The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Surrey-based tax specialist Nicholas Acomb has helped launch a Scottish Amicable insurance policy designed to help parents pass on assets to children while providing for the growing need for expensive nursing home care.
Acomb, partner with Guildford and Farnham-based firm Stevens & Bolton, says people are increasingly hesitant to transfer assets to children because of fears over possible long-term nursing costs.
"It is important that solicitors know there is a product on the market dealing with nursing home care where it is a problem, when people are trying to give away assets in a tax efficient way," says Acomb.
"It is important then that they also get independent financial advice."
The policy uses a split benefit trust to create a tax-efficient way of providing for nursing home care and reducing inheritance tax bills on a person's estate. "It gets around the 'gifts with reservation of benefits' problem which occurs with inheritance tax legislation," says Acomb.
"A need was identified [by Scottish Amicable] to remove parents and children's worry of planning for future care and also reducing the impact of inheritance tax on death. We provided the legal input for a product that would satisfy this need."