What is your role at Brodies and how do you support private wealth clients?
Leigh advises Personal clients on succession planning; the passing on and protection of assets, in the most tax efficient way. This includes wills, trusts, executries and powers of attorney. She also advises on using additional structures for holding and passing on wealth and minimising tax, such as charities, partnerships and family investment companies. Leigh's clients include those with business interests.
If you could change one aspect of the law, what would you change?
I would like to see the passing of the trusts part of the Trusts and Succession (Scotland) Bill as this brings problem solving for trusts up to date but without interfering with the flexibility and control trusts provide. You only asked for one change but a second would be a concern about compliance and transparency in public registers competing against the legitimate need for family privacy of structures.
What key advice would you give to professionals advising on private wealth and estate planning?
You only have to know the red flags, and point your clients in the right direction for advice. Red flags are blended families, families who want an unequal distribution of assets, assets abroad, clients with foreign connections, and moving assets to new ownership,
What are current trends or challenges in private wealth law that are keeping you busy at the moment?
It has become more common for clients to want to protect their assets for their family. Clients are looking to protect assets for family who may be too young, or otherwise vulnerable, to inherit, rather than to save any tax. When the assets move into the protective structure we have to think about minimising the tax imposed on the transfer. If we can see ahead to the completion with knowledge of the tax landscape this can be done, but when we have more frequent or unexpected tax changes this can be more difficult. The key is to make sure the plan works for the family and not be driven by what may or may not happen with tax, and if the structure is flexible that makes it easier.
How do you spend your time outside the office?
I have two children. I can do a lot of things not very well but I enjoy them, so I have several hobbies – running, yoga, swimming, theatre, history, baking, cooking, gardening, knitting, and embroidery.
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