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Private client, Wills , | Recorded webinar

Private Client Law Update and Refresher Course – IHT

2 hoursIntermediate

This virtual classroom was delivered on 16 November 2021. The on-demand version is available for purchase now.

Delivered by renowned expert in the field Professor Lesley King, this course provides an update in probate law and practice. It is suitable if you are considering returning to this area of law following a career break or currently work within private client law and wish to update your knowledge in certain areas.

This event is one in a series of seven for individuals across all levels of PQE who are seeking to update their knowledge of private client law. The other sessions can be booked through this link.

Who this is for

Paralegals, Solicitors.

Required prior knowledge

Prior experience and knowledge of IHT law and practice.

Learning outcomes

SRA competence: A2  +2 more for SRA competence: A2, A4, A5

After this session you will be aware of the recent changes to IHT and able to:

  • calculate IHT correctly, and
  • advise appropriately on IHT issues.
What this will cover

THE TRANSFER OF VALUE

  • Loss to the estate principle
  • Open market value

GROSSING UP & PARTLY EXEMPT TRANSFERS

  • What is grossing up?
  • When is it necessary on death?
  • Allocation of IHT on partly exempt estates
  • Double grossing up

LIFETIME GIFTS

  • Limitations of taper relief
  • Who pays the IHT?
  • Dangers for PRs and trustees
  • Changes in value between gift and death

RESIDENCE NIL RATE BAND (RNRB)

  • Overview
  • Transferred RNRB
  • Availability on residences held in life interest trusts
  • Adjustments to will drafting
  • Downsizing