Protecting your assets. Simple steps to providing for your family and friends

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1 Protecting your assets Simple steps to providing for your family and friends

2 Contents 02 Inheritance tax 04 Do you know how much you re worth? 06 Reducing the effect of inheritance tax 09 Protecting your assets with a trust Choosing a trust: 10 - Trusts that use bonds 12 - A trust for your SIPP death benefits 14 The importance of making a will 16 Family wealth transfer at a glance Before you make any financial planning decisions, you need to know what the risks and commitments are. Read the relevant key features document. It will help you decide if the product is right for you. If you re still not sure what to do, speak to your financial adviser. Laws and tax rules may change in the future. The information here is based on our experts understanding in January Your personal circumstances also have an impact on tax treatment.

3 What does family wealth transfer mean for me? Estate planning, asset protection, cross-generational planning. There are lots of different ways to talk about family wealth transfer. And usually it sounds complicated. But in a nutshell, it s just making sure that your money, property and possessions end up in the hands of the people you love. It s about planning your finances and protecting your assets, both now and in the future. And of course no-one really wants to think about dying. But wouldn t it be reassuring if you knew that what you ve worked for would be enjoyed by your family or friends? Simple steps to protecting your assets Figure out how much you re worth You need to know how much everything you own is worth before you start. Once you know that, you can figure out if your estate will be liable to inheritance tax (IHT). Taking steps to reduce your inheritance tax There are gifts and transfers that don t attract an inheritance tax charge when you make them (and that can reduce the value of what you ll be taxed on when you die). So you should make the most of these first if you can. Using a trust for family wealth transfer benefits Whether you re protecting your pension benefits, or setting up a trust to hold an investment bond, our trusts are an important step in protecting your assets. And they can provide flexibility, control and tax-efficiency. Details of our range of trusts start on page 9. The importance of making a will Make sure your possessions are given to the people you choose, and make things easier for your family and friends at a difficult time. A will is an essential part of your plans. Turn to page 14 for more information. i Some important definitions An estate isn t just for people with country houses and acres of land. Everyone leaves behind an estate when they die, it s just the total of all your possessions and property minus debts. And your estate can be liable for a tax bill after you die. And when we talk about protecting your assets, we're not referring to the value of your assets. The value of assets can go down as well as up. Instead, we're referring to making sure that only the people you want to get your assets will get them. When we talk about your assets, these can be anything you own that could be worth something. For example some of your assets are your house, your car, and the cash in your bank account. Protecting your assets 01

4 Inheritance tax When we refer to your estate here, it includes any gifts made in the seven years before death. How it works Inheritance tax used to be a tax on the very wealthy. But things change, and it's now becoming a concern for people on average incomes, who may end up leaving a tax bill when they die. Inheritance tax is usually paid on your estate when you die, if it s over a certain value. It s sometimes payable on gifts made during your lifetime too. Your estate is worth less than 325,000 Your estate is worth more than 325,000 = = No IHT 40% IHT charge* * unless an IHT exemption is available Does everyone in the UK have to pay IHT? This depends on your domicile. You are normally domiciled in the UK if you have your permanent home in the UK. It is not the same as nationality or residence. And sometimes you will be treated as domiciled in the UK even if you don t have your permanent home in the UK at the moment. If you are domiciled or treated as domiciled in the UK, inheritance tax can be payable on certain lifetime gifts or on death, wherever your assets are in the world. Where you are domiciled is an important issue, as it has an impact on how inheritance tax will be applied. If you think this issue could affect you, speak to your adviser for more information and advice. 325,000 is the current threshold for inheritance tax. Usually the threshold rises each year but it has been frozen at 325,000 for tax years up to and including Each person can have an estate of up to 325,000 before they will be charged inheritance tax (this 325,000 threshold is often called the nil rate band ). If you don t use all of it when you die, what s left can be carried forward for your spouse or civil partner to use when they die. So if you re the surviving spouse or civil partner, you could have a 650,000 threshold instead. 02 Protecting your assets

