Amy has acted for this couple since she was a trainee, with the matter transferring across with her from her previous firm. The clients have an estate of £7-8m. The couple had concerns about IHT but were reluctant to undertake outright lifetime giving because of their concerns about the impact on their children finding their own way in life and one of their children’s high profile divorce.
Their assets consist of a property portfolio including two in London, various investment portfolios and a shareholding in company in Singapore.
Amy updated their wills whereby on first death a framework is provided for asset protection and IHT planning, an ongoing concern for them. On second death, advice was given about a discretionary trust. Due to matters which came to light in their child’s divorce, they sought to disinherit their child in their Wills, so a detailed letter of wishes was prepared explaining why and to give flexibility for changes to the provision made, which gave the clients peace of mind, should relations between them improve.
They recently purchased a property for one of their children’s former spouse to live with their granddaughter, so the letters of wishes included a right to reside for the granddaughter, giving the clients comfort their granddaughter will have a home after their death. Other advice has included setting up lifetime discretionary trusts, substantial lifetime gifts, investing in BR assets and gifts from surplus income, as well as a Deed of Variation to reduce IHT exposure following Mrs X recently inheriting, all of which are allaying their ongoing IHT concerns. This is an ongoing estate planning matter which Amy has been advising on for a number of years now.
Thomson Snell and Passmore is able to advise on a number of tax and estate planning issues.