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R06 August 24th exam 2012
thefinanceguy
Posts: 1 Newbie
Hi all,
I was hoping to start a thread for all of the people like me who have R06 from the cii this coming friday!
Any tips on the scenarios received, comments from those in the know and your thoughts on what to plan/ expect based on the scenarios we have been given...
Obviously, I will start...
First scenario, would you consider an OEIC a good idea for these guys? I am basing my response on 'yes' as long as one is available to suit their risk profile + a suitable wrapper ISA's/Pensions etc although if the option to comment on what I would recommend... being catious/medium risk, I'd say switch to a repayment mortgage to guarantee the mortgage is defo' going to be covered and that it is far easier then to find affordable protection, i.e. a decreasing j/l first death decreasing term insurance with cic bolted on.
as for scenario 2... IHT! great fun with this one, anyone else spot that these guys will essentially receiver 400% iht band... his wife died leaving all her assets to him so he should inherit her nil rate band, and she had a former husband who did the same, each therefore inheriting their ex-spouces 100% meaning if they are clever, they should pass off 650k to someone before leaving the rest to thier new spouce as they can not give any more 'uplift' on the bil rate bands to one another! i.e. if he dies, he should pass as much to his sons within 650k and leave no nil rate band unused as she can not inherit any extra. the residual obviously going to the surviving spouce under the inter-spouce transfer rules meaning no iht on the residual at the time... other planning could involve use of EIS plans to get income tax relief + possible business property relief from iht and use of trusts and decreasing term plans for any pet's.
anyone got any ideas or pearls of wisdom?
I was hoping to start a thread for all of the people like me who have R06 from the cii this coming friday!
Any tips on the scenarios received, comments from those in the know and your thoughts on what to plan/ expect based on the scenarios we have been given...
Obviously, I will start...
First scenario, would you consider an OEIC a good idea for these guys? I am basing my response on 'yes' as long as one is available to suit their risk profile + a suitable wrapper ISA's/Pensions etc although if the option to comment on what I would recommend... being catious/medium risk, I'd say switch to a repayment mortgage to guarantee the mortgage is defo' going to be covered and that it is far easier then to find affordable protection, i.e. a decreasing j/l first death decreasing term insurance with cic bolted on.
as for scenario 2... IHT! great fun with this one, anyone else spot that these guys will essentially receiver 400% iht band... his wife died leaving all her assets to him so he should inherit her nil rate band, and she had a former husband who did the same, each therefore inheriting their ex-spouces 100% meaning if they are clever, they should pass off 650k to someone before leaving the rest to thier new spouce as they can not give any more 'uplift' on the bil rate bands to one another! i.e. if he dies, he should pass as much to his sons within 650k and leave no nil rate band unused as she can not inherit any extra. the residual obviously going to the surviving spouce under the inter-spouce transfer rules meaning no iht on the residual at the time... other planning could involve use of EIS plans to get income tax relief + possible business property relief from iht and use of trusts and decreasing term plans for any pet's.
anyone got any ideas or pearls of wisdom?
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