TRUST AND ESTATE PLANNING PARTNERS IN MANAGING YOUR WEALTH PARTNERS IN MANAGING YOUR WEALTH

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1 TRUST AND ESTATE PLANNING 1

2 About St. James s Place At St. James s Place Wealth Management we offer a wide range of high quality services to both individuals and businesses. At the heart of the business is the St. James s Place Partnership, a group of the most experienced, able and highly regarded professionals working in wealth management today. They are solely responsible for delivering our services to clients. Members of the St. James s Place Partnership have on average 17 years experience in the industry and build long term relationships founded on trust. Your personal wealth management service The essence of our business is to help make it easier for you to manage your wealth, and we achieve this through the provision of personal, face-to-face advice that is designed to suit your individual long term requirements. We can help address straightforward issues as well as resolve more complex multifaceted ones. Basing our service on this principle, our Partners have built exceptionally strong and trusted relationships with our clients. We do not believe in off-the-shelf solutions, and our Partners know that every single client has their own unique personal concerns, responsibilities and ambitions. The solutions that work for one may not necessarily work for another. This is why all our advice is face-to-face and focused on the personal needs of each individual client. Your St. James s Place Partner will work closely with you to offer solutions that are specifically tailored to you. Our guarantee St. James s Place Wealth Management guarantees the advice given by its representatives when recommending any of the products or services provided by companies within the Group. 2

3 The St. James s Place approach to trust and estate planning The creation and the retention of wealth are goals many of us aspire to. However, when our objectives change and it comes to providing for successive generations, it is the protection of accumulated wealth which becomes important, including the incidence of Inheritance Tax (IHT). Wealth also needs to be protected from a plethora of outside events, many of which may lead to your chosen beneficiaries being unable, unwilling or insufficiently responsible to look after funds themselves. This includes generations not yet born, those who may be at risk of divorce or bankruptcy and those liable to the expense of long term care provision/costs. To create wealth takes enterprise, vision and usually a mixture of hard work and good fortune. To retain and protect wealth also requires vision along with well thought out trust and estate planning. What is trust and estate planning? There are three practical courses of action that may be taken to preserve and enhance your wealth for your heirs: Make sure your financial affairs and your Will are arranged to ensure the efficient transfer of your assets on death, while saving the maximum amount of tax. Transfer assets before your death through the prudent use of lifetime gifts. Create a tax efficient fund to provide a legacy or to enable the beneficiaries of your estate to meet any IHT liability. This brochure explores the various methods which can be used. However, no one method can, or should, be considered a complete solution as each individual will have different circumstances and requirements. 3

4 Trust and estate planning is about passing the proceeds of an estate to chosen beneficiaries rather than Her Majesty s Revenue & Customs 4

5 Trust and estate planning and your priorities Before any planning is undertaken, there are some fundamental considerations that should be incorporated into your strategy. Be realistic This cannot be overemphasised. Do not put tax savings as your prime motivation. Trust and estate planning is about passing the proceeds of an estate to chosen beneficiaries rather than to Her Majesty s Revenue & Customs (HMRC). However, this should never be at the expense of maintaining an acceptable lifestyle. Flexibility Make sure your arrangements are fl exible as you may need to alter them in the future due to changes: In your personal or fi nancial circumstances. To, or the addition of, benefi ciaries. In legislation or HMRC practice. Keep things simple With the complexities involved in trust and estate planning, if a simple solution can be found, it will usually be the best one. 5

6 Forward planning is essential Everyone should make a Will, as the effect of dying intestate (dying without a valid Will) can be devastating on your loved ones. Under the rules of intestacy, assets are distributed according to a prescribed set of rules that are unlikely to reflect your intentions. Furthermore, dying intestate is likely to result in significant Probate/Confirmation delays as well as paying unnecessary amounts of tax. However, a well drafted Will can not only enable planning to take place that ensures tax liabilities are minimised but also ensures your estate reaches your intended beneficiaries. It is also essential that Wills are reviewed and updated regularly to reflect changes in circumstances or legislation. Ensure the nil rate band is not wasted Although transfers between a UK domiciled husband and wife and between registered civil partners are exempt for IHT purposes, each spouse or civil partner is taxed separately and each is entitled to their own nil rate band (presently 325,000), that is the proportion of their estate that is subject to IHT at 0%. Since 9 October 2007, the unused nil rate band of a deceased individual can be transferred to their spouse/civil partner. This means that if, on death, the first partner transferred all of their assets to their spouse/ civil partner, the surviving partner can make use of double the nil rate band on their own subsequent death. 6

