Ron sold his trading business for a substantial sum. Our bespoke strategy involved reinvesting some funds into Business Property Relief qualifying products to maintain some Inheritance Tax advantage on a portion of the funds. We met with each of his children who ranged from mid 20’s to mid 30’s to understand their financial situations to allow us to advise the client on a suitable lifetime gifting strategy that could also target their needs. A lifetime cash-flow forecast allowed us to advise on the affordability of these gifts.
We involved their solicitor to update their wills to take account of lifetime gifts to equalise the benefit their children ultimately received from their estates. We advised on creating lifetime discretionary trusts for the benefit of their existing and future grandchildren, taking care to consider the order of chargeable lifetime transfers and potentially exempt transfers to maximise tax planning benefits.
Overlaid with all of this was the requirement for all investments to take into account their detailed ethical preferences. This included the establishment of a platform based pension to allow transfers of quite a number of old pensions into a new ethical pension portfolio.
This was a major exercise in wealth management of which this is a brief summary; the client gave us wonderful feedback and hugely appreciated us taking time to get to know them and their children and creating a detailed financial plan that exactly met their needs. By working closely with their solicitor and accountant they felt the advice was seamless and much easier to implement.