What will you do with the success that you create? At Meta we appreciate that protecting and preserving your dreams for the future generations is a key part of any financial strategy and one that is becoming relevant to more and more of our clients.
We endeavour to support clients in creating their own legacy, looking at how and when to manage the transfer of wealth between generations, and how philanthropic wishes can be turned into effective action.
Read on to see how we have brought this to life with real clients.
A client of ours, in his sixties, was about to face open-heart surgery – a daunting prospect for anyone, however he was more worried about how his wife might cope, should the worst happen to him. He wanted to ensure that she had a firm grasp of their joint finances and could talk to trusted advisers after he was gone.
Happily, his operation was a complete success and he’s still very much enjoying his retirement. While his wife, having complete clarity over their finances, also enjoys making joint decisions over investments and other financial matters – something she never had the confidence to do before.
After a highly successful career, our client sold their business, releasing circa £5 million of capital. They wanted to draw an income from this money to support their lifestyle in retirement but also wanted to put aside some money to help their children get on the property ladder.
We structured some of their assets using discretionary trusts, giving control over the capital to provide an income but also made provision for their children by directing future growth on their investments into trust. This strategy helped to place a ceiling on their inheritance tax liability and save their estate a significant amount of tax.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
After losing her husband, our client expressed her concern about what would happen to her children after she passed away. She felt conflicted over the security of maintaining access to her capital and provisioning her life, whilst wanting to ensure the children did not have to deal with complex financial matters and lengthy delays in accessing funds after her death.
Having experienced the emotional journey of losing her husband, she wanted to know that they would be OK at this vulnerable time. We supported by reviewing her income position and how insurance could help provide cover for the inheritance tax liability in a tax efficient manner. Now she is happy in the knowledge that she can live for today, whilst knowing that her children will be looked after in the future.
The advice provided to these clients was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.
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