5 Your estate is the total of all your possessions and property minus your debts. And if your estate is worth more than 325,000, you could be charged inheritance tax - unless you act now. Protecting your assets 03

6 Do you know how much you re worth? Most people don t know the answer to that question. And even if you make an educated guess, there will probably be things that you forget about. If the total value of your assets is over 325,000, 40% of anything over that may have to be paid in inheritance tax. Things to consider Assets you might own Your home (your share of it) 450,000 Any other property eg holiday home Your household contents including jewellery 25,000 Cars, boats, caravans 10,000 Cash (including bank accounts) 1,000 Investments (including stocks and shares) 27,000 Life assurance (which is paid to your estate) 45,000 Anything you ve inherited (from a relative or friend) Any gifts you ve made in the last seven years (including into a trust) Total 558,000 An example Andrew Clark s assets Your assets And expenses your estate could have to pay Expenses your estate could have to pay Your share of any outstanding mortgage 50,000 Funeral expenses 5,000 Other loans outstanding Any debts (overdraft, credit cards, utility bills etc) 500 Total 55,500 An example Andrew Clark s assets Your potential expenses 04 Protecting your assets

7 Where we refer to your estate here, it includes any gifts made in the seven years before death. Here s how the tax bill is calculated - = Total assets Total expenses Value of your estate Value of your estate - = 325,000 Value that would attract an IHT charge Then figure out 40% of this value and that gives you the total inheritance tax bill Remember, anything passing to your surviving spouse or civil partner is exempt (if they are UK domiciled), but you need to consider what happens when they die. Here's how our example would work out Total assets 558,000 Total expenses - = 55,500 Value of the estate 502,500 Value of the estate 502, ,000 = Value that would attract an IHT charge 177,500 40% of this is the IHT bill 71,000 = Don t have more than 325,000 in assets? If you don t (and you ve definitely considered all of your assets), then you don t need to worry about losing some of your estate to pay an inheritance tax bill. But have you made sure that your assets are protected now and in the future, and that they will go to who you want when you die? A trust could still be beneficial and a will is absolutely essential. Make sure you read pages 9 and 14. Protecting your assets 05

8 Reducing the effect of inheritance tax Taking the first steps Reducing the inheritance tax that would be paid by your estate doesn t have to be complex. There are some simple and effective ways to do this. And you can start now. Exempt transfers The taxman will let you make a number of transfers or gifts that don t attract an inheritance tax charge (and can reduce the value of assets that you ll be taxed on). Non-domiciled spouse or civil partner? The 55,000 limit is a lifetime allowance. If you think this may affect you, speak to your financial adviser for more information. Type of transfer Transfers between spouses or civil partners If you re both UK domiciled, these are exempt from IHT. If you have a non-domiciled spouse or civil partner. Annual exemptions Everyone can make exempt transfers every year using this exemption, and can carry forward any unused amount for one year only. Small gift exemption You can give small gifts to as many people as you like in one tax year. You can give one small gift to each person. You can t give more than 250 and claim that the first 250 is a small gift, and you can t combine it with an annual exemption as one gift. Gifts on marriage You won t be charged IHT on certain gifts that you make when a family member or friend gets married. Gifts to charities Gifts for national benefit For example you can give money to some national institutions like museums, universities or the National Trust. Normal expenditure out of income If you can prove that you have income you don t need to maintain your current standard of living, you can make a regular gift of it as part of your normal expenditure. Exempt value Unlimited 55,000 lifetime limit 3,000 a year (or 6,000 if you didn t use it the year before) Up to 250 a year per person 5,000 from each parent 2,500 from each grandparent 2,500 by the bride and groom to each other 1,000 to anyone else Unlimited Unlimited Varies, depending on your surplus income I know I m lucky I don t have to worry about getting by. So when Christmas comes around, I like to give my daughter extra help with the cost of presents for my grandchildren. I don t miss it, and I know it means a lot to her. If you can prove you don t need the income, the normal expenditure out of income exemption can really make a difference to your IHT position. 06 Protecting your assets

