Wills, Probate and Advising the Elderly Update 2023

KEY SUBJECTS

• AVOIDING ADMINISTRATION TRAPS
• AUTUMN TAX AND TRUST UPDATE INCLUDING THE BOMAD TAX ISSUES
• ADMINISTERING AN ESTATE: A CASE STUDY
• THE POWERS OF ATTORNEY BILL – CHANGES TO LASTING POWERS OF ATTORNEY
• IHT PLANNING FOR BUSINESSES AND FARMS IN A CHANGING ENVIRONMENT
• OLDER CLIENT AUTUMN UPDATE

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

CONFERENCE PROGRAMME

09.30am CHAIRMAN’S INTRODUCTION

AVOIDING ADMINISTRATION TRAPS

This session will look at some common problems and how to solve them. It will include:

• Locating assets and liabilities
• Valuing assets
• The impact of lifetime gifts
• Avoiding penalties
• Registering will trusts

Professor Lesley King, Professional Development Consultant, University of Law

AUTUMN TAX AND TRUST UPDATE INCLUDING THE BOMAD TAX ISSUES

This talk will provide an update on any significant developments in private client taxation, reflecting any changes in summer/autumn 2023, but will include:

• Tax Planning for individuals, estates and trusts:

Latest ideas on helping clients avoid increased tax liabilities through the stealth tax changes by Chancellor Hunt. With IHT 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.

• Bank of Mum and Dad (BOMAD) – tax issues in helping young adults get started on the tax ladder:

With more clients needing advice on such arrangements,  this talk will explore the potential tax traps to avoid and areas on which you might advise clients:

• • Inheritance Tax (IHT) and Asset protection: how to save IHT but also protect family assets
  • Capital Gains Tax (CGT) Main residence (PPR) relief what are the issues?
  • Other issues to watch, including SDLT, to avoid unnecessary problems arising

• TRS Updates, especially on discrepancy reporting?

This talk will identify any developments of significance on the Trust Register, focussing on the discrepancy reporting obligations extended in April 2023.

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

ADMINISTERING AN ESTATE: A CASE STUDY

This session will look at the administration of a typical estate, involving:

• Foreign assets
• Apportionment of BPR
• A failed legacy
• Residence nil rate band
• Use of post-death variations to improve things
• IHT planning
• CGT issues

Professor Lesley King, Professional Development Consultant, University of Law

THE POWERS OF ATTORNEY BILL – CHANGES TO LASTING POWERS OF ATTORNEY

The Powers of Attorney Bill is expected to be passed in July and will result in reform to the LPA regime, with the introduction of digital powers.

This session will cover:

• Changes to certifying copies of powers of attorney
• Changes to who can register an LPA and the problem it leaves
• Changes as to how objections to registration are made
• Changes as to who can object
• Changes to when an objection can be raised
• What is not covered in the Bill but will be covered in regulations?
• Concurrent work at the OPG to support wider changes

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

IHT PLANNING FOR BUSINESSES AND FARMS IN A CHANGING ENVIRONMENT

Maximising BPR & APR, in lifetime planning, wills and post-death planning, is vital for farm and business owners. This session will cover:

• An outline of the basics for 50% & 100% APR & BPR
• Some crunch issues including the “wholly or mainly” test, for mixed trading and investment businesses
• And excepted assets – what if you have “too much cash”?
• BPR for farmers and issues to watch as environmental land management is revamped, changing established tax certainties
• Use of NRB Discretionary Trusts, the importance for RNRB and some drafting issues, including uncertainty re eligibility for APR & BPR
• Some lifetime succession planning, including avoiding proprietary estoppel claims

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

OLDER CLIENT AUTUMN UPDATE

This session will provide a round up of case law, process and procedure in relation to the older client and will include coverage on:

• Testamentary capacity assessments in the light of Baker, Spiers v Hewston [2023]
• Reappointing joint attorneys and replacement attorneys
• The new COP3 capacity form
• Reform to Fixed Costs in the Court of Protection
• Reduction in personal care budgets and recent case law
• Local Government Ombudsman funding cases

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

5.00pm CLOSE OF PROCEEDINGS