Estate Planning for the Middle Income Client - The Effect of Residence Nil Rate Band & More

Introduction

The residence nil rate band has been in existence since 2017.

Unless house prices substantially increase, for many couples IHT will not be an issue as their combined estates will be within the ordinary nil rate band and the residence nil rate band and the transferable nil rate band and transferable residence nil rate band.

However, various conditions must be satisfied in order to preserve the residence nil rate band.

What You Will Learn

This course will cover the following:

• How to ensure that clients keep the residence nil rate band
• How the residence nil rate band can be lost
• How to draft wills so as to preserve the residence nil rate band
• NRB discretionary trusts with power to impose a charge/take an IOU - what use do they have now?
• Second home/holiday home - will it qualify for RNRB?
• Tax planning for those in second or more marriages
• Tax planning for Cohabitees
• The second home
• The use of the family home in lifetime tax planning schemes
• Property abroad
• Use of the lifetime exemptions from IHT
• The family farm and farmhouses