ADVERTORIAL 12 days of Christmas
Anne Lewis, a partner at law firm Cripps, comes bearing gifts in the form of some seasonal advice on protecting your assets
A pre-nuptial agreement
Has your loved one proposed to you on Christmas Eve? In most cases the romance lasts, but for some the dream is not reality. A relationship breakdown can have a huge financial impact on your affairs. A pre- nuptial agreement recording how assets should be divided on the breakdown of a marriage can help.
Two wills
For two turtle doves, it’s important to make wills, so you can pass your assets to your loved ones when you die, and to give certainty to your wishes. At Cripps we offer competitive packages for partners making mirror wills and would be happy to assist you with this process.
Three French houses
Properties abroad? You may need to make a will in the country where your property is situated. However, if you already have a UK will, it may include a clause revoking all previous wills, including the overseas one. If such is the case, you should prepare a fresh will in the UK.
Four Lasting Powers of Attorney (LPA)
Who do you think manages Santa Claus’s affairs while he is away over the Christmas period? If you have an LPA, you can appoint attorneys to manage your financial affairs whether or not you have capacity. If you have a health and welfare LPA, your attorneys can make decisions concerning your health and welfare when you might be unable to.
Anne Lewis
Cripps can offer you, your spouse, and your parents a package offer.
Five gold rings
Along with your will, Cripps can prepare you a letter of wishes. The letter records personal bequests to your loved ones, for example who you want to pass your jewellery to when you die. This gives direct guidance to your executors. Please, let’s avoid family disputes this Christmas, unless it’s over who has control of the remote…
Six classic cars
If you’ve been good this year, you may find yourself acquiring a classic car. Unlike normal cars, certain classic cars increase in value, but are not subject to capital gains tax, making them a good “investment vehicle”.
Seven digital passwords
If you are an entrepreneur, and die without giving access to your company’s online assets, the resulting administrative disruption could have an impact on your business’s survival. One way to prevent this is to enable your executors to have access to your personal and business accounts. Cripps can advise on how this can be done without compromising security.
Eight grandchildren’s bare trusts
This is a popular trust model for grandparents wishing to provide for grandchildren who may not be of an age to receive the funds.
Nine pension pots
Are you contributing to a pension pot with your current employer, and have other pension pots from previous employments? Let’s talk turkey: combining your pension pots into a self-invested pension plan (SIPP) can provide
for your retirement in a tax efficient way. The SIPP will not attract capital gains or income tax, and you can nominate your children to receive the SIPP on your death.
Ten paintings hanging
Some works of heritage art can be exempt from inheritance tax on the condition that undertakings (such as taking care of the asset, and making the asset available for public viewing) are given to HM Revenue & Customs by the person who is carefully unwrapping their gift.
Eleven lifetime gifts
Young or old, everyone enjoys giving and receiving gifts on Christmas Day. The good news is you have an annual exemption of £3,000. This means that as part of your lifetime inheritance tax planning you can give away gifts of up to £3,000 per year which will never become subject to inheritance tax.
Twelve woodland trees
Thinking of investing in Christmas trees? Buying a wood or forest as an investment may not be an obvious choice, but the investment can be sheltered from inheritance tax as a deferral relief for long term forestry. Inheritance tax will only become chargeable when the timber has been felled and sold.
And a partridge in a pear tree…
About Cripps Cripps is a key regional law firm serving clients nationally and internationally from offices in Kent and London. Recognised countrywide for both its commercial and private client work and Legal Team of the Year (Midsize) in the 2014/15 STEP Private Client Awards, the firm focuses on wealthier families, entrepreneurial businesses and the real estate sector.
For more information or advice, please contact
Anne Lewis T: 01892 506356 E:
anne.lewis@cripps.co.uk Find out more at
cripps.co.uk or follow us on
@crippslaw
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