Britannic Place Financial Management Limited

Retired Widow

Background

Female client aged 72. This client was referred to us by a firm of solicitors following the death of her husband. Her husband had previously dealt with all of his and her investments, which amounted to over £1million. She has three grown up children and seven grandchildren.

Challenges

1. Disorganised investments

  • After being widowed she was left with complex structure of investments
  • Excess of paperwork had overwhelmed the client
  • The portfolio was not structured in a tax efficient way for her

2. Inheritance tax liability

  • The client was confused as to what would happen to her estate on her death

3. Insecurity about future income

  • Client investments not structured to provide income

What we did

  • We created a simple Lifetime Cashflow Plan for client
  • Restructured her investments, creating an immediate increase in her monthly income
  • Simplified investments and reduced paperwork
  • Ensured client uses her Capital Gains Tax allowance and takes advantage of ISAs
  • Advised on tax efficient giving to children and grandchildren
  • Created a Trust Arrangement to reduce potential Inheritance Tax liability

The results

  • Gave client control of her investments, creating peace of mind
  • Allowed client to spend more time with her grandchildren
  • Increased her net income by £5,000
  • Reduced potential Inheritance Tax liability by £100,000 and clarified her estate concerns
  • Regularised her monthly income providing her with more stability

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