In November we held our first ever private client virtual summit, covering a range of topics. Below you will find the details of all of the webinars we held, and recordings so you can catch up on the advice we provided throughout the week.
Exit strategies and planning for the future
In the first session of the week, our experts shared valuable information on how your clients can protect both business and personal wealth. This session focused on three key areas - successfully exiting a business, family investment companies, and wealth planning for individuals in sport, media and entertainment.
Navigating a successful exit
Whether it’s something your client is looking at now, or if they’re thinking about it in the future, having a robust plan in place for business exit is a crucial element for financial strategy. In this session, we covered:
- The key stages of the sales process in preparation of any likely exit
- Pitfalls to avoid and how to navigate a successful exit
- Safeguarding the client and their family’s future
- Practical take away tips to guide owner managed clients in how to successfully exit their business.
Family Investment Companies (FICs)
FICs are becoming an increasingly popular method of wealth structuring, and can provide an efficient alternative to traditional planning options, offering greater control and tax efficiency.
So, who are FICs most appropriate for, and how are they used? Our session covers this, and explains where they fit into succession planning to protect and provide for the next generation.
Wealth planning for sports professionals
Whether your clients are business owners or sports professionals at some point they will want to consider exiting their business or line of work. So it’s important that they consider how to protect their wealth and assets. In this session, we covered:
- Client case studies where we’ve assisted athletes in making a seamless transition out of sport
- Futureproofing commercial deals made during a sporting career
- How the right advice at the right time can protect wealth if things don’t quite go to plan.
Watch this event here.
Understanding leasehold extensions and protecting the vulnerable
In this session, our experts shared how to help people protect the wealth of the elderly and vulnerable, and understand residential leases. The key topics covered were methods to protect vulnerable people from financial abuse and how to ensure their best interests are looked after, and what you need to know to understand leasehold enfranchisement and lease extensions.
Protection of the elderly and vulnerable
Mental capacity in elderly and vulnerable populations can change from day to day, and this fluctuating ability to make decisions can make them more vulnerable than most. This session covered mental capacity issues in the context of:
- Estate planning
- Lasting Powers of Attorney
- Deputyships
- Financial abuse
- Undue influence.
Is it a good time to enfranchise or extend your lease?
Residential leaseholds haven't had the best press in recent years, with reports of leasehold 'traps' and rumours of leasehold property sales being abolished peppering the news. Our experts can help you understand this area of residential property law. This session covered:
- Whether a lease is still a good asset
- Whether it's a good time to extend a lease or buy a freehold
- Updates on legislation changes.
Watch this event here.
Safeguarding you and your loved ones' wealth
This session saw our experts providing guidance on how to protect personal wealth. It focused on three key areas - how to stay compliant when registering a trust, handling international assets alongside capacity issues, and how to financially protect young couples tying the knot.
Trust in time: a guide to the new regulations surrounding trust registration
Staying on top of compliance for trusts isn't easy when the regulations change. This session covered:
Practical advice for using the HMRC online Trust Register service now it's been upgraded
How to complete the additional compliance procedures
Trusts which are now caught by the 5th Anti-Money Laundering directive.
International incapacity
What should you consider when protecting a person's wealth, if their assets and money are held overseas? Our experts will discuss how to handle this, and what to consider when international capacity issues complicate things further.
The hidden cost of love for millennials
When it comes to millennials, should couples be encouraged to talk about the "what if's" before walking down the aisle together, what happens when life events change a marriage and what happens when the bank of mum and dad calls in that "loan". In this session our experts discussed the impact of "what if's" on young couples.
Watch this event here.
Protecting Wealth Overseas, On Divorce, and On Receiving a Large Sum
In this session our experts shared tips on protecting personal wealth. The three areas covered were tax efficiency when entering the UK, handling divorce that involves international assets, and protecting individuals who suddenly receive a lump sum.
Tax efficient entry to the UK for you and your business
In this session our experts shared practical tips and best practices aimed at foreign businesses and individuals to ensure smooth and tax-efficient entry to the UK market. Drawing on many years of cross-border experience, our team shared case studies and key learning points to help you assist your clients during what can be a complex and stressful process.
Assets held abroad - what do I need to think about on divorce?
Going through a divorce is a challenging time, and when the split involves assets overseas, it's even more complex.
This session will cover the following in regards to finances:
- Access to information
- Applicable law
- Forum for any dispute (including Choice of Court clause and the Brack case)
- Implementation and enforcement
- Tax.
Wealth creation moments
If you suddenly came into a large sum of money, what would you spend it on? It's a popular question - but most of the answers don't include protecting that newfound wealth. Our experts will cover the risks and safeguarding measures a client should consider putting in place when they receive a lump sum of money. With experience in working with those receiving personal injury settlements and lottery wins, our experts explain the vulnerability this creates and how to navigate it.
Watch this event here.
Navigating rural estate planning, divorce in later life and the UK housing market
In the final session of the week, our experts shared valuable information on how to help your clients protect business and personal wealth. The session focused on three key areas, divorce in later life and associated financial planning implications, how to protect a rural business, and what's happening in the UK housing market.
The legal and emotional journey of divorce in later life
Divorce is a difficult thing to go through, and relationship breakdown as a mature client can bring with it a host of extra complications. This session covered:
- How to support a client experiencing relationship difficulties or is separating/divorcing
- The impact separation and divorce has on wider financial planning
- The family law matters any adviser should be aware of
- Triggers to look out for and tips on how to best guide the client in the right direction.
Protect, preserve and future-proof a rural business
Our Rural team members used examples of poor estate planning and Wills to demonstrate the impact it can have on a rural family business or landed estate. They also explored the potential claims that can arise following death, such as Will validity, 1975 Act claims, and proprietary estoppel.
What's happening in the UK housing market?
This session looked at the impact of Brexit on the residential property market and how that might develop into the new year.
Our experts also looked at other influences on the market such as wall cladding after the Grenfell tragedy, and the proposed reforms to leasehold properties.
Watch this event here.
Attendee testimonials
"Very useful, and great to have contact details in case any queries arise in future."
"Clear, relevant, and a good length."
"The whole summit was a credit to Irwin Mitchell."
A monthly briefing from Irwin Mitchell
December 2020
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