Commentary

I12.102 The practicalities

IHT, trusts and estates

I12.102 The practicalities

I12.102 The practicalities

The description of 'wealthy' is necessarily subjective but as a 'rule of thumb' any individual with an estate in excess of the nil rate band (£325,000 for the 2009–10 years of assessment onwards) should be made aware of the possible impact of IHT. It may be that a discussion will not lead to planning of any complexity; however, it is preferable that the lack of action should be by way of a conscious and informed decision on the part of the client rather than by default.

The professional adviser reviewing the affairs of his client from an estate planning perspective should remember that in so doing he may be asking his client to consider issues—not directly related to tax—to which he has not previously turned his mind (and may indeed be reluctant to do so). For example, when does the client plan to retire' Does the client have any views on the possible re-marriage of his spouse' Does the client wish to treat his children equally or otherwise, and does his partner concur'

Guided' by his adviser, the client must identify his

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