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.
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