Guide to estate planning
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
As part of the Retail Distribution Review (RDR) the FSA set out the level of qualifications required by IFAs providing retail investment advice,...
There are lots of options for estate planning.
According to Irvine Baxter, UK sales director at Friends Provident International, the main transfers are:
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.
These apply to gifts made to discretionary trusts (and since April 2006 to interest in possession trusts and accumulation & maintenance trusts)
Where a person needs to retain an element of control over the assets, this can be achieved by making gifts to trusts.
Some of the inheritance tax exemptions involve quite small sums of money and are quite simple.