7 Dying intestate can also mean paying unnecessary amounts of tax 7

8 As an example: Tom and Jane are married. Tom dies in a year when the nil rate band is 325,000. He passes everything to Jane on his death. The tax position would be as follows, assuming Jane also died: Jane s estate 800,000 Less Jane s nil rate band ( 325,000) Remaining 475,000 Less Tom s unused nil rate band ( 325,000) Remaining 150,000 Potential 40% 60,000 Without this transferable nil rate band the IHT liability on Jane s death would be 190,000. Discretionary trusts and transferable nil rate bands A few years later Jane marries again to Harry. Assume she is widowed again when her second husband Harry passes away and leaves all his assets entirely to her. On Jane s death her Personal Representatives (PRs) can claim an additional nil rate band; but whether they do so in respect of Tom or Harry is immaterial as only one additional nil rate band is available. In this case one nil rate band of one of her husbands will be wasted, but this need not be the case. If Harry had left 325,000 under his Will into a discretionary trust instead of directly to Jane, then on Jane s death her PRs could claim Tom s nil rate band and her own with the result that Janes s estate effectively benefited from three nil rate bands totalling 975,000. Will planning using the family home For the majority of people, the most significant asset they will ever possess is the family home. For married couples or civil partners, the family home will usually be owned jointly. On first death, the survivor will usually inherit the half owned by the deceased yet instead of passing the house automatically to the spouse, further IHT savings and asset protection can be achieved by using alternative solutions. One solution may be to arrange for half the value of the house to pass to the children or other beneficiaries on first death and, provided the value of the transfer is within the nil rate band, there will be no liability to tax. On the death of the survivor, the remaining half share can pass to the beneficiaries. 8

9 While this will work in theory, on a practical level many couples will not have sufficient confidence in their beneficiaries to provide the survivor adequate security of tenure. Other problems that may result are: The beneficiaries attempting to sell the house against the survivor s wishes. The house could become included in divorce settlements or bankruptcy of the beneficiaries. Potential Capital Gains Tax (CGT) problems for the beneficiaries. However, there are Will structures which provide this security of tenure and asset protection as well as making full use of the nil rate band on first death using shares in property. Although these issues can be overcome, it is vital that you take legal advice before undertaking any IHT planning involving your home. St. James s Place has established links with a number of law firms who can assist you with this. Pension scheme death benefits Most members of employer-sponsored pension schemes have some form of lump sum death benefit, normally based on a multiple of salary. For example, a lump sum of four times pensionable earnings may be payable by such a scheme on death. Although payment of this sum may be free of any liability to IHT initially, it will form part of the deceased s beneficiary s estate, often their spouse, and so be liable to IHT on their subsequent death. It it also likely to be taken into account in the event of the beneficiary s divorce or by creditors. The Asset Preservation Trust The Asset Preservation Trust can overcome this problem. By expressing a wish to your pension scheme trustees to have the death benefits payable to your Asset Preservation Trust, your beneficiaries can receive an income or capital payments from it subject to the trustees discretion, without the trust fund forming part of their estate for IHT purposes. It is also possible for the trustees of the Asset Preservation Trust to make interest free loans to the beneficiaries which may help improve their IHT position further. Setting up an Asset Preservation Trust is a very simple process. 9

