Recent work
Advice on mitigation of inheritance tax
We provided technical advice to clients with several million in assets and a substantial annual income. We advised on ways to substantially mitigate a potential inheritance tax liability of close to £1million. Steps we advised our clients to take included giving substantial gifts to family members on a regular basis to avoid the accumulation of surplus income in their estates and to insert specific provisions in each will to reduce exposure to inheritance tax.
Estate administration
Historically the deceased, used big name City law firms for some of his personal work. However, he chose to instruct DMH Stallard to draft his will and the executor has chosen to use us to administer the multimillion-pound estate because of our local knowledge. The breadth and depth of experience means we can deal sensitively with many of the internationally high-profile people who benefit under the will, or who are involved in the deceased’s estate.
Acting as Deputy for an individual with dementia
DMH Stallard were asked to manage the affairs of someone with dementia who had lost their mental capacity, were unable to manage their affairs and continue to live independently. DMH Stallard Trust Corporation applied to the Court of Protection to be appointed as their Deputies. There was no extended family or close friends. We found a suitable residential care home for them that specialised in dementia care and sold their property, taking financial advice to ensure there were sufficient funds to cover their care home fees and general living expenses.
Wills and Estate Planning advice
We provided estate planning advice to a married couple aimed at maximising allowances available to their estates. Specifically in this case we arranged for the wife to gift her residence nil rate band (RNRB) to the children in an attempt to bank relief because she had assets of a lower value than her husband. We maximised asset protection by incorporating a flexible life interest trust (FLIT).
Administration of a high net worth estate.
Historically the deceased, used big name City law firms for some of his personal work. However, he chose to instruct DMH Stallard to draft his will and the executor has chosen to use us to administer the multimillion-pound estate because of our local knowledge. The breadth and depth of experience means we can deal sensitively with many of the internationally high-profile people who benefit under the will, or who are involved in the deceased’s estate.
Advice on post-death variations of will and tax relief
DMH Stallard advised the executors of an estate where the deceased had assets held within a company registered at Lloyds. DMH Stallard successfully claimed Business Relief over various assets within the estate. We also advised the executors on a deed of variation which was successful in securing a reduction in the inheritance tax payable,
Lasting Power of Attorney
We often prepare Lasting Powers of Attorney as part of our overarching private client service, encompassing advice on wills, trusts, inheritance tax planning and succession planning. It’s an area of our practice that demonstrates the way we link various specialisms across the firm to enhance the service we deliver to clients.
Power of Attorney Advice
We provided advice and support to a lady in her 90s with frailty and early stage dementia. The PoA ensured that when her dementia progressed to the stage she could no longer make decisions for herself that one of her daughters would make all decisions in relation to her financial affairs and health and welfare. This was an important document that provided peace of mind and enabled the family to chose the care she received.
Advice on mitigation of inheritance tax
We provided technical advice to clients who were in their eighties with several million in assets and a substantial annual income. We advised on ways to substantially mitigate a potential inheritance tax liability of close to £1million. Steps we advised our clients to take included giving substantial gifts to family members on a regular basis to avoid the accumulation of surplus income in their estates and to insert specific provisions in each will to reduce exposure to inheritance tax.
Intervening to prevent client being pressurised into making investments
One of our long-standing clients contacted us as he was concerned that he was being pressurised to invest in a bond and to place his property in trust. We were able to assist the client in making his own decisions, explaining to him his own financial situation to allow him to plan for his future. We prepared a Property and Financial Affairs Lasting Power of Attorney where the client appointed the DMH Stallard Trust Corporation as his attorney, enabling us to assist and support him to make and execute decisions whilst he retained mental capacity. Furthermore, the LPA allowed the firm to protect our client’s best interests following the loss of mental capacity.
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