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| Case Studies - Case Studies |
Summary:We helped a couple who had just received a sizeable inheritance to work out how this money would change their lives. They needed to be reassured that this money would enable them to set up homes in the UK and France and that they would have enough income to sustain this lifestyle. By creating a comprehensive financial plan we were able to demonstrate that they had enough money to achieve their dreams and to be able to retire. Background:An existing client received a sizeable inheritance of nearly £2 million. They needed help to manage this windfall since they had not previously had access to such wealth. They required help to put their financial affairs in order and to work out what this meant for their financial security. Problems/Challenges:The clients’ priorities were to pay off their existing mortgage, to renovate their existing home and to buy a holiday home in France. After this they wanted to ensure that they had enough money left over to fund their future lifestyle. They were intending to spend a sizeable period of time living in France each year although they intended to remain UK residents. Therefore we needed to make allowance for the fact that they had a potentially complicated tax situation. Our approach:In our first meeting we created the clients’ life plan, thinking ahead towards their future aspirations and challenges. This enabled us to know what motivated them and also to understand their current situation so that we could fulfil all their ambitions. Following this we gathered all the data we needed to fully assess their situation and create a financial plan to show them the implications of decisions such as buying a property in France and how this would impact on their future lifestyle. We then created a portfolio of investments to provide them with a tax efficient income which could fund their lifestyle while taking the minimum level of risk necessary to meet their goals. Outcomes and Impact:The clients were able to make sense of this sudden wealth and put in place a plan to manage this money. This took away the potential stress of managing such a large amount of money and also helped them to understand that they could afford to retire now and achieve the lifestyle they wanted. We helped them to understand how investments work and put in place a portfolio to provide them with enough income to live the life they desired. We referred them to an international tax specialist who was able to work with us to ensure that their holiday home did not adversely impact on their tax situation. Continuing Support:Each year we schedule two reviews with the clients. The first is to re-evaluate their financial situation and revise their financial plan so that we can take into account any changes to their circumstances and re-assess whether they remain on target to meet their long-term goals. The second meeting reviews the clients’ investment portfolio and aims to keep it on track towards its goals while taking the least risk needed to do so. Further information: |
