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News & Updates 12th November 2008 - SEV forms replace RX1 for Severance of Tenancy 14 March 2008 - General Power of Attorney module 9 Oct 2007 - Pre-Budget Statement & IHT Planning 24 Sept 2007 - Lasting Power of Attorney - update information 1 May 2007 - Problems with VISTA (the new Windows operating system) 16 April 2007 - IHT Trusts threat for non-working spouses 1st April 2007 - new Enduring Power of Attorney becomes obligatory 3rd January 2007 - Version 2.0.71 Style choices in main setup program. Update information available from Help menu 30th October 2006 - Internet Explorer display problems with Legacy Documents 12 June 2006 - Land Registry availabilty of Title Numbers 30th March 2006 - Budget implications for IHT Tusts 7th March 2006 - Will Style Options free upgrade program 4th January 2006 - Version 2.0.26 with updated Help Tutorial 10th October 2005 - IHT Savings for Unmarried Partners 2nd September 2005 - Trial program available for all document modules 25th August 2005 - software update to add IOU trustee powers with IHT Trusts 26th September 2004 - Advisers push families into costly tax plans Gift-and-loan trusts have been given a temporary reprieve - but it is still likely that redrawn legislation will ensure that they are invalidated in the near future. If the major insurers are promoting these schemes as a sales vehicle for single-premium bonds, will such arrangements soon be the basis of the next mis-selling scandal? Read the Sunday Times report at: http://business.timesonline.co.uk/article/0,,9559-1278993,00.html 29th August 2004 - Families sold "doomed" tax plans Loan trusts, IOUs on property, gift-and-loan schemes, etc. are called into question yet again as being unsuitable vehicles for Inheritance Tax mitigation. Two leading articles in the money section of the Sunday Times entirely concur with the position we have always taken. Read our IHT Planning - Special News Topic which has been written in response the numerous questions we are asked (almost every day!) about this issue June 2004– Mental Capacity Bill The government wants to introduce a law to give people a clear legal right to draw up Advance Directives popularly known as "living wills". The wills would enable people to spell out what medical care they want if they become seriously ill and are unable to make their own decisions. People can use the wills to state that they do not want treatment to prolong their life if they are dying. The proposals are outlined in a new Mental Capacity Bill published 18 June 2004. The courts already recognise living wills but the Bill aims to enshrine the right to draw one up in law. May 2004 – new modules available Partnership Agreements. Vital for all non-incorporated companies. The Partnership agreement defines the setup of the business including capital, shares, advisers, financial arrangements, benefits, drawings, holidays, retirement, termination, etc. according to the stipulations of the Partnership Act 1890 Employment Contracts. A legal requirement under section 1 of the Employment Rights Act 1996 for both full or part time employment. The contract generated specifies place of work, duties, salary, holidays, pension sickness, grievance procedures, confidentiality, non-disclosure, termination, etc. Appointment Generating. Each set of Will instructions generates a natural list of referrals in the form of executor and guardian appointments. This module makes it easy to capitalise on this valuable data. Letter content can be customised with your company information. Print your scanned signature with all letters generated. Flexible Gift - Policies in Trust. Putting life policies in trust is recommended for most family protection insurances – the policy benefits are independent of the estate, are not included in IHT calculations and can be paid out immediately without waiting for probate. This module generates documents for putting any life policy in trust at any time after the initial purchase. 16 April 2004 - Version 2.0.81 Legacy Document System recompiled in the latest Microsoft Visual C7 programming language. New user functions include:
March 2004 Budget announcement IHT exemption level increases to £263,000. Maximum tax saving possible with a discretionary trust is now £105,200 January 2004 First release of new Estate Planning Review presentation program. This software is part of a suite of illustration applications which help clients decide on the most appropriate structure for their Wills and related documents. At present these programs are only supplied to full time consultants working with our associated processing company Legacy Partners Ltd. November 2003 Because of the new regulations which came into effect on 13th Oct 2003, our Severance of Tenancy module is now issued with a convenient RX1 form containing a dropdown selection for all Land Registries, details of procedure for software users offering this service, direct links to Land Registry sites to look up title numbers (now required) and an illustrated instructions which can be reprinted to show clients where their signatures are needed. October 2003 Stamp Duty now payable on any charge on a property conveyanced into joint names. If a client owns a property in a sole name and arranges to own it into joint names for estate planning purposes, 1% stamp duty becomes payable on the share of any outstanding debt or mortgage on the property. E.g. a property with an outstanding mortgage of £20,000 changed from sole ownership to being owned as tenants in common in equal shares would require stamp duty on half of the amount owing i.e. 1% of £10,000 = £100. Note: the value of the property itself is not taken into account.
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