Estate planning

Question 1

R & J changes to allow estate planning objectives to be met

Answer 1

• amend wills
• to include IPDI IIP trusts
• to receive half of the property and all individually owned assets on first death
• change property ownership to tenants in common
• nominate spouse as life tennant
• and child as remainder man
• this will allow the surviving spouse to remain in the property
• whilst receiving income from remaining assets during their lifetime
• after second death assets pass absolutely to the remainder man
• IPDI IIP is considered part of estate on 2nd death
• so the inherited RNRB can be used by the estate
• as property is passing to direct defendants
• nominate money purchase plans into a spousal by pass trust
• naming surviving spouse as a potential beneficiary and trustee
• name child and grandchildren as potential beneficiaries
• surviving spouse can receive an income from the trust during their lifetime
• then after their death into their child/grandchildren