The Increasing Importance of Trusts In Estate Planning
Recently, HM Revenue and Customs released their taxation receipts for 2018/19. Amidst the parade of extremely large numbers stood the bold figure that Inheritance Tax contributions had surpassed £5.2 billion for the first time.
The figures also highlighted that revenue from Inheritance Tax (IHT) has continued to rise since 2010, with this year’s £400 million increase 0.4% higher than the receipts for 2017.
Overall, IHT contributions have increased by £1 billion in the last 5 years with many speculating that they are only going to increase in the future.
Worryingly for people looking to secure the inheritance they can pass on to their loved ones, NFU Mutual have predicted that these figures will rise to £6.5 billion by the end of 2019/20.
Even though Brexit uncertainty has temporarily rocked consumer confidence in the housing market, house prices still increased by 0.1% according to the Halifax House Price Index for December. As prices continue to hold firm despite Brexit implications, more estates are being dragged into the threshold liable to pay Inheritance Tax.
When Inheritance Tax has the potential to affect more people, it is vital that those working in providing Estate Planning advice are able to offer relevant guidance to those who are concerned by the implications IHT will have on their estate.
The Institute of Professional Willwriters (IPW) and Institute of Scottish Professional Willwriters (ISPW) are committed to ensuring the continual professional development of their members.
A range of insightful courses, led by expert specialists, are regularly available to both members and non-members of the Institute.
The Introduction to Will Trusts, taking place on June 25th at the Ibis Styles Hotel in Birmingham, is a perfect course for newly qualified Willwriters who wish to understand the technical aspects of creating a Trust accurately for their clients by understanding the fundamental principles of Will Trusts as they become increasingly important considerations in Estate Planning.
Additionally, the Lifetime Trusts Instruction Taking, taking place on 27th January at the Taylor Rose TTKW in Lichfield, course delivered by industry experts Peter Burton and Corin Holness of the Philips Trust Corporation, will delve into the intricacies of creating bespoke and complex trusts using the increasingly popular ‘Taylor Rose TTKW/Philips Trust Corporation way’.
Highlight to your clients that you are confident in taking instructions and have a clear understanding of Asset Protection Trusts, Care Fee frameworks and the tax position of clients’ trusts by utilising the available courses.
Remember to take advantage of the unique opportunities the IPW Annual General Meeting and Willwriting Academy National Conference* will bring, including the opportunity to discuss these pertinent and changing issues with knowledgeable, like-minded professionals in Wills and Estate Planning.
* The Conference is being held at Drayton Manor Hotel & Conference Centre near Tamworth, Staffs, B78 3TW on Wednesday 20th and Thursday 21st March 2019. Advance booking is essential.