9 Transfers that may attract a charge There are some transfers or gifts that may attract an inheritance tax charge. The charge can arise when a gift is made, and later if you die in the seven years after you make the gift. Potentially Exempt Transfers (PET) You can make other gifts that will be exempt from inheritance tax if you live for seven years after making them so there s no up-front inheritance tax. If you die within seven years of making the gift, it will be included in any calculations of inheritance tax. If the value of the gift is already over the inheritance tax threshold, or the value of the gift when added to the value of your assets is over the threshold, there may be a charge. If your Potentially Exempt Transfer later becomes taxable on your death, taper relief can help reduce the tax payable. Here s how it works: Time between making the gift and date of death 0 3 years None 3 4 years 20% 4 5 years 40% 5 6 years 60% 6 7 years 80% Percentage reduction of tax due Chargeable Transfers These are any transfers that aren t Potentially Exempt Transfers or exempt transfers (see the list of exemptions above). These can attract an inheritance tax charge when made, and later if you die in the seven years from when you made the transfer. The myth: You can t give any money away while you re alive, as it will still be liable for tax after your death. The reality: You can actually give away quite a lot while you re alive, and it might be a good idea to give away as much as you can each year. Protecting your assets 07

10 08 Protecting your assets Are you thinking about protecting your assets now and in the future? A trust could help.

11 Consider protecting your assets with a trust If you re looking to protect your assets both now and in the future, this is where a trust can help. Three key questions to ask yourself when considering a trust: 1. Do you need access to your money or an income from it after it is in the trust? Or are you certain that you won t need to access the money in the future. 2. Who will you appoint as the trustees? Do you want to include yourself as a trustee? (This can give you some control over the decisions that are made.) 3. Who are your beneficiaries? Do you know who they are now, or might they need to change in the future? There are different types of trusts depending on whether you ve made your mind up about this. At one end of the scale is the Absolute Trust, for people whose beneficiaries are set in stone, and at the other end is the Discretionary Trust, where you can leave it open and give the trustees the final say on who benefits from the trust, how much and when. Types of trust We have a range of bonds available, which can be held in different types of trust: If you want to retain access to your original capital, take a look at our Loan Plan on page 10 If you need regular withdrawals for the rest of your lifetime (or until the fund reduces to zero), but still want to do some tax planning, read more about our Discounted Gift Plan on page 10 If you d like to retain some control as a trustee over who gets what, but don t need the money or any access to it, our Gift Plan could be useful, see page 11 If you have a SIPP, and would like to protect the death benefits that are paid out when you die (and potentially reduce inheritance tax for your beneficiaries), our Bypass Trust could be useful. See pages 12 and 13 for more details Protecting your assets 09

