Please note that the following is an example of how we may be able to assist you. The following should not be considered as financial advice and we strongly recommend that you always seek financial advice relevant to your own specific needs and circumstances before making any financial decisions.
“I have amassed a collection of investments over the last 20 years or so, some bought directly by me, some sold to me by various advisers. I now have a sizeable sum invested of around £350,000 but I’ve no real idea what it is, what it’s doing and how it all ties together with my current financial position. I need help to understand it, simplify it and ensure that it is working for me!”
ACTION: We undertook a full review of the various investments held, via an analysis of the plan documentation and a detailed enquiry from the various investment companies. We then formulated a written report which we went through in detail, noting and explaining the make-up of the various investments in terms of for example risk profile, charges and performance record. We then used that as a basis for agreement in terms of which investments were worth keeping and building on and which were best moving. As a result, we produced a more cost effective, risk aligned, simplified and better understood portfolio, which is now reviewed and updated regularly.
BENEFITS TO CLIENT: “I now have peace of mind about my investments, knowing that they are working for me, always towards my own financial goals.”
“I’m 53, my husband is retiring in 5 years and I want to retire then too. What do I need to do to achieve that objective?”
ACTION: We looked at current assets - pensions and otherwise, to identify what was available now to help towards this objective. We considered and projected net income and expenditure into retirement to see what scale of problem we faced: we quantified the shortfall and worked backwards to today. We looked at current income & expenditure to see what funds were available to help towards this objective. We considered and reviewed how current investments/pensions were invested and whether this could be improved upon, based on risk profile and capacity for loss. We then put together a comprehensive short and long term plan to meet that objective, providing reassurance around the plan, with annual reviews and updates to ensure we remain on track over the next 5 years to retirement and beyond.
BENEFITS TO CLIENT: “I now know that we are on track to retire together - that knowledge is so important to me.”
Inheritance Tax planning
Many clients have significant assets and as such, their estate on death will be subject to Inheritance Tax. However, to a greater or lesser extent they may need some level of access to and/or control of these funds, perhaps for “living it up a little” in retirement or simply planning for possible later life care costs.
David is a member of the Society of Trust & Estate Practitioners (STEP) and as such has the skill to explore and implement the various options around, for example, the setting up of appropriate trusts to help meet the potentially conflicting objectives of Inheritance Tax planning and “accessing your own money”
The Financial Conduct Authority does not regulate taxation and trust advice.
“I know I have a significant Inheritance Tax liability if I die. However, I’ve just retired and am reluctant to give money away now. What can I do?”
ACTION: We looked at assets and liabilities, identifying those assets subject to Inheritance Tax and calculated the current tax liability. We then looked at income & expenditure together with reserves for the proverbial “rainy day”. We could then identify the possible maximum level of income required. After further discussion, we established a need for some additional income but no need for access to the capital sum invested. Based on that, we set up an investment portfolio for £1,200,000 placed into an appropriate trust which provided the level of additional income required for life, but which also took the invested lump sum fully outside the estate in 7 years, potentially saving the children a massive £480,000 in Inheritance Tax (40% of the newly invested £1,200,000).
BENEFITS TO CLIENT: “I can enjoy my own money now whilst saving the children significant tax when I’m gone - I feel I’m doing the right thing for me and for them.”
