In this session, using a case study scenario for context, we will explore the circumstances in which we might advise clients to use trusts for lifetime gifting, rather than make outright gifts. As well as considering the different types of trust structures, which one to use, and how to approach drafting them, we will look at the main tax implications for the client of settling wealth on trust during the settlor’s lifetime.
This essential session is aimed at Solicitors or CILEx qualified lawyers who already have some prior knowledge of trusts, inheritance tax and capital gains tax and now want to start advising clients on making lifetime gifts into trust (with supervision from more experienced lawyers), or who are already advising on and preparing trusts for clients for lifetime gifts and want to gain a more comprehensive understanding of the advice being given and steps taken.
By participating in this webinar, you should more readily be able to identify when to recommend clients to use trusts in their estate planning for lifetime gifts, rather than make outright gifts.
- What circumstances should you be looking out for?
- What’s important to the client?
- What is the client trying to achieve?
- What other factors might affect your advice?
- How might the tax position influence your advice and what to watch out for?
After the session, you should then be able to know and understand more fully the essential components of the different trust structures, determine which type of trust structure you would advise the client to use in the circumstances, and how to approach drafting the trust document.
We will also briefly consider what we mean by a “pilot trust” – what is this and when might it be used?
Tax is always a key factor to bear in mind when advising clients on the use of trusts for lifetime gifting. We’ll, therefore, consider some of the main tax implications for a client of settling wealth on trust during their lifetime. Sometimes, a trust is used to achieve a particular tax result for the client. We’ll think about when that might be the case.
Although we won’t be looking at all the elements of a typical trust document in this session, we are going to think about which terms of a trust are crucial for a gift into the trust to “work”, particularly from a tax perspective. We’ll, therefore, also look at how the drafting in that regard can go wrong.
Solicitors or CILEx qualified lawyers, with some prior knowledge of trusts and of the basic inheritance tax and capital gains tax rules applicable to lifetime gifts, who now want to start advising clients on making lifetime gifts into trust (with supervision from more experienced lawyers), or who are already advising on and preparing trusts for clients for lifetime gifts and want to gain a more comprehensive understanding of the advice being given and steps taken.
Intermediate – some previous knowledge or awareness required
- You will be able to identify the circumstances in which clients might be advised to use a trust for lifetime gifting, rather than make an outright gift
- You will know and understand the main differences between the terms of the typical trust structures and be equipped to advise a client on which form of trust might suit their requirements
- You will be aware of the main tax implications for the client of settling wealth on trust during their lifetime
- You will know how to approach creating a lifetime trust
- You will know and appreciate what terms in a trust document are essential to ensure that the gift into the trust will “work” from a tax perspective and have the intended tax results, and understand how these essential terms should be drafted
- You will be alert to some of the potential problems in using and drafting a lifetime trust
- When to advise a client to use a trust for lifetime gifting and what form of trust structure should be used
- What are the main tax considerations to be aware of
- What terms should be included in a lifetime trust to ensure that it “works” and what related common problems can occur when drafting a trust
This live webinar contains a 45-minute presentation from Viv Wild, a 15-minute Q&A session where you can ask any questions you'd like directly to Viv. You can download your own copy of the presentation and resources to refer to during and after the live webinar.
You will be able to actively listen to the course and ask questions to the speaker.
The live webinar begins at 1pm
The £69 +VAT price includes:
- 45-minutes of topical content
- 15-minute interactive Q&A
- Comprehensive lecture notes
- Digital CPD certificate
Of course. To book multiple delegates, increase the amount of tickets you wish to buy and add them to your basket. Once your payment has been processed, you will then be asked to assign the tickets to the delegates attending. Each delegate will then receive an email with instructions on how to finalise their booking
For group booking discounts please get in touch with us on team@formediagroup.co.uk.
You can now pay by invoice directly through our website.
- Add your event tickets to your basket.
- Click “Checkout.”
- Select Pay by Invoice.
- Enter your details and receive your invoice instantly by email (you can also view it on screen).
This live webinar provides you with 1 hour of learning.
Attendees will receive a CPD certificate upon completion of this course.
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About the speaker
Viv Wild
View Full ProfileHaving qualified as a solicitor over 35 years ago, Viv has combined 26 years' PQE acting for high net worth individuals, business owners and trustees, advising on estate, succession and inheritance tax planning and dealing with all their Will and trust requirements, and 11 years' PQE as a Senior / Principal Lecturer in Law at the University of Huddersfield.
Most recently, Viv was a Partner at Ward Hadaway, and previously a partner of and headed the Private Wealth teams at two Top 200 UK law firms.
Whilst at the University of Huddersfield, Viv led the LPC Wills, Probate and Administration of Estates original core module and the Private Client elective, and taught Trusts and Equity, Succession Law, Land Law and Revenue Law on the LLB.
Viv is now focusing on delivering training for private client lawyers, and mediating trust and estate disputes.
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