Tom Coker paralegal

1. Tom Cokerparalegal 0555 750882 tom.coker@wanadoo.fr

2. Where is home? • Citizenship and nationality are almost the same but are different from • Domicile whichis different from • Permanently resident which is different from • Ordinarily resident for tax purposes which is different from • Resident

3. Will Living Will Lasting Power of Attorney Lifetime Gifts Deed of Family Arrangement Declaration of Trust Civil Partnership Testament Testament de fin de vie Mandate de Protection Future Donations entre famille ou entre epoux Pact Successoral Communate Universelle Pacte civil de solidarite English and French Equivalents

4. Will • Ensures that the people you want to share in your estate do so • Appoints the people you trust and want to deal with your estate • Can contain provisions to ensure any inheritance tax payable is kept to a minimum • Can deal with sensitive issues like burial or cremation • Can appoint guardians of infant children • Dieing without a will (intestate) can be costly and have completely the wrong result

5. Interaction between English and French Wills • It is possible to have both English and French wills but make sure that they don’t contradict each other or at worst revoke each other • It is equally possible to have an English will or a French will which deals with all your property. The French element of an English will must respect French succession rules.

6. Inheritance Tax • UK domicile allowances • £312,000 called the nil rate band • Surviving spouse civil partner • Various others • Current rate of tax 40% on taxable estate

7. Hypothesis • English estate £1,000,000 • Calculation 1 1,000,K lifetime exemption 312,K surviving spouse 500,K 812,k 188,k Rate of tax 40% Tax £75,200

8. Hypothesis Calculation 2 1,000,K lifetime exemption 312,k 688,k Rate of tax 40% Tax £275,200

9. Living Will • Conveys your wishes as to treatment if you are incapable of doing so • It overrides a doctors duty to act in your best interests but it cannot authourise treatment which will directly result in your death • Advance statement a general statement of your wishes but not legally binding and need not be in writing • Advance decision to refuse treatment is legally binding and should therefore be as clear and precise as possible • Advance decision must be in writing • Give a copy to medical practitioner • Bear in mind medical advances

10. Lasting Power of Attorney • Two types, Property and Affairs or Personal Welfare • Appoints individuals you want to deal with your affairs if you become incapable of doing so • Can specify the extent and limit of those powers e.g. sale of real property • Can dictate when and in what circumstances it can come into effect • Can include directions as to medical treatment in conjunction with a living will • Must be registered by attorneys before effective • Interaction between England France and European Court

11. Joint ownership • Tenancy in common can apply to both real and personal property property is jointly owned but with size of shares identified individual shares belong to owners who are free to deal with them during lifetime or on death • Joint tenancy can apply to both real and personal property property is jointly owned but without identifying shares share passes to survivor on death

12. Declaration of trust • It is the vehicle for creating tenancy in common or joint tenancy • Very wide range of types beware tax consequences

13. Lifetime gifts • Deed of Gift of real or personal property • Inheritance tax exemptions annual allowance £3000 between spouses/civil partners unlimited in consideration of marriage child £5000 grandchild £2500 PET £312,000 small gifts £250 gifts out of income • Beware gifts with reservation • Capital gains tax exemptions between spouses annual allowance

14. Planning • What suites me? • Mirrored documents • Language • Guidance notes