10 A Business Trust is very flexible and can accommodate changes in the ownership of a business 10

11 Partnership Assurance and Director Share Purchase For business owners, succession planning is of paramount importance. Whether a partner in a partnership or a shareholder in a company, arrangements should be put in place to ensure that your business colleagues have the funds to buy your interest from your heirs in the event of your death. The Business Trust The Business Trust has been specifically designed to hold life assurance plans taken out for the purposes of partnership assurance or director share purchase. The trust is very flexible and can accommodate changes in the ownership of the business. Furthermore, should you leave the business, for example on retirement, the trustees have the power to transfer the plans, established on your life, to you for your personal use which can then be placed into a trust for your family. Post mortem tax planning it is never too late A Deed of Variation (also called a Deed of Family Arrangement) is a document that effectively rewrites a Will after death. Provided it is completed within two years of death, it is fully effective for IHT and will be treated as if the deceased s Will provided for their estate to be distributed as dictated by the Deed of Variation. For example, where a husband dies leaving everything to his wife, she could sign a Deed of Variation to re write his Will so as to leave an amount equal to the nil rate band to their children or to a discretionary trust. It is not necessary for all parties to agree to the variation, only those who are giving away an entitlement. Despite the potential benefits of a Deed of Variation, it should not be seen as an effective substitute for tax efficient lifetime estate planning. 11

12 The transfer of assets through the prudent use of lifetime gifts The use of lifetime gifts offers an effective way to transfer some of your accumulated wealth to your heirs, while reducing the size of your estate. Certain gifts are immediately exempt from IHT, such as: gifts made within the annual exemption of 3,000; gifts made out of normal expenditure from income; and gifts for the maintenance of dependants, or to recognised charities. However, such exemptions are of limited use in the passing down of assets or creating wealth for future generations. To achieve this, it may be more effective to place investments in trust for your chosen benefi ciary(ies). The advantages include: The investment is outside your estate if you survive seven years or more. Any growth in the value of the investment is inside the trust, but outside your taxable estate. When using a discretionary trust, you retain flexibility and control, enabling you to change the beneficiary(ies), as well as the amount they receive and when. 12

13 Financial planning solutions involving the use of lifetime trusts St. James s Place offers a range of trust solutions, each designed with a particular purpose in mind. A full explanation of these is something that you can discuss with your St. James s Place Partner, however a summary is contained here. The Gift and Loan Scheme If you wish to gift away the future growth of your investments but retain access to the original capital, you could consider the Gift and Loan Scheme. You establish a discretionary trust. You then make an interest free loan of a larger amount to trustees chosen by yourself who, in turn, invest this money into a separate investment. You may structure the repayment of the loan to provide you with an income or alternatively, may request that it be repaid in full, on demand, at any time. If you have no need for repayment of the loan, it may be left outstanding; however the outstanding loan amount at any time will be included in your estate for IHT purposes, remembering of course that any growth is not. This scheme is more flexible than the Discounted Gift Plan, as you have access to your capital and you can vary the amounts received each year. However, it takes longer to achieve the same level of IHT saving when compared to a Discounted Gift Plan and therefore, typically, it is more suited to younger clients. The Discounted Gift Plan If you wish to give away capital, to reduce the potential incidence of IHT on your estate, yet still benefit personally from the income your capital generates, you could consider the Discounted Gift Plan. The Discounted Gift Plan is designed to provide an income and in so doing provide an immediate reduction (a discount) in your estate which is calculated based upon the amount of income selected, prevailing interest rates and your life expectancy. 13

14 You will be provided with a fixed income from the date the investment is gifted into the trust for the remainder of your life, or until the fund is exhausted, if earlier. Upon death, the proceeds of the trust can either be distributed to your selected beneficiaries by your trustees, or retained within the trust with your beneficiaries, receiving an income /capital as required. The Discounted Gift Plan is not generally recommended for clients under the age of 60, and is never recommended to those over the age of 90. The Gift Plan If you have substantial capital that you wish to gift during your lifetime, you could consider the Gift Plan. The Gift Plan is designed to mitigate IHT in the event of your death and enables you to accumulate funds for your selected beneficiary(ies). You will not be able to benefit personally from the Gift Plan, but family members, including your widow/er may do so. In addition: Any growth in the Gift Plan is free of IHT on your death. Provided the gift is below the available nil rate band(s), there will be no immediate tax charge on making the gift. Provided you survive for seven years, the value of the original gift will cease to form part of your estate for IHT purposes, assuming care is taken where any future gifts are made. If you do not survive the gift by seven years but do survive it by at least three years, taper relief may reduce the level of IHT payable on death. Payments of up to 5% (per annum) of the original capital invested (and/or subsequent investments added) can be made to the beneficiary(ies) of the trust free from any immediate liability to Income Tax (subject to a maximum of 100% of the original investment). In the case of joint applications, however, neither applicant can enjoy any benefit from the trust assets at any time. Where you wish to make a gift during your lifetime but are concerned about any future care costs, and how these will be funded, you should consider the benefits offered by the Later Life Planning Scheme (see page 16). 14

