Private Client Issues - February 2017
Welcome to this month's edition of Private Client Issues, Blake Morgan's monthly round-up of the topics you may find of interest.
Trusts: myth or truth?
Despite the many legislative changes to the taxation of trusts in recent years, they continue to offer a flexible, tax-efficient structure to preserve and protect family wealth. Although they are useful to consider as part of succession planning, we sometimes hear of clients who have been advised that they can transfer all of their assets into trusts with the promise that this will safeguard all of their assets. Of course, this sounds great and possibly too good to be true. So what are all the promises that some may claim trusts help to deliver, and are they myths or truths?
Thinking about selling or downsizing? How will the new residence nil rate band impact you?
The new residence nil rate band is being introduced because family home values are pushing relatively modest estates over the existing nil rate band. But you don’t need to hang on to your home for your descendants to benefit from the relief. Blake Morgan explains how the new residence nil rate band can impact those want to sell or downsize.
Second marriages: Preserving wealth for your children
An article in the Guardian entitled 'My wife wants to protect our children's inheritance if I remarry after her death' has sparked a debate about protecting assets. Blake Morgan looks at how this question applies to Wills and also nuptial agreements.
Mental wellbeing and the Mediator
There's a lot to think about during a divorce – it's no wonder it can cause stress, anxiety, depression and panic attacks. With one person in four now experiencing some form of mental health problems in any year, the role of family lawyers is crucial. In support of Family Mediation Week, which took place in January, Blake Morgan is raising awareness as to how qualified mediators can support mental wellbeing during divorce.
If you are impacted by any of the above topics or you would like further information on how we can help you, please contact your usual Blake Morgan adviser.