – IHT, CGT & Income Tax, including planning to maximise use of RNRB
•             Gifts to Charities - including using Deeds of Variation to reduce IHT to 36%

 John D. Bunker LL.B CTA TEP

Head of Private Client Knowledge Management
Irwin Mitchell LLP


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