Intergenerational Wealth Management

Following the premature death of his wife, we guided our client through the complex financial aspects of their estate.

Building financial security for his family

With two children in university and an ageing mother to care for, our client was keen to put in place a financial plan that would look after him and his mother’s care, whilst helping to support his daughters financially.

In addition to running his own company, which was generating significant income, our client also received income from a rental property, and together with his sister he was a beneficiary to his mother’s estate.

We recommended that he purchase an annuity with pension death benefits to help secure his future financial income.

Minimising the tax burden for his family

As things stood, HMRC would be the biggest beneficiary to his estate in the form of Inheritance Tax (IHT).

While he was happy to pay his share of tax, he felt that balance was unfairly tipped towards the wrong beneficiary.

After reviewing his financial affairs and objectives – we were able to recommend several tax efficient strategies;

  • helping him successfully sell his company and rental property making the most of available tax reliefs, (Enterprise Investment Scheme, EIS and Business Asset Disposal Relief),
  • whilst considerably reducing his CGT and IHT liabilities,
  • enabling him to transfer surplus income from his and his mother’s estate into pensions and ISAs for his children, whilst leaving himself sufficient income to enjoy retirement.

Using cashflow modelling we were able to show our client the possible impact on his finances through a number of different scenarios, and that while he was likely to have sufficient wealth to meet his excepted needs, he should build up additional funds to cover any unexpected costs, such as long-term care.

Ongoing financial planning

Throughout this time, we have regularly reviewed his financial position, objectives and made adjustments to his investments.

Trust and understanding have played an important part in our journey – we have been involved key decisions, always providing calm and pragmatic solutions to reflect his changing circumstances – giving him peace of mind at every step of his and his family’s life.

Intergenerational financial planning

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We’ve built long lasting relationships on the strength of a good conversation, if you are looking for wealth management and independent financial planning advice or have any questions about the services we offer, please do get in touch.

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