On Wednesday 20 October, Liverpool Law Society will be hosting their virtual 2021 Private Client Conference!

Time: 9.30am – 3.30pm
Areas of Law: Wills, Trust, Tax and Probate
Competencies: B
Venue: Online

The line-up for the session includes:

→ 9.30am – Welcome and introduction – Louise Scholes, Brabners LLP

→ 9.35am – Private Client Update by Professor Lesley King:

This session will provide a review of current issues in Private Client Practice with a focus on good practice and avoiding pitfalls. The exact detail will depend on any developments in the next few months but it is likely to include:

  • The latest on the Trust Register and implications for trustees of family trusts
  • Where are we now on Probate Practice?
  • What we can and cannot do with post-death variations
  • Self-dealing and conflicts of interest for family trustees including the implications of Smith and another v Michelmores Trust Corp Ltd

→ 10.30am – Why is he talking about Larke v Nugus letters again? – Stephen Lawson

The Law Society Disputed Wills Practice not is one of the most popular practice notes produced by the Law Society – but it is being amended again. Stephen Lawson sits on the Wills and Equity Committee and shares problems, tips and traps for the practitioner.

→ 11.10am – Break

→ 11.30am – Using Business Relief to Mitigate Inheritance Tax Liabilities – Simon Cleaver, Head of AIM Investec

  • Application to shares traded on the Alternative Investment Market (AIM)
  • The regulatory structure of AIM
  • Reducing volatility through a diversified portfolio of shares

→ 12pm – Statutory Wills – Ruth Hughes, 5 Stone Buildings

  • Test for capacity in the Court of Protection
  • Holding wills
  • Mediation

→ 12.45pm – Break

→ An Introduction to Advising Clients on Philanthropy – Steven Appleton, Brabners

This session will introduce participants to the concept of philanthropy and explore the benefits of engaging with clients on this important topic, both to the clients themselves and to your own practice

  • What is philanthropy?
  • How does it differ from charity?
  • Why should I engage with my clients about philanthropy?

→ 2.15pm – Tax & Trusts Update – John Bunker

2021 is a big year for practice changes with the new Trust Register (TRS) rules having a big impact on a wide range of practice including property work. We also await big changes to IHT accounts on estates, to take effect on 1 Jan 2022, with the prospect of big tax changes likely in the Autumn 2021 or Spring 2022 Budgets. Changes in CGT, much anticipated, and IHT might have a big impact on private client practice. We will explore:-

  • TRS and the new rules for registerable express trusts under 5 MLD: what they mean for estates, life policies, pensions and conveyancing – joint ownership and trusts of land; with new guidance in the new TRS Manual and online system due by September 2021, what are our new obligations?
  • TRS for 4 MLD: updating existing trusts and the new annual declaration
  • Tax planning ideas to offer clients to mitigate IHT and CGT, ahead of other anticipated tax changes we might expect within the next year; and opportunities worth taking up while still possible.

→ 3.15pm – Questions, summary and thanks – Louise Scholes

Find out more