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LAWYER'S OPINION
New Capital Gains Tax provisions in France since 1 February 2012
The reform adopted in August 2011 is now in force and affects owners of second homes and properties other than their main home.
ELDERLY CLIENT
Intermediate care (Updated 12.3.2012)
In the previous articles we have considered the law relating to the discharge of still vulnerable patients from hospital. Admission to hospital can be traumatic, leading to disorientation and a loss of confidence. But with proper support during a transition period, a person may be able to return home.
SPEAKERS' CORNER
Executor Choice: Lay v Solicitor
SITUATION VACANT: Administrator, Event Organiser, Accountant, Diplomat, Personal Representative, Salesperson, Distributor, Antique Dealer, Sorter, Caretaker, Chief Mourner, All Round Good Egg. Only those of impeccable standards, morally sound and essentially decent need apply. In return there is no salary, although expenses will be paid upon production of relevant receipts.
FINANCE & INVESTMENTS
Investing in volatile markets - not for amateurs!
Trustees appreciate that they have a duty to invest, with professional advice in most cases, in line with the trust’s objectives (ss 4 & 5 Trustee Act 2000). This might, for example, mean choosing investments that deliver a certain level of income or which do not create adverse tax consequences for either themselves or the beneficiaries. Usually a suitable professional, typically an independent financial adviser or tax accountant, who is an authorised person under s.31 Financial Services & Markets Act 2000, will be able to give the right advice to help the trustees with decisions on issues like that.
PRACTICE MANAGEMENT
Managing WIP and debtors – getting fee earners to take ownership
How bad is the problem?
Nearly every firm struggles with cash flow, primarily because it is not as good as it might be at managing lock up. The numbers vary dramatically from firm to firm and from one work type to another but on average it takes around four months to turn time spent on a client file into cash. The consequence of this poor state of affairs is that firms are regularly having difficult conversations with their bank and they feel unable to invest for the future.
WORKING SMARTER
Is your firm’s website ever going to be found?
I mean it. Most law firms use “lawyer speak” such as “private client”, “private wealth” or how about the “wealth and succession team”. It is all very well creating all these names for your teams but if a member of the public wants to make a “Will” or is looking for help because Mum has “lost mental capacity” will your website be picked up by that client?
PRIVATE CLIENT GLOSSARY SEE COMPLETE LIST
Aged 18 - 25 Trust
The Finance Act 2006 made many changes to the inheritance tax treatment of trusts. In particular it abolished accumulation and maintenance trusts which had been popular for gifts to children and grandchildren. Accumulation and maintenance trusts were popular because they enabled the settlor to provide funds for young people at a later age than 18 but yet benefited from no inheritance tax charge at the time the nest egg passed to those young people.
The Aged 18-25 trust is a less beneficial and flexible replacement.
ABOUT LAWSKILLS
LawSkills is an online resource and legal training consultancy for private client solicitors and other professionals dealing with private client issues.
With the ever changing landscape of private client law and the commercial pressures of the industry creating a much more diverse sector, private client professionals have the need to be more proactive with their business and the advice they offer.
Our law consultancy is made up of quality industry thinkers, headed by Gill Steel. Our team have trusted reputations and not only offer quick and easy access to a wealth of information in the LawSkills online legal resource; but also commentary on cases that affect the private client sector in England and Wales.
We scour current cases that have implications on the advice you give your clients. We offer practical advice on the way private client businesses need to adapt to changing markets. We also offer regular podcasts that can be part of your ongoing legal CPD training.
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