Are We Safeguarding Our Assets

One of the south's leading law firms Moore Blatch warns couples not to be complacent about the Inheritance Tax changes and maintains that there is no substitution for an individual review of their circumstances.
Chancellor Alistair Darling's Pre-Budget report late last year proposed a generous increase in the amount a married couple or a couple in a civil partnership may give away. Inheritance Tax exemption on the survivor's death could be a combined £600,000 but Helen Starkie, partner and head of wealth management at Moore Blatch, says that people should still review their finances for other asset protection.
"With any major changes to legislation individuals need to review their existing arrangements to ensure they remain appropriate. Certainly with Wills there has never been a 'one size fits all' approach.
"As a result of these latest changes to the law people may wish to simplify their affairs where possible. Alternatively they may take the decision not to amend Wills which include Discretionary Trusts on the first death but to delay the decision until the relevant time, to take account of prevailing issues.
"There are many advantages to setting up Discretionary Trusts. These include asset protection which will safeguard assets from care home fees and ensure the assets remain in the family."
Moore Blatch's private client team advises couples on many aspects of lifetime tax planning and asset protection including the creation of lifetime trusts, the use of trusts in Wills together with the use of retail products such as Discounted Gift Trusts in conjunction with Independent Financial Advisors (IFAs).
The firm, which employs more than 200 staff across five offices, is recognised in the Legal 500 as being one of the south's leading law firms and has again this year been awarded the highest recommendation for a number of disciplines including its personal tax, trusts and probate work.
For further information on lifetime planning, post deal variations or advice regarding existing Nil Rate Band Discretionary Trusts please contact Andy Kirby on 01590 625827 andy.kirby@mooreblatch.com or Helen Starkie on 01590 625882 helen.starkie@mooreblatch.com