If my mother moves into a care home, does she have to sell her house to fund her care if I’ve lived with her my whole life?
That reflection could usefully and responsibly be channelled, in part, to issues of Wills, tax planning and general succession.
While we should not need world events to remind us of the truth our own mortality and our responsibility, to ourselves and to our families, there is no doubt that this is a good time to make sure your Will is in good order.
Those of us who have been putting off making or revisiting a Will may now find time usefully to put something appropriate and effective in place. We should check that our Lasting Powers of Attorney (LPAs) name attorneys who are still appropriate, and that the letters of wishes accompanying any trust (existing or under our Will) are up to date. We should ensure, similarly, that our life insurance policies are properly in trust and the nomination form for any death-in-service benefit is both in place and reflects current desires and circumstances.
The Chancellor’s March Budget already seems to have happened a long time ago, given the immediate acceleration of other world events. Yet we must not lose sight of the fact that he did not, as was expected, tinker with the existing inheritance tax (IHT) regime, for the time being.
This means that IHT mitigation by lifetime giving, in particular, without immediate charge to IHT remains an opportunity that may need to be seized, soonest. The current substantial dip in share prices means that ever greater long term increases in value may escape inheritance tax, and any capital gains tax triggered by gifting will be more manageable or non-existent.
Now is the time to talk to Kingsley Napley about succession and tax planning.
Our Private Client Department remains very much “open for business”.
We advise and assist clients effectively and immediately with succession and estate planning requirements using up to date technology, communication media and document production systems.
Our lawyers would be pleased to talk through your requirements and options over the telephone or Skype and you will find our advice expert and practical with true understanding of the place of such advice in the context of both family dynamic and the current climate of financial uncertainty.
In the first instance, please contact James Ward or Jim Sawer for a discussion in confidence. There is no charge for an initial consultation and review of your options and the likely cost of implementation.
Partner and Head of Department
The last 12 months have put an awful lot of pressure on the family unit and sadly this has led to a spike in separation and divorce amongst married couples. With the end of the tax year fast approaching (last day Monday 5th April – Easter Monday) it is timely to consider the tax consequences of separations.
The coronavirus crisis has caused huge disruption across the world. The distress that it is causing is compounded in circumstances where intended parents of surrogacy children are in the middle of their surrogacy journey. In this blog, we address some of the most common issues people are experiencing and provide practical tips on how to navigate the current situation. These challenges include access to fertility treatment, pregnancy and birth, international travel restrictions, immigration status, parental orders and Wills among others.
With an increase in the number of client wanting to write new, or update existing, Wills or Lasting Powers of Attorney while either self-isolating or remaining within the government's social distancing guidelines, Diva Shah discusses the possible changes to the Wills legislation.
Anxieties to put a Will, or new Will, in place may be heightened by the difficulties in executing a will in the presence of two witnesses at a time of social distancing and isolation. But for some of us, more than ever alert to the reality of our own mortality, would dying without a will really be a complete disaster for our assets and our family – or would things work out OK?
International clients with a UK footprint often like a good spread sheet: specifically, a spread sheet covering their days spent in the UK and those spent overseas in the period 6 April to the following 5 April. This period is the UK tax year, and well-advised international clients – those considered neither resident nor domiciled in the UK - are all too aware that not keeping track of their UK day count may make them UK resident and within scope of UK income and capital gains tax on their worldwide income and gains. Numbers matter.
The news is dominated at the moment with the dreaded C word – COVID-19. Our TV screens, phones and newspapers are filled with the death count, panic buying and now “lockdown”. For many, being isolated or maintaining social distancing means that you may well be thinking about your future.
In the current crisis, we find ourselves with time (perhaps too much time…) for worry and reflection over an uncertain future. That reflection could usefully and responsibly be channelled, in part, to issues of Wills, tax planning and general succession.
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