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Why use a professional to administer an estate?

“the burden of form filling is like a tax in itself” An average of 570,000 people die each year and a number of them will leave assets that require administration before they can be transferred to the deceased’s beneficiaries. If you are the executor of an estate you may feel that...

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The Queen of Soul and the dangers of homemade Wills

Saving money now could cost a small fortune in the future The sad demise of famous entertainers often seems to give rise to family arguments, and disputes over the estate’s assets are not uncommon. In recent years we have seen this played out in the estates of Michael Jackson, George...

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Wills, marriage and vulnerable adults

The test of capacity to marry is a lower one compared to some other decisions There has been some recent press coverage about a particular form of financial abuse of elderly people which occurs when a younger person marries an incapacitated older person with the objective of inheriting their partner’s...

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Second marriages later in life

Protecting your assets The Society of Trust and Estate Practitioners (STEP) recently published some research showing that over the past five years more than half of their members have seen an increase in clients wishing to use trusts to provide control and protection. STEP reports that the rise in second...

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How to increase the effectiveness of your lasting power of attorney

Three crucial provisions for LPAs Lasting powers of attorney (LPAs) are vitally important documents: they give someone power to make decisions about your financial affairs, or to make decisions in relation to your personal welfare, after you lose capacity. LPA forms appointing someone to manage your financial affairs include sections...

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Capital tax planning on development land disposals

CGT & IHT impact on proceeds from land The value of all land has increased substantially in recent years with average land values for undeveloped land now standing at £12000 per acre. If planning permission for development is obtained, the value of the land in question will increase substantially, with...

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Tis the season of goodwill…

Many of you will have now finished your Christmas shopping and will be looking forward to the Christmas break. Tax planning, and making gifts on behalf of family members for whom you hold a power of attorney, will understandably not be at the forefront of most people’s minds at this...

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No inheritance tax changes at present but…

… the “death tax” is back The recent budget left the private client unscathed on the inheritance tax front, although the big guns may be delayed until the Office of Tax Simplification’s forthcoming report on inheritance tax. However, not long after the budget the government announced that it was resurrecting...

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Budget 2018

Calm before the storm? The first Monday budget since 1962 provided little excitement for those advising private wealth clients. Any changes made were largely tinkering round the edges, with major alterations perhaps being saved until the outcome on the review of trust taxation (which is still to take place) and...

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Inheritance tax planning and lasting powers of attorney

“the concept of best interests is not limited to self-interest” A property and finance lasting power of attorney (LPA) confers extensive powers on the attorney to deal with the financial affairs of the person granting the LPA (the donor). However, the attorney’s power to make gifts from the donor’s property...

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