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14 03, 2017

Power of Attorney or trust to Joint Bank Accounts?

There has been much debate recently about whether a Power of Attorney is relevant where clients own joint bank accounts. There is a general misconception that when one party loses capacity the party who still has capacity can still access the funds. THIS IS INCORRECT! The British Bankers' Association guidance states that when dealing with a [...]

24 01, 2017

Lifetime ISA launch date confirmed

Source: HM Treasury | | 18/01/2017 The new Lifetime ISA will be launched from April 2017. The Lifetime ISA is designed to help those aged between 18 and 40 to save for a new home or for their retirement. The launch of the scheme was confirmed when the Savings Bill was enacted on 16 January 2017. [...]

6 01, 2017

7. What is SUCCESS?

We live in a culture which places great value on success, achievement, security and predictability, but which does not want to admit that we have to let go of control when we die. The imperative is to pass on the baton of responsibility to those we trust. Therefore, when we hand them the tools to [...]

5 01, 2017

How to avoid a tragedy on holiday

Heartbreak on Holiday Every year around 4,000 Brits die abroad, (from the Foreign and Commonwealth Office.) Most deaths happen in Spain – 856 in 2013-14 – but, considering the large British population there, the country that’s seen as riskiest for travellers is the Philippines. Here’s what you need to know, should the worst happen... Losing [...]

27 05, 2016

AIM Inheritance Tax Service ISA

You no longer have to give up the tax advantage of your ISA in order to shelter your ISA portfolio from IHT. HOW IT WORKS -The provider invests on your behalf into shares in a diverse selection of established companies, quoted on the AIM market, that qualify for Business Property Relief (BPR). BPR is a [...]

27 05, 2016

Expressions of Wishes in pensions

The new option of a Nominees' Drawdown Pension on death provides significantly increased flexibility, with the possibility of income payments to beneficiaries other than dependants, tax free on death before 75 and taxed at the recipient's marginal rate on death after 75. A review of existing expressions of wishes might make sense - if the [...]

27 05, 2016

A will is not expensive – getting it wrong is expensive.

EVER HEAR THE STORY of the giant ship engine that failed? The ship’s owners tried one expert after another, but none of them could figure out how to fix the engine. Then they brought in an old man who had been fixing ships since he was a youngster. He carried a large bag of tools [...]

27 05, 2016

Take care when planning to limit IHT on behalf of a doner when you have a lasting Power of Attorney on their behalf.

Inheritance Tax planning under a Power of Attorney If you are considering using gifting strategies as an attorney of an incapacitated donor in order to reduce an inheritance tax burden on the donor’s estate you need to know just what is and what isn’t allowed in this field. The Court of Protection guidelines suggest that [...]

27 05, 2016

How do you come to terms with being mugged by your Stepmother

You may think from the headline this is a real life thriller or I have just been mugged at a cash point but you could not be further from the truth.  My late stepmothers's cruel act of betrayal has left a scar that just won't heal. After my mother died my father William Herd married [...]

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