15 The Discounted Gift Plan is designed to provide an income and in so doing provide an immediate reduction in your estate when calculating the IHT liability 15

16 The Gift Plan with life cover Whilst regular gifting can help reduce or avoid any IHT payable, this could still leave you with some of your estate exposed to IHT. In order to increase the impact and efficiency of your gift, you could arrange a life assurance plan to be set up under trust to meet any remaining IHT liability. The Gift Plan with life cover allows an investment in trust to automatically fund the contributions under the life assurance plan. Such an arrangement will not only have the same advantages as the Gift Plan described above, but also: All contributions are met by monies from the investment. The contribution payments themselves will not be treated as transfers of value for IHT purposes. On death, the residual value of the investment and proceeds of the life assurance plan should be available for use as your trustees and beneficiaries see fit. Your St. James s Place Partner can explain this in more detail. The Later Life Planning Scheme For many people, the desire to mitigate IHT is often mixed with concern over their future and specifi cally how they would manage fi nancially should they require care, especially having gifted assets away. Planning for the mitigation of IHT, in most cases, involves the gifting of assets in one form or another; yet planning for any future care needs requires you to retain assets for them to be used to meet such costs. The Later Life Planning Scheme has been designed to meet both needs, enabling you to make a gift in order to aid IHT planning whilst retaining access to a predetermined income in the event of you requiring care. Additionally, such income is provided without any negative IHT effect normally associated with retaining any interest in gifted capital. The scheme involves you making a gift of capital that will fall outside of your estate for IHT purposes, provided you survive seven years from the date of making the gift. At outset, you select the amount of income that you would like to receive, and the rate of any increase to be applied to that income, in the event of requiring care. In addition, the scheme provides the same benefits offered by the Gift Plan as noted on page 14 with the exception that this scheme can only be created on the basis of a single application (although two people can each apply individually). 16

17 The creation of a fund to meet any tax liability or to provide a legacy There may be circumstances that will result in you having concerns about making gifts. Your reluctance may be well founded as the future may hold unknown changes of fortune, requiring you to call upon gifted capital to provide an income or to meet unforeseen expenditure. This is not generally possible if it has been gifted. In reality, the most frequently used form of IHT planning is to provide a fund for the anticipated liability, by arranging life assurance in trust. The plan can be arranged on a single or joint life second death basis. It is ideally suited for those who would rather not, or cannot, gift capital, but nevertheless want to cater for any potential IHT liability. For example: A widower has an estate valued at 1.5 million (whose late wife s nil rate band was utilised on her death), made up of property valued at 1 million and investments of 500,000. He wishes to retain his investments and wishes to continue living in the property. He is not prepared to consider any kind of gifts at this time. He could, however, purchase a life assurance plan which will pay out on his death, with a sum assured equal to the likely IHT liability of 470,000. The plan is written into trust to ensure the proceeds are out of his estate for IHT purposes. Additional trustees should be appointed to ensure the plan proceeds are available without having to wait for Probate/Confirmation to be issued and the beneficiary(ies) under the trust should be the person(s) liable to bear the tax under the terms of his Will. 17

18 Inheritance Creation is a life assurance plan taken out by you, and may be transferred to your selected beneficiaries 18

