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Mary's story

Securing a sustainable income

About Mary

Mary is a 65 year old widow.
Income and assets: £1,200,000 in property, £300,000 in cash deposits
Total estate value: £1,500,000.

Issues identified by her Private Banking and Advice Manager:

  • Mary had a decent nest egg given her savings and property, but she relied a lot on the interest from her cash deposits for day-to-day necessities.
  • Mary was concerned about whether that she had enough funds for a comfortable future now that she was widowed.
  • Mary felt that her finances were all over the place and seemed quite ‘bitty’.
Mary actually had sufficient assets for a comfortable future, the issue was more that her savings were not structured efficiently and were being whittled away.

Mary was not using all the tax allowances she was entitled to.

Recommendations

Her Private Banking and Advice Manager recommended that Mary should restructure her savings. One of the main things recommended was to invest £200,000 of her cash deposit in a Discounted Gift and Income Trust – creating a potential saving of just over £48,000 Inheritance Tax (IHT). The Trust would also provide Mary with an income of £10,000 each year.

Mary should utilise her available tax allowances.

Mary should review her will, which her Private Banking and Advice Manager can help her do.

Outcome

  • Potential Inheritance Tax saving.
  • Increased disposable income.
  • Consolidated savings, so more efficiently structured

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