Future Planning Wealth Management has expert knowledge and systems in place to work with clients in helping to protect their assets and make sure that when money is needed, it is available. This client was referred to us by a local solicitor firm who wished to know that independent financial planning with cashflow analysis would be provided with the client's best interests at heart.
Concerns on behalf of client:
Some of the work involved:
Power of Attorney existed for the client and therefore were dealing with the son. Once all information was obtained, and goals were understood, we then ran the number crunching exercises, working through income and outgoing requirements and calculating the most tax efficient route on behalf of the client. Risk Questionnaires were completed and in-depth discussions regarding "capacity and tolerance for loss" were held. Different models were created to show alternative approaches and the recommended route.
Understanding the nature of all current income was important, to ensure whether all pension income was guaranteed or not, increasing or not and also what would happen in the event of one client passing away, as one client had more income than the partner. Seeing what plans were in place for repaying the buy to let mortgages, and if selling properties then how this would affect cashflow and lifestyle with reduced income, as there would be less rent then coming in.
We presented a clear picture of both what the current position looked like and future position will look like, including ensuring that the client was going to meet her considerable expenditure including care fees. We planned for tax efficiency as well to ensure that more was able to be paid as an income. We managed to:
As a result, we showed the client how these changes meant that there would be:
The son was happy with the outcome, as was the mother and the sensitivity with which the work was carried out in. The solicitors were pleased with the speed and professionalism and have since used our services again. We have maintained the value of the investments to date, despite considerable withdrawals.
There are many varying factors to consider, different allowances and vehicles to assist with scenarios similar to the above. No two cases are the same and if you feel you are in a similar position to the above, you are welcome to send an enquiry through whereby we can discuss if we are able to add value to your situation.
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