19 Estate Creation Plan If you would like to use some of your surplus income on a regular basis to negate or meet your IHT liability, or to enhance the wealth of your heirs by creating a fund for a specific purpose such as university education or future house purchase for grandchildren, you should consider the Estate Creation Plan. This is a combination of a life assurance plan and a discretionary trust, designed to provide a lump sum for your selected beneficiary(ies) on your death. Under this plan: The capital sum should be free of all UK taxes, when initially paid to your chosen trustees. There is unlikely to be any liability to IHT provided the contributions to the plan fall within the current IHT exemptions. The beneficiary(ies) and the amount or timing of their interest can be changed. Inheritance Creation If your heirs wish to use their own income or capital on a regular basis to enhance the value of their inheritance from you, then you should consider taking out a life plan and giving it to your heirs rather than placing it under trust. This is called Inheritance Creation. The idea behind Inheritance Creation is that a life assurance plan taken out by you is transferred to your selected beneficiary(ies). They will then pay the contributions to the Inheritance Creation Plan in order to create an inheritance for themselves. Under this plan: There is no liability to IHT on the proceeds on your death in your estate although the value paid to the beneficiary will form part of their own estate for IHT purposes. Review of contributions Both of the above schemes may incorporate regular reviews to ensure that contributions remain sufficient to support the level of benefit chosen. Where a shortfall is identified you will have the option to increase contributions to maintain the level of cover. Alternatively, should you require the certainty that contributions will remain fixed, we are able to offer life assurance plans with guaranteed contributions. Further details are available from your St. James s Place Partner. 19

20 Other IHT solutions We offer access to investments through the Alternative Investment Market (AIM). The benefit of most AIM shares is that they qualify for business property relief and are free from IHT after two years while enabling you to retain full access to, and control over, the capital should you need it in the future. Investments in Enterprise Investment Schemes (EIS) also attract business property relief once the funds have been invested for two years. They also offer the opportunity to defer Capital Gains Tax and provide maximum income tax relief of 150,000 depending on the size of the investment and your actual income tax liability. EISs enable you to retain full access to and control over your capital. Investments in AIM shares and EISs may be of particular interest to individuals who are very old or in poor health and therefore feel less confident about living seven years from the date of any other gift. Investments in AIM shares and/or EISs carry additional investment risks and it is for this reason that St. James s Place only recommends these types of investment for those willing to accept a higher investment risk. You may get back less than you invested. Trustees When using any of the trusts available from your St. James s Place Partner, it is possible to choose members of your family or friends to act as trustees (subject to their willingness to accept the role). There may, however, be occasions where you would prefer to appoint professional trustees such as where: The trust holds a considerable sum of money that could remain in existence for an extended period and requires efficient management and administration. You do not have friends or family willing to accept the responsibility of being a trustee, or you do not wish to burden them with the responsibilty. There is a requirement for non UK resident trustees. 20

21 Our trust company specialises in the provision of trustee services from offices in Jersey and through partners and associates in other jurisdictions. As trustees, they will take responsibility for the day to day administration of your trust, including the relevant tax and other legal issues, whilst remaining sympathetic to your wishes, and accommodating the needs of your beneficiaries. Your St. James s Place Partner can provide further details regarding the trust company. Further information If you require further information on any of the solutions detailed in this brochure, please contact your St. James s Place Partner. Investment performance Many of the solutions contained in this brochure involve making an investment. It should be remembered that investment bonds and unit trusts are primarily vehicles for medium to long term investment and irrespective of their use with any of the arrangements, plans or schemes referred to within this brochure, the investments need to be appropriate for your needs and/or those of your beneficiary(ies). Past performance is not indicative of future performance. 21

22 Taxation The information in this brochure is based on our interpretation of current law and HMRC practice. Taxation legislation may be subject to unforeseen changes and we can give no guarantee that tax reliefs or the tax treatment of investment funds will remain the same in the future. This brochure is designed for clients and prospective clients of the St. James s Place Partnership. It is not a technical booklet and therefore does not attempt to summarise the rules of Inheritance Tax. Trusts, Wills and some areas of Inheritance Tax planning are not regulated by the Financial Services Authority. Will writing is a separate and distinct service to those offered by St. James s Place. 22

23 UK members of the St. James s Place Wealth Management Group are authorised and regulated by the Financial Services Authority. The St. James s Place Partnership and the titles Partner and Partner Practice are marketing terms used to describe St. James s Place representatives. St. James s Place Wealth Management Group plc Registered Office: St. James s Place, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP, United Kingdom. Registered in England Number SJP823-VR18 (10/11)

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