The importance of a Health and Welfare lasting power of attorney
Amy joined Brachers in September 2014 as a trainee solicitor and qualified into the Private Client team in 2016 after spending the majority of her training contract focusing on estate planning.
Amy specialises primarily in tax planning and succession matters for clients with agricultural or business assets with a view to mitigating tax exposure and preserving family wealth for future generations by providing practical, clear advice whilst understanding the sensitivity and often competing objectives of family circumstances.
Amy also provides advice on the preparation of wills, trust creation, powers of attorney and estate / trust administration as well as court of protection matters.
This year she has been shortlisted for Young Practitioner of the Year at the STEP Private Client Awards. One of only six young professionals from across the globe recognised as an up and coming practitioner within the industry. Winners will be announced at the black tie dinner on 7 November 2018.
Qualifications and Memberships
- Dementia Friend
- Kent Law Society
- Student member of The Society of Trust and Estate Practitioners. Amy is currently completing the examinations required to obtain full membership
Some of Amy's recent cases include:
- Acting for a number of longstanding clients of the firm, in particular significantly wealthy clients following the sale of their multi-million pound company. Advice included revising their wills to incorporate trusts and leaving their ISAs outright on first death to benefit from the transferrable ISA allowance, liaising with their investment manager about gifting surplus income, advising on other lifetime gifting to reduce the value of their estate for tax purposes and establishing (together with the ongoing management) of their lifetime discretionary settlements.
- Advising a farming family on the diversification of the farm to carve out a caravan park from the overall title with a view to increasing the availability of Agricultural Property Relief. The value would then be removed from the client’s estate after seven years and would increase the eligibility of their estate for Agricultural Property Relief.
- Advising a farming family with an existing family trust which gave a life interest to the father about setting up a family partnership to transfer assets not eligible for Agricultural Property Relief into a partnership structure with a view to claiming Business Relief on the father’s death to save approximately £1.5million of tax.
- Advising in the administration of an estate worth over £2million which included assets available for Business Relief and where the deceased had made a number of lifetime gifts, a successful claim for gifts out of surplus income was made creating a significant tax saving. Advising on the subsequent will trust including considering the tax exposure of the beneficiaries and their wider families.
- Advising personal representatives about an estate where the deceased died without leaving a valid will. The estate included a horticultural partnership, of which the deceased’s son was a partner. The partnership warehoused a number of properties as well as land. The advice included preparing a deed of variation to make a successful claim for both Agricultural Property Relief and Business Relief for the business assets with the remainder of the assets being varied to give his surviving wife a life interest to claim the spouse exemption. This created a tax saving of approximately £500,000.
Articles by Amy