Background
Mr & Mrs Consultant Surgeon aged 60 and 63, Married with four grown up children. After a long and successful career he was looking to retire from the NHS and return part time whilst maintaining his private practice.
Concerns
- Clients did not fully understand their finances.
- Wanted to maintain their lifestyle following change of circumstances.
- High liability to IHT c. £250,000.
What we did
- Created a financial plan which:
- Set out their income & capital requirements.
- Established their income could be met from NHS pension and earnings.
- Confirmed the amount they could reasonably afford to gift.
- Developed a bespoke investment strategy across their investments and pensions, in line with their risk tolerances.
- Placed the private pensions in trust, and referred the client to a solicitor to redraft Wills.
- Reviewed their existing protection policies and cancelled several creating a further £100,000 in cash.
The results
- Maintained their lifestyle.
- Simplified their investments and reduced the overall risk.
- Reduced their IHT exposure.