Individuals and families

Helping you and your family every step of the way

Managing and maximising your finances, while pursuing your personal and business goals, is always a challenge at all stages of your life.

Your wealth management requirements will change and evolve alongside your life ambitions; whether it be minimising tax on your growing assets, protecting and maximising your family wealth for you and future generations, or building a flexible plan to accommodate for changing circumstances later in life.

Whatever your goals, careful planning and the right advice in respect of taxlegal matters and financial planning is essential so that you can maintain wealth, enjoy life and achieve financial security for you and your family.

In this brief summary, we have considered what upcoming challenges, focuses and financial issues, in our experience, you will need to consider at each stage of your adult life, and the lives of your family.

The early years

The earlier stages of life can sometimes be the most confusing; balancing a career, possibly raising extra funds, working towards purchasing your first property, means navigating tax laws and acquiring a mortgage can be that much harder.

With professional assistance: mitigating tax and generating savings to support the personal (e.g. marriage and family) and business (e.g. setting up a business) goals which you hope to achieve in your lifetime will require advice and guidance.

We would certainly recommend getting pension advice in the early years as early investment into pensions grows tax free for an extended period and will prove very beneficial in later life.

The growth period

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The growth period

You may be married or in a civil partnership and experiencing career progression, perhaps as an owner of your own company, allowing you to accumulate wealth.

A young family may present the need to cater for the provision of school and university fees. It may be worth considering setting up a trust as a tax efficient way to guarantee your children’s financial security.

It is critical, even at an early stage, to make sure that you have an up to date will to ensure that your hard earned wealth passes to your chosen beneficiaries in the way that you wish. This will avoid the unfortunate situation of your assets potentially not passing directly to those whom you would have chosen.

At this stage of your life, well advised investments, and efficient tax planning, can help increase income and achieve long term growth – so you can continue to achieve the lifestyle you want, even in retirement.

Reaping the fruits of labour

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Reaping the fruits of labour

You have put in the hard work in securing career progression or establishing your own business, and generating income during your working life. You can now start to enjoy the benefits of your hard work as you hit the pinnacle of your career.

You may require advice on the tax efficient extraction of funds from the assets you have accumulated, whether from your property or business, to help you meet your personal needs and aspirations.

If you have generated income from your own company, you may feel that now is the time to capitalise on the years of hard work. You will need a good adviser at your side to ensure that you maximise value and have the most effective structure in place both commercially and to minimise tax on any business or company sale.

Pension planning for retirement at this stage is essential and can be cost effective with timely expert advice from a chartered financial planner. Pensions are a complex area that can present an array of confusing possibilities and making the right choices can make a significant difference to your future finances.

Without being negative, it is very important to also consider planning for unforeseen circumstances. One in three women and one in four men will require some care in their lifetime so planning for long term care is a sound investment. In addition, ensