Ensuring Added Value in Estate Administration & Planning
Estate Administration & Planning
This course is designed for anyone dealing with the detailed work on estate administration and/or the strategic planning work.
Adding value in probate work is a constant aim for lawyers administering estates, watching for opportunities to differentiate their offering. With ever increasing competition, encouraged by the Competition and Markets Authority’s report on Legal Services in December 2016 (which starts with residential conveyancing but will be targeting will drafting and probate fees), it’s a good time to take stock of probate work in the light of recent major changes. Pro-active advice of steps that can better reduce tax liabilities is increasingly important.
The new IHT relief of homes, RNRB, is now affecting estates and can have a significant effect on action required, and potential variations within two years of death. and the 3% higher SDLT charge can create problems for beneficiaries. So how can tax traps be avoided and executors and beneficiaries better advised?
• Estate Administration: Tax issues – IHT, CGT, Income Tax & Variations;
• How to administer estates most effectively, to use the tax planning options available especially with RNRB & to avoid the tax traps;
• Appropriations –the crucial legal & tax aspects;
• SDLT: what steps in estates might save the extra 3% charge;
• Valuations of property, chattels & investments: changes of value post Death – gains and losses on property & investments;
• Interaction of IHT loss relief & CGT; CGT on executors & individuals;
• Income Tax of administration period; timing of distributions & Income Tax planning;
• Deeds of Variation: The key tax issues when varying an estate – IHT, CGT & Income Tax, including planning to maximise use of RNRB;
• Gifts to Charities – including using Deeds of Variation to reduce IHT to 36%.
John Bunker is a freelance lecturer and also Head of Private Client Knowledge Management of Irwin Mitchell LLP. With over 25 years of experience as a solicitor specialising in wills, trusts, estate and tax planning, 20 years as a Chartered Tax Adviser, John serves on the Chartered Institute of Taxation’s Succession Taxes Sub-committee (of which he became Chair in May 2017) , HMRC’s Capital Taxes Liaison Group and TACT’s Private Trusts Committee.
John moved in 2012 to his role, responsible for technical development and know-how, for Thomas Eggar’s 100 strong Private Client team, after 23 years as a partner. This role developed within Irwin Mitchell Private Wealth to include the former Berkeley Law and Sheffield head office teams.