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The drafting of a tax-efficient will remains important. CARL ISLAM suggests some effective planning points
KEY POINTS
- A summary of the relevant property regime.
- Possible ways to mitigate IHT via testamentary gifts.
- Altering gifts with a post-death variation.
- Planning with the nil-rate band.
- Using nil-rate band discretionary trusts.
- The importance of regular reviews of wills.
The general rule is that all trusts set up by a spouse or civil partner ('A' and the first spouse or partner to die in the examples below) on or after 22 March 2006 will be subject to the relevant property regime with the exception of the following 'special trusts'.
(1) A trust created during A's lifetime or on death for a disabled beneficiary — a disabled person's trust.
(2) A trust created on the death of a parent for the benefit of a minor child who is to...
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