Kicking the bucket. Popping your clogs. Pushing up the daisies.
No matter how much we tiptoe around saying it, we can’t ignore the fact that two things are inevitable in life:
- death; and
- an online Assembly about what happens to tax wrappers when you die.
But it’s really important stuff. Because for surviving family and friends who are struggling to cope with their loss, knowing a paraplanner or adviser has a posthumous plan of action for a client’s money when they die, avoids a wealth of unnecessary distress, doubt and anxiety.
In fact, getting it right has the potential to be one of those ‘moments of truth’ for clients – the kind of support that they never forget and are grateful for years later.
But where to start?
To begin with, join fellow passengers to the grave online at 1pm on 14 June 2023 where we’re going to explore what happens to tax wrappers when clients die.
To help us navigate the issues for paraplanners, we’ll be joined be Barrie Dawson from M&G Wealth.
Following this lunch-hour Assembly, expect to be a whole lot clearer about:
- how tax works;
- how money is distributed;
- who needs to do what to get the money; and
- where it needs to go.
We’ll consider a whole variety of taxes – including income tax, inheritance tax and capital gains tax – as well as administrative issues such as probate.
And we’ll point out essential planning tips for paraplanners as we go.
In particular, we’re going to:
- look at pensions and the impact of pension freedoms and recent budget changes;
- tackle what happens to ISAs – including the fact they are not inherited (even though a lot of people think they are);
- consider general investment accounts;
- explore bonds that are held by a client and who’s liable for the tax; and
- delve into tax liabilities for investment bonds held in trusts.
The big idea is that, next time one of your clients gets in touch to say someone close to them has died, this Assembly will help give you the confidence to say: ‘Please don’t worry about anything. I can help.’
Want to join?