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Home > Training > Adviser Guides

Adviser Guides

Guide to estate planning

Published by FTAdviser | Mar 21, 2012

There are many estate planning options available making financial advice vital.

This guide looks at the various estate planning options plus the FSA’s requirements for advisers offering assistance in this area.

Answers supplied by Julie Hutchison, member of the Step professional development committee and head of international technical insight at Standard Life, Mark Green, head of tax and estate planning at Legal & General Savings, and Irvine Baxter, UK sales director at Friends Provident International.

IN THIS GUIDE
  1. Q: What is estate planning?

    Estate planning is all about taking action to ensure that your assets are inherited by the people of your choosing, at the time of your choosing,...

  2. Q: What is the inheritance tax threshold?

    The threshold was £325,000 in 2011 to 2012.

  3. Q: What are the FSA requirements for IFAs on IHT?

    As part of the Retail Distribution Review (RDR) the FSA set out the level of qualifications required by IFAs providing retail investment advice,...

  4. Q: How can I mitigate the inheritance tax liability?

    There are lots of options for estate planning.

  5. Q: What are IHT exempt transfers?

    According to Irvine Baxter, UK sales director at Friends Provident International, the main transfers are:

  6. Q: What is a potentially exempt transfer (PET)?

    These are transfers made to people, to a bare trust or to a trust for a disabled person and can potentially reduce the size of someone’s estate.

  7. Q: What is a chargeable lifetime transfer?

    These apply to gifts made to discretionary trusts (and since April 2006 to interest in possession trusts and accumulation & maintenance trusts)

  8. Q: What are the different estate planning options?

    Where a person needs to retain an element of control over the assets, this can be achieved by making gifts to trusts.

  9. Q: What are the pros and cons of different estate plans?

    Some of the inheritance tax exemptions involve quite small sums of money and are quite simple.

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