Inheritance Tax - Are You Up To Date?

Last year the Chancellor, Alastair Darling, announced major changes to the rules on inheritance tax (IHT).

As a result of these changes, Foot Anstey is holding a joint hosted seminar with Bishop Fleming on 14 October 2008. The seminar will talk about whose estates are likely to be affected by the IHT changes and how individuals will need to review their current situation.
There was publicity at the time that all Wills involving an element of IHT planning would need to be rewritten. Now the changes have been absorbed it can be seen that there are good reasons why Wills containing trusts are still worth having in place. Trusts, such as the nil-rate band discretionary trust, did not just have tax advantages. Families can be complicated and a discretionary trust is a very flexible mechanism for ensuring that future perceived problems are avoided.

Couples should not rush to tear up their existing arrangements, but should take proper advice and review all their circumstances.

This specialist seminar with leading local financial planning, tax and legal experts will help you understand how IHT could impact on your own position, to understand your options and to help you find out where and how further personal advice can be obtained should you need it.

This seminar will address, amongst other topics, the following questions:

•  Do existing Wills need to be reviewed in light of the recent changes?
• Are Wills which can create a trust on death still appropriate for IHT planning?
• Can a widow or widower benefit from a deceased spouse’s nil-rate band?
• Is it possible to make a gift for IHT but still enjoy regular income?
• How can you reduce your estate’s potential IHT liability during your lifetime?
• How can you gift assets but still retain control over income or capital?
• How do the new Lasting Powers of Attorney (LPAs) work?
• How do LPAs differ from Enduring Powers of Attorney?
• How can you provide fully for your potential IHT liability without making any gifts during your lifetime?

Who should attend this event?

Individuals or couples, with net assets in excess of £624,000, wishing to find out more about inheritance tax, how it might impact on the value of their estate and how best to avoid it with a view to preserving assets for their beneficiaries.

Mindful of the recent rule changes, individuals who have already undertaken IHT planning would also benefit from attending.

The seminar will take place on Tuesday 14 October 2008 at The Devon Hotel, Exeter. If you would like to book a place please contact Lucy Watts on 01392 685324 or book online.

Published 07/10/2008.