Supermen Webinar No. 22
Flexible Life Interest Trusts (FLITs) the good, the bad and the ugly plus who should be my Executors and Trustees? Should they be the same people?
Every client needs a hero!
06/10/2016 at 10.00am
Date: Thursday 6th October 2016
Time: 10:00 AM – 11:00 AM GMT
- Flexible Life Interest Trusts (FLITs) the good, the bad and the ugly
The use of “Flexible Life Interest Trusts” is widespread, people recognise the benefit of using spousal exemption to reduce IHT whilst not leaving the assets absolutely to the spouse.
The webinar will explore the use of “FLITs”, the advantages that they can bring to a client’s estate planning but more importantly the disadvantages that this flexibility can bring.
The following questions will be discussed in detail:
- Is it good advice to plan to utilise the transferable NRB in the FLIT?
- Will it be good advice to use transferable RNRB in the FLIT?
- Are there any pitfalls if business or agricultural assets are left to the FLIT?
- Who should be my Executors and Trustees? Should they be the same people?
Although it is common for people to appoint the same person/people to act as both “Executor and Trustee”, it is important for us to consider the very different responsibilities of each role.
“My executors will be my Trustees”. – This is a clause offered in many drafting packages.
Could this clause create a disaster for the surviving family?
This article was submitted to be published by Countrywide Tax & Trust Corporation Ltd. as part of their advertising agreement with Today’s Wills & Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills & Probate.