12 Choosing a trust Trusts that hold a bond Standard Life offers a range of different trusts that can be used to hold a bond. These trusts offer different things so that you can choose the one that suits your needs best this will mainly come down to whether you would like to retain access to money in the future. The Loan Plan You make a loan to the plan (instead of a gift of your money) so you still have access to your money when you need it The plan gives you the flexibility to stop and start loan repayments Only the amount of the outstanding loan is included in your estate on death You can recall, gift or cancel the outstanding loan at any time You can retain some control by acting as a trustee Any investment growth is outside your estate Max and Liz Fortune are in their mid-sixties with two daughters and a son. They d just like to make a start with inheritance tax planning, and need their plans to take into account their concerns about their children. Since the couple don t like their daughter s partner and their son is currently going through a divorce, they want to be cautious about giving away any of their capital so that it doesn t end up in the wrong hands. Their solution They have loaned the trustees 75,000 Max and Liz have decided to have some control over the trust, so have chosen to become trustees, with one of their daughters as the third trustee The Loan Plan is set up using a Standard Life Investment Bond The outcome Max and Liz are still entitled to the loan repayment The value of any growth is outside of their estate and belongs to the trust The trustees can control payments to the beneficiaries at a later date The Discounted Gift Plan You can gift your assets and keep your right to regular withdrawals from the trust for life or until the fund reduces to zero Based on your age, sex, health and the rate of withdrawals, a discount may be given The plan takes the gift out of your estate after seven years If you die within seven years, the amount within your estate for IHT purposes may be less than the original gift You can retain some control by acting as a trustee Any investment growth is outside your estate Stuart Wilson is 65, recently retired and proud grandfather to Rebecca and Andrew. His estate is valued at 950,000, and although Stuart is aware of his current inheritance tax risk, he feels that he isn t able to completely give up his capital, in case his pension won t maintain his current standard of living. His solution Stuart gifts 300,000 into a Discounted Gift Plan, and takes withdrawal payments of 15,000 each year. As his health is normal for his age, this gift is discounted by 150,958 to reflect the value of the withdrawal payments. For tax purposes, this would reduce the value of his gift to 149,042. The outcome No IHT is payable when the gift is made. If Stuart dies within seven years of starting the plan, his estate will be valued at 799,042 (that s the original remaining 650,000 plus the discounted gift of 149,042). Allowing for the current inheritance tax threshold of 325,000, the Discounted Gift Plan would deliver a saving of over 60,000, meaning more funds are left for his beneficiaries. After seven years, Stuart will not be liable for further inheritance tax on the funds he gifted to the discounted gift plan. 10 Protecting your assets

13 The Gift Plan You give away your money with no future access The plan takes the gift out of your estate after seven years You can retain some control by acting as a trustee Any investment growth is outside your estate Robert and Sarah Henry are in their early sixties and have one daughter who is currently going through a very messy divorce. They're aware that inheritance tax will be an issue and want to make sure that their daughter and teenage grandchildren are protected in the future and that their former son-in-law won't benefit from the gift. They have not made any gifts before and have just decided to downsize to a smaller home, freeing up a lot of cash that they can use to plan their future. i Each type of trust has different tax implications. So you should always take professional advice if you re considering a trust. The amounts in these case studies are examples only and should not be treated as financial advice. Their solution They decide to gift 150,000 to a Gift Plan. They appoint themselves and their daughter as trustees The trustees invest in a Standard Life Investment Bond using the 150,000 The outcome No IHT is payable when the gift is made The investment growth is permanently outside of the couple's estate for inheritance tax purposes The original gift of 150,000 will not be included in their estate provided they survive seven years after making the gift Since no value is added to their daughter's estate, the money in the trust will have no impact on any financial settlement in her divorce proceedings Protecting your assets 11

14 The Bypass Trust Protect the benefits of your SIPP We ve designed a simple way to pay the lump sum death benefits from your SIPP into a trust instead of directly to an individual. The Bypass Trust offers flexibility, asset protection and potential inheritance tax benefits. Did you know that by nominating your spouse or civil partner to receive your pension scheme death benefits, you could increase their inheritance tax bill? On your death, the pension scheme trustees will distribute any lump sum death benefits, normally to your spouse or civil partner This lump sum will increase the value of their estate, and may take them over the IHT threshold, meaning that their estate would be liable for a larger inheritance tax bill What difference would the Bypass Trust make? How things work without the trust Here s an example. If you die and your lump sum death benefits are paid to your spouse or civil partner, they may also die before spending it all. Let s assume your surviving spouse/civil partner has an estate worth 775,000, including 150,000 of unspent lump sum death benefits paid from your SIPP. To work out the tax due, the executors deduct the available inheritance tax threshold 325,000 from the value of the total estate. What s left is then taxed at 40%. So 180,000 of your spouse or civil partner s estate (which included some of your lump sum death benefits) would be going to the taxman. Wouldn t you prefer that this money was given to your beneficiaries? Total estate 775,000 - Inheritance tax threshold 325,000 = Taxable estate 450,000 IHT payable (at 40%) 180, Protecting your assets

