Tax, Trusts & Wills on Second Marriage - A Guide to the Possibilities & Pitfalls

Introduction

Second marriages are becoming increasingly common, and they give rise both to tax planning opportunities and complex family situations.

You should always be aware of the issues in advising such couples including such questions as:

• What are the possibilities and pitfalls in advising such couples?
• What provisions can be made for the first and second family?
• What is the position of the co-habitee?

What You Will Learn

This course will cover the following:

• Tax - IHT planning opportunities:
• Lifetime/trusts/gifts
• On death
• For the widow(er) and armed forces widow
• For the divorcee
• CGT planning opportunities using the new spouse
• Business asset disposal relief/family company shareholdings/partnerships
• Wills - NRB trusts/transferable NRB/care funding trusts:
• IPDIs (with power of appointment)
• Provision for first and second families
• Provision for vulnerable children
• Variation of wills and trusts
• The position of the co-habitee:
• Provisions for the children
• Trusts and principal private residence relief