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Advisers accused of making IHT plans too complicated

Advisers are overcomplicating inheritance tax planning for clients to earn higher commission, claims a Brentwood IFA.

Unizone principal Richard Prudence says media publicity on IHT planning is prompting advisers to recommend trusts more frequently than is necessary. He says IHT planning needs to go back to basics.

Prudence says the media have given extensive coverage to IHT planning since the Chancellor reformed trust taxation in the Budget.

He says: “Wills are so often overlooked as an option. Advisers need to be looking at the basics first. Some inappropriate advice has been given by advisers whose clients are paying a couple of thousand pounds for setting up a trust when it could cost them 150 to write a will.”

Gilliland Neilson Brown IFA Harry Reilly says: “I would agree that, in many cases, will trust planning is a simple method of mitigating IHT that suits most people.

“You can balance the estate and take advantage of the individual allowances. Up to around 500,000 can be offset now through a will trust, which should cover most people.”

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.

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