15 Now take a look at how things change with the Bypass Trust Using the same example, instead of paying the lump sum death benefits from your SIPP to your spouse or civil partner, let s say they were paid to the Bypass Trust, and your trustees loaned 300,000 to your spouse or civil partner. Your surviving spouse or civil partner has assets on their death worth 775,000. The total includes 150,000 of the original loan which has not been spent. But there s a debt of 300,000 (outstanding loan amount) which needs to be repaid to the Bypass trustees. Remember, the executors will deduct the current threshold of 325,000 from the value of the total estate. What s left is still taxed at 40%. Total estate (includes 150,000 of unspent loan) 775,000 - The loan (debt on the estate) 300,000 - Inheritance tax threshold 325,000 = Taxable estate 150,000 Using the Bypass Trust would have meant that an extra 120,000 was available to your beneficiaries rather than paid to the taxman. Without the Bypass Trust 595,000 passed to the beneficiaries Taxman takes 180,000 With the Bypass Trust 715,000 passed to beneficiaries IHT payable (at 40%) 60,000 Taxman takes 60,000 Protecting your assets 13

16 The importance of making a will It s the key to protecting your possessions, and passing them on to the people you choose. And it makes things easier for your family and friends at a difficult time. So why do so many people put off writing a will? Reasons for making a will To choose how you distribute your personal possessions To provide for your children and choose their guardians To make your funeral arrangements clear To leave money to your favourite charity To choose the right people to distribute your assets and look after your estate Get advice and keep up-to-date Professional advice is always recommended when it comes to legal matters. If you want to be sure that your assets are protected for your family and friends, taking legal advice is a good idea. And you need to keep your will up-to-date. Major life events like getting married, divorced or having children all have a major impact on where you d want your money to go, so it s essential that your will keeps up. What happens if I don t have a will? The law will decide what happens to your estate. So it won t necessarily be distributed to the people you want to have it. Your surviving spouse or civil partner won t automatically inherit the whole estate. So if you want to protect your assets, and make sure they go to people you love, a will is essential. Do your family and friends know where to find your will? Once you ve made your will, you need to keep it in a safe place. And you need to tell your close family or friends where it is. If you ve asked a solicitor to make your will, they ll usually keep the original and send you a copy too. The Treasury gained 53 million from people who died without a will last year. The year before, it was 76 million. Are you happy to give them your money too? Source: BBC News 19 October Protecting your assets

17 The myth: You don t need a will if you re leaving everything to your spouse or civil partner. The reality: A will is essential, whatever age you are, because if you die without one, your assets are divided according to the law, not your wishes. Protecting your assets 15

18 Family wealth transfer at a glance Figure out how much you re worth It s important to add up how much your assets are worth, and make sure you ve considered them all. Once you know that, you can see if your estate will be liable to inheritance tax, which will help your adviser to offer the right solutions for you. Taking steps to reduce your inheritance tax You can make gifts and transfers that don t attract an inheritance tax charge. So you should make the most of these if you can. Using a trust to protect your assets and help with your tax planning Whether you re protecting your pension benefits, or setting up a trust to hold your bond, our trusts can provide protection, flexibility, control and tax-efficiency. The importance of making a will Make sure your possessions are given to the people you choose, and make things easier for your family and friends at a difficult time. A will is an essential part of your plans. Speak to your adviser Your financial adviser will be able to give you more information about any of the information covered in this guide. 16 Protecting your assets

19

20 Pensions Savings Investments Insurance Find out more For more information on any of the information covered in this guide, speak to your financial adviser. Call us on We re open Monday to Friday, 9am to 5pm. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. Or you can find out more about what we offer on our website: Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised and regulated by the Financial Services Authority. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. IHTS Standard Life (images reproduced under licence)

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