Virtual Conference: Wills, Probate and Advising the Elderly Update 2022

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KEY SUBJECTS

• TAX AND TRS UPDATE
• THE MOST COMMON TRUST ERRORS
• ESTATES: TAX PLANNING WITH GAINS AND LOSSES POST DEATH AND MAXIMISING RNRB
• LPAs – ACTING AS THE CERTIFICATE PROVIDER: GETTING IT RIGHT
• VULNERABLE BENEFICIARIES
• OLDER CLIENT AUTUMN UPDATE

SPEAKERS

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

Professor Lesley King, Professional Development Consultant, University of Law

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

CONFERENCE PROGRAMME

09.30am CHAIRMAN’S INTRODUCTION

TAX AND TRS UPDATE

An update on capital taxation

What we can advise clients on capital tax planning after the 2021 and Spring 2022 tax changes

• What does the Health and Social Care levy mean for client’s planning?
• What might clients do with increasing property values and are lifetime gifts possible?

The latest on Trust Register practice for express trusts and joint ownerships – what must still be registered and the latest HMRC guidance.

After the initial TRS deadline for registration of express trusts,1 Sept 2022, many questions will remain for practitioners. The scope of TRS, and what needs registering still presents many issues, and can seem random or unfair. This talk will help to bring clarity, whether your firm registers trusts, or you help guide clients what to do.  Any significant developments will be addressed, and will include:

• Co-ownership of property and the interaction with estates and will trusts
• Practice issues: What is HMRC’s practice on penalties? What to do with old matters and cases where there are no funds or the trustees won’t pay?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

THE MOST COMMON TRUST ERRORS

Trusts are an essential part of the Private Client Practitioner’s Toolbox but it is surprising how often mistakes are made. This session will look at some of the common mistakes and how to avoid them.

• Not reading the trust deed
• Using an out of date precedent
• Not setting up the trust correctly
• Overlooking the rule against self-dealing
• Forgetting about fraud on a power
• Mis-managing appointments and retirements of trustees
• Tax errors
• Faulty trust documentation
• Faulty applications to court

Professor Lesley King, Professional Development Consultant, University of Law

ESTATES: TAX PLANNING WITH GAINS AND LOSSES POST DEATH AND MAXIMISING RNRB

This talk will take you through a case study of an estate with two key elements:

Gains and losses on shares and 2 properties since death, maximising the tax saving:

• using appropriations (which can be underused) as a planning tool;
• how to make the most of IHT loss relief and lower rates of CGT for some beneficiaries;
• and thus the mix of IHT and CGT within the estate on changing values.

Potential to vary the terms of the will for RNRB planning to save IHT:

• Where some descendants don’t inherit through the right form of trust; and
• Where the residuary estate has a mixture of beneficiaries who closely inherit and those that don’t.

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

LPAs – ACTING AS THE CERTIFICATE PROVIDER: GETTING IT RIGHT

The certificate provider is the ultimate safeguard against a donor signing an LPA where they do not have capacity or are acting under the undue pressure of another person, and yet there remains no formal guidance and case law is not always reported. This session will explore the role of the certificate provider and how to get it right. It will cover:

• Who can be the certificate provider
• Case law on who cannot be a certificate provider
• The consequence of being ‘unqualified’
• Is it an assessment of capacity under s2 or merely understanding?
• What is meant by undue pressure?
• How to undertake a robust assessment

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

VULNERABLE BENEFICIARIES

Parents often want to make provision for children with a disability by will. A different problem arises when a vulnerable beneficiary has the benefit of a substantial damages award. In what circumstances will the Court of Protection authorise gifts from such an award and when should an application for a statutory will be made? This session will looks at

• Loss of means tested benefits
• The IHT disadvantages of discretionary trusts
• The IHT benefits of complying with IHTA 1984, s89
• Lifetime trust or will trust – does it matter?
• Income tax and CGT treatment
• How to draft a s89 trust
• Gifts and statutory wills

Professor Lesley King, Professional Development Consultant, University of Law

OLDER CLIENT AUTUMN UPDATE

This session will be important for private client advisers who need to prepare for anticipated changes and will include:

• Modernisation on LPAs – the next step
• Liberty Protection Safeguards and the older client
• Conveyancing costs where a professional deputy is appointed
• The Care Cap: preparing for implementation
• Update on Ombudsman funding cases

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

5.00pm CLOSE OF PROCEEDINGS