The Law Society of Northern Ireland, in conjunction with Law Society (NI) Financial Advice Ltd, is once again delivering a comprehensive series of CPD sessions which will be of benefit to practitioners. To increase accessibility the sessions will take place in a variety of locations and at various different stages of the year.
1. Tax Year End Planning Opportunities
Wednesday 21 February 2018 1pm – 2pm Law Society House, Belfast
This session will cover:
· Making the most of most of tax allowances;
· General considerations for high earners;
· Options for clients facing large CGT bills;
· Pension contribution limits;
· Pension Lifetime Allowance and protections available for those with large pension pots;
· ISA types and limits.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
2. Pension Options in Divorce and the impact of Pension Freedoms Legislation
Frequently a party's pension can be the biggest asset in a marriage with available cash and property values decreasing. This session will look at pension options in divorce and the impact of pension freedoms legislation.
The topics to be covered include:
· Overview of the Pension Freedoms legislation and the impact on existing pension plans;
· Overview of the main options for pensions in a divorce settlement and their relative pros and cons:
Ø Earmarking;
Ø Offsetting;
Ø Sharing;
· Impact on an individual’s tax position and Pension Lifetime Allowance;
· Consequences for Lifetime Allowance Protections (Primary, Enhanced, IP/FP 12, 14 & 16) including pitfalls to avoid;
· Benefits of Financial Scenario Modelling to validate, challenge or agree asset split;
· Implications of non-funded statutory pension schemes.
To increase accessibility this session will take place in the following locations:
Wednesday 11 April 2018
Everglades Hotel, Derry 10am – 11am
Silverbirch Hotel, Omagh 3pm – 4pm
Thursday 12 April 2018
Canal Court Hotel, Newry 9.30am – 10.30am
Law Society House, Belfast 1.30pm – 2.30pm
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
3. Basics of Financial Planning
Wednesday 16 May 2018 1pm – 2pm Law Society House, Belfast
This session is aimed at clients in the earlier part of their career and will cover the following topics:
· The difference between financial planning and financial advice;
· An explanation of typical employer benefits and quantification of their worth;
· The protection policies that all young solicitors should be considering;
· How mortgages work and the important aspects to compare;
· Savings vehicles for clients at the start of their career.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
4. Business Protection – The vulnerabilities and most common mistakes made by Limited Companies, Partnerships and LLPs
Wednesday 6 June 2018 1pm – 2pm Law Society House, Belfast
This session will cover:
· Ownership – Options to protect the business (and beneficiaries) against death of a business owner or partner and consequences of getting the planning wrong;
· Profit – Key Person cover;
· Debt – Business loan protection;
· Relevant Life – A hugely tax efficient way for directors and key employees to fund their life cover needs;
· Group Life – Beware the impact of the Pension Lifetime Allowance.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
5. Estate Planning using trusts and other mitigation strategies
Tuesday 11 September 2018 1pm – 2pm Law Society House, Belfast
This session will cover:
· Annual Allowances and exemptions;
· Use of Trusts such as Discounted Gift Trust or Gift & Loan Trust to reduce or cap IHT liability;
· Legacy Trusts for those with no immediate family beneficiaries;
· Use of strategies such as IPDI Trusts to protect beneficiaries from previous marriages;
· Use of Discretionary Will Trusts to utilise unused Nil Rate Band for remarrying widows / widowers. Increases to the NRB for a couple to more than the current £650,000 limit;
· Business Property Relief;
· Agricultural Property Relief.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
6. Pension planning in detail
Wednesday 10 October 2018 1pm – 2pm Law Society House, Belfast
This session will cover:
· Pension contribution limits and restrictions;
· Pension Lifetime Allowance amounts and protections STILL available for large funds;
· Using a pension to buy property;
· Pension Freedoms legislation and the consequences of being trapped in a scheme that can’t accommodate them;
· Death Benefits and the impact of Group Life Schemes on the Lifetime Allowance;
· Pensions in IHT planning;
· Pensions versus other retirement savings plans;
· Options for drawing on pension funds since pension freedoms were introduced.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management
7. Law Society (NI) Financial Advice Roadshow
This will be a 90 minute session combining “best bits” information from the sessions detailed above that are taking place in Belfast. It will comprise:
· Estate Planning using trusts and other mitigation strategies;
· Income Tax and Capital Gains Tax mitigation strategies;
· Retirement planning strategies;
· The new freedoms for withdrawals from pensions for individuals and their dependants;
· Business Protection for partnerships and limited companies.
To increase accessibility this session will take place in the following locations:
Tuesday 13 November 2018 City Hotel, Derry 1pm – 2.30pm
Wednesday 14 November 2018 Silverbirch Hotel, Omagh 1pm – 2.30pm
Thursday 15 November 2018 Canal Court Hotel, Newry 1pm – 2.30pm
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1.5 Client Care and Practice Management
8. Investing for vulnerable individuals
Monday 10 December 2018 1pm – 2pm Law Society House, Belfast
This session will cover:
· The roles and responsibilities of Trustees and Attorneys;
· Suitable investment strategies for Personal Injury Trusts;
· Elderly care options, costs and allowances;
· Estate deprivation;
· Treatment of the home if elderly care is required.
Case studies will be used to highlight opportunities and vulnerabilities.
CPD hours: 1 Client Care and Practice Management