The Private Client Conference at Scots Law 2022

As client needs become ever more sophisticated, the modern private client practitioner must draw from an ever deeper well of knowledge

Our new online Private Client Conference, chaired by Martin Campbell of Anderson Strathern, focuses on where your advice can make a real difference with lifetime tax planning, digital assets, disgruntled beneficiaries, mental health and incapacity, challenging executries, succession planning with life policies and pension death benefits and estate planning for non-domiciled individuals just some of the topics that will be covered in our comprehensive agenda.

This event is sponsored by Title Research

Questions to be considered will include:

• what are the measures available to minimise the tax exposure on death to help maximise family wealth?
• what might the future hold as a result of the imminent publication of the report of the review of Scottish mental health and incapacity law?
• what are the issues around wills and estate planning for non-domiciled individuals?
• what are some potential solutions for disgruntled beneficiaries?
• how can you smooth the process in certain challenging executries?
• what are digital assets and what happens to these assets on death or incapacity?
• how do you effectively plan with life policies and pension death benefits?

What's being covered?

Lifetime IHT Planning Review

With the Office of Tax Simplification’s IHT and CGT reviews now behind us this is an ideal time to take a fresh look at the measures available to minimise the tax exposure on death to help maximise family wealth. Martin’s presentation will provide a comprehensive review of the main IHT exemptions available together with a range of practical and effective lifetime IHT planning options including death-bed planning matters. Martin will also cover recent relevant developments in legislation, case-law and HMRC practice.

Martin Campbell, Anderson Strathern

Mental health and incapacity - what's that coming over the hill…?

The report of the review of Scottish mental health and incapacity law was published at the end of September.  Sandra McDonald will talk about what the future may hold as a result of this.

Sandra McDonald, EX-PG

Estate planning and issues on death for non-domiciled individuals

This talk will cover issues around wills and estate planning for non-domiciled individuals in relation to Scots law.  We will cover points on wills relating to Scottish assets, ensuring that these dovetail with existing non-UK plans, and the administration of non-UK-domiciled estates on death, including dealing with the Sheriff Courts and HMRC.

Mark McKeown, Turcan Connell

Disgruntled beneficiaries

Disgruntled beneficiaries are becoming more frequent with both executries and trusts, whether it is because they had certain expectations of what they were going to receive or because of other family tensions and mistrust that exist.  We will discuss some of the practical issues we face, and potential resolutions including variations, rectification, mediation, and certain court options that may assist.

Sarah-Jane Macdonald, Gillespie Macandrew

Challenging executries – case studies on smoothing the process

In a series of case studies we will consider: the hoarding deceased – untangling the UK assets of a serial investor; the travelling deceased – handling and realising the assets of a deceased who travelled frequently and worked overseas; the generous deceased – tracing the multiple missing beneficiaries named in a will; and the anti-will deceased – untangling the family tree of a deceased who refused to make a will in her lifetime.

Simon Barber, Title Research

Digital assets: planning and pitfalls

From social media accounts, photo albums and music collections to crypto currencies and non-fungible tokens, digital assets are increasingly a central aspect of people’s lives.   It is therefore vital that private client advisors are alive to the particular challenges that executors and attorneys may face with when dealing with digital assets, in the event of death or incapacity.   This talk will address various key questions including: what are digital assets?   What happens to these assets on death or incapacity?  What obstacles do executors and attorneys face?  What steps can individuals take to ensure control and succession of their digital estate?  How are crypto assets taxed?

Nick Dobbs, Anderson Strathern

Succession planning with life policies and pension death benefits

The focus for financial planning with abrdn is on the intersection of our clients finances and their lives, how do we create the opportunity for them to have confidence, peace of mind and clarity with their financial decision making and personal position. Although a complex subject with a strong technical underpin running throughout, we firmly believe financial planning is a people centric business first and foremost and put the clients unique circumstance and position at the forefront of every discussion. We will chat through the mechanics of this though explaining the pension plan and life policy, the importance of age 75 for pension death benefits whilst maximising the pension freedom options available where we are then discussing asset protection where tax efficiency along with pension nominations and trust options being highlighted as particularly important tools.

Fraser Kerr, Ross Hunter & Vanessa Hutchison, abrdn Financial Planning and Advice Limited