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Law Society Financial Advice Series: Estate Planning using Trusts - Tuesday 10th Sept

10 Sep 2019
13:00 - 14:00
Law Society House, Belfast See Details

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. Basics of Financial Planning

Wednesday 15 May 2019 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

2. Business Protection – The vulnerabilities and most common mistakes made by Limited Companies, Partnerships and LLPs

Wednesday 5 June 2019 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

3. Estate Planning using trusts and other mitigation strategies

Tuesday 10 September 2019 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

4. Pension planning in detail

Tuesday 8 October 2019 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

5. 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 12 November 2019 Roe Park Resort, Limavady 1pm – 2.30pm

Wednesday 13 November 2019 Killyhevlin Hotel, Enniskillen 1pm – 2.30pm

Thursday 14 November 2019 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

6. Investing for vulnerable individuals

Wednesday 11 December 2019 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

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