Liz was in her 60s and had retired. She had three children who she’d raised single-handedly. She was introduced to us by her lawyer.
What did she need help with?
Liz had recently inherited wealth from a parent. She wanted to ensure she was making the right decisions with the money, so that she could benefit from it both in retirement and later life.
Her parents’ wealth lost a seven-figure amount in Inheritance Tax (IHT), so Liz was aware she was also at risk of losing a lot of wealth. She wanted strike the right balance between helping her children and meeting her own needs.
What we did
We immediately got to work with Liz’s solicitor to restructure the inheritance; effectively rewriting her parents’ Will. This meant that the majority of the inheritance was protected against the loss of 40% in IHT upon Liz’s eventual death. We made sure to structure the wealth in a way that still gave her access during her lifetime but meant she could pass money to her children whenever she wished.
We then worked with Liz through a series of meetings to build her confidence in relation to investing; educating her on the fundamentals and how to use the tax system to best effect. Breaking down the ideas into simple concepts enabled her to appreciate how we can invest to deliver to her lifetime’s needs, with an eye on protecting the wealth for the next generation.
The use of cashflow planning was then pivotal in helping Liz to get a sense of what was possible with her wealth, both in her lifetime and for her family.
We also made sure to get her children involved to help them feel confident that we are doing the right thing for their mother. Communicating across generations makes such a difference; Liz’s children gained so much comfort in knowing that their mother is in good hands and that the family wealth is going to take good care of her as well as their future financial needs.
Since meeting James I truly feel that I have a clear financial plan for the future. That is invaluable to me. James really takes the time to understand mine and my family's goals. I have no hesitation in recommending him.
Wealth Harbour is a safe pair of hands. James has a personal interest in your life and helps make the right decisions for your lifestyle. I have used him for several years and my investments have maintained my requirements.
James understands my family and has given advice tailored to protect my personal wealth for many years. I have been impressed with his knowledge and am confident my finances are in the best of hands.
James has set up for me two family trusts. I now have the security of knowing my lifetime financial security is secure and also my children will be able to benefit from the trusts after my death.
James' work has been very positively beneficial to my financial position in retirement. James's strongest ability for me is his constant goal to "do better" for his clients and keep them informed.
Having lost my husband, I was in a mess. James was brilliant! He never pushed me to make any decisions. I have been 100% happy with the service I have received and would definitely recommend Wealth Harbour to a friend.
James shows a genuine interest in our lives and understands our goals. He has a friendly and professional approach. He made the transfer of my pension a stress-free process. I would happily recommend him.