Virtual Conference – Wills, Probate and Advising the Elderly Update 2023

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KEY SUBJECTS

• CURRENT ISSUES IN WILL DRAFTING
• TAX AND TRUST UPDATE
• OLDER CLIENT UPDATE
• INHERITANCE ACT APPLICATIONS AND THE NON-CONTENTIOUS PRACTITIONER
• LIFETIME PLANNING TO HELP CLIENTS AVOID UNNECESSARY TAX LIABILITIES
• PITFALLS OF JOINT OWNERSHIP AND SHARING PROPERTY

SPEAKERS

Professor Lesley King, Professional Development Consultant, University of Law

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

PROGRAMME

9.30am CHAIRMAN’S INTRODUCTION

CURRENT ISSUES IN WILL DRAFTING

Will drafting gets no easier. This session will look at some common problems including:

• Inheritance tax issues
  • rules on burden
  • apportionment of BPR/APR
  • lifetime gifts
• Future proofing gifts to best achieve the client’s wishes
  • ademption
  • changes in value
• Drafting immediate post death interests
• Some recent case law examples of poor drafting

Professor Lesley King, Professional Development Consultant, University of Law

TAX AND TRUST UPDATE

An update on any significant developments in private client taxation, reflecting any changes in 2023, but will include:

• Tax Planning for individuals, estates and trusts:

Following the Autumn Statement’s squeeze on taxpayers, with stealth taxes and reductions in allowances, some careful thinking is needed by clients, including executors and trustees. Many clients will be paying more tax, in lifetime or on death, simply by doing nothing. IHT is the classic “stealth tax” where the IHT “tax take” is increasing by a third over 5 years. There are opportunities for reviewing estate planning, for individuals and couples, which can help mitigate the effects of this squeeze.

We will explore these areas on which you might advise clients:

• • Inheritance Tax (IHT): what wills and trusts, and lifetime planning can help mitigate long term tax?
  • Capital Gains Tax (CGT) and Dividend tax: the huge cuts in CGT gains allowances and dividend allowances could be mitigated with some financial planning input.
  • Estates and Trusts: the cuts in allowances coming in 2023/24 mean changes in various elements of estate and trust practice are needed, including planning on trusts where capital with historic gains will need to be transferred out to beneficiaries – is there CGT hold over relief?
  • Deeds of Variation: how are variations affected by the stealth tax changes? And what are the TRS issues and potential planning points?
  • Income tax freeze: steps some individual clients can take
• TRS Updates? We will also identify any developments of significance on the Trust Register

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

OLDER CLIENT UPDATE

Excessive delays at the OPG and the Court of Protection is driving reform in process for the registration of Lasting Powers of Attorney and the appointment of property and affairs deputies, enabling delegated decision makers to make decisions quickly. Once acting, delegated decision makers will often encounter health and social care services and funding obstacles and challenges. This session will cover:

• The Powers of Attorney Bill – what to expect from reform
• Changes to property and affairs deputy applications
• Deeds of Variation and the Court of Protection
• Deliberate deprivation case update
• Top ups for s117 aftercare update

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

INHERITANCE ACT APPLICATIONS AND THE NON-CONTENTIOUS PRACTITIONER

Non-contentious practitioners often worry about the possibility of a claim under the 1975 Act. This session will look at:

• Who is most likely to bring a claim
• How to assess whether instructions for a Will are likely to lead to a claim
• Good practice when you identify a risk
• The relevance of state benefits
• How to deal with threatened claims

Professor Lesley King, Professional Development Consultant, University of Law

LIFETIME PLANNING TO HELP CLIENTS AVOID UNNECESSARY TAX LIABILITIES

With the squeeze on all personal taxes, with the stealth tax regime with which we are now living, we will explore some of the potential tax traps, risks of tax liabilities that might be avoided and allowances that could be lost unnecessarily:-

• RNRB and the £2m taper threshold: Planning to avoid loss of RNRB by taper, where possible by lifetime estate planning by spouses, including planning in the two years after a first spouse dies.
• CGT Main residence (PPR) relief and the use of the PPR election to maximise relief on more than one residence.
• SDLT and the 3% higher rate additional dwellings charge: when can the charge be avoided, in estates, trusts etc? What about protecting first time buyers’ relief?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

PITFALLS OF JOINT OWNERSHIP AND SHARING PROPERTY

Intergenerational property arrangements are increasing, with many older people selling their home and moving in with their children. Releasing funds may allow them to clear off the children’s mortgage or pay for adaptations to enable them to receive care.  But what happens if things don’t work out? Do they have an interest in the property and how will the local authority treat this if they need to pay for care? This session will cover:

• Gift or a loan?
• Declarations of trust
• Establishing a resulting trusts v constructive trust
• Court Remedies
• Local authorities approach to contribution cases

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

5.00 pm CLOSE OF PROCEEDINGS