Seminar Subjects

During our Family Inheritance seminars we aim to provide useful information about protecting and maintaining the value of a family’s inherited assets, wealth and property for future generations.

Below you can find some of the subjects we cover during our two-hour seminar sessions.

Subjects We Cover

Estate Planning

Estate planning refers to the process of making decisions and creating legal arrangements to manage and distribute your assets and belongings after your death or in the event of incapacity. It involves putting together a comprehensive plan that outlines your wishes and instructions regarding the transfer of your estate to your chosen beneficiaries.

This is a rather complex area so you should always seek professional advice that is relating to your own personal circumstances.

Inheritance Tax

Inheritance tax, or also known as the estate or death tax, is normally imposed on the assets and wealth transferred from a deceased person to their heirs or beneficiaries. It’s a one-off payable depending on the set threshold. As of 2022/2023 the set threshold is at £325,000, meaning any estates and assets below that value are not subject to Inheritance Tax.

UK House Prices

House prices in the UK have increased by 16% on average since 2008 with some areas seeing an increase as much as 75%. This substantial growth, however, can bring potential additional taxes which were not anticipated.

Budget Announcements

There are changes in the way IHT is calculated and when it is applied so it is always advisable to seek a professional help so that you can make sure you pay the correct amount.

Lasting Power of Attorney

The Lasting Power of Attorney (LPA) is a legal document which grants an individual (referred to as the ‘attorney’) the authority to make financial and legal decisions on someone’s (referred to as ‘donor’) behalf in the event of being incapacitated.

Two types of LPA in the uK

Health and Welfare: making decisions regarding a person’s health such as living arrangements, medical treatments, care and etc.

Property and Financial Affairs: making decisions regarding a person’s financial affairs.

Appointment of Attorney

The donor can choose who they want to appoint as their attorney but they must be able to make decisions at the time of appointment.

“The seminar gave me so much valuable information which I could use towards making better financial decisions. Not to mention the advice post-seminar which was very personable and helpful for my individual circumstances. I’d highly recommend to anyone who has assets to protect!”

Paula Harris

Will Writing

Making a will is one of the crucial steps to preserving your family’s wealth for generations. The will is a legal document which specifies how you want your assets to be distributed after your death, making it easier for your loved ones. It allows you to appoint beneficiaries, guardians for minor children or gifting money to charities.

What is Intestacy?

If you pass away without having a will, your estates will be subject to the rules of intestacy which may not align with your personal wishes.

Trust Planning

Trusts can be established to hold and manage assets for the benefit of beneficiaries, provide asset protection, minimize tax liabilities, and control the distribution of wealth.

Trustees are normally responsible for managing the trust and carrying out the wishes of the ‘settlor’ set out in the trust deed.

Tax Planning

Trusts can be utilized for effective tax planning purposes. They can help reduce Inheritance Tax (IHT) liabilities by removing assets from an individual’s estate, making use of exemptions, and taking advantage of the nil-rate band and other tax allowances. Additionally, certain types of trusts, such as charitable trusts, may offer tax advantages.

Beware of Unlawful Schemes

There are a number of companies which promote schemes that are designed to avoid care costs and should therefore be approached with caution. Always seek advice from a fully qualified professional and legally regulated sources.

Money Gifting

In the UK, lifetime gifts made within seven years of death can be subject to Inheritance Tax. However, there are various gift allowances and exemptions available, such as the annual gift exemption of £3,000, small gift exemption of £250 per person, and exemptions for certain gifts made in consideration of marriage or for maintenance of family members.

Tax laws and regulations change all the time so you should always seek a qualified tax advisor who specialises in Inheritance Tax for most up-to-date and personalised advice.

Giving To Charity

Leaving a gift in your Will towards a charity can be not only the noble thing to do but it is also completely tax-free meaning it will reduce the Inheritance Tax you would normally pay on your estate.