Question: I have a client with a SSAS, with 5 family members in it. 2 parents and 3 children. The parents who have already been ear marked almost 80% of the current value of the SSAS which is predominantly farm land, wish to leave as much of the fund in the SSAS upon there deaths. What is the minimum the scheme can pay out on each death, how will the remaining 'ear marked funds then be divided amongst the children? Is it easy to alter the current scheme rules to do this? ( current administrators are Hazell Carr). Thanks for any suggestions.
Stewart Dick: "While I don't really want to answer a question with more questions, we'd need to find out a little more about the SSAS before we can consider the options. For example: How old are the parents? Are they taking income from the SSAS? How old are the children? Are they or the business considering making further contributions to the plan? What else is held in the SSAS in addition to the farmland? When thinking about how funds are paid out on death, the first consideration is whether or not there is a tax liability - this will depend on whether or not the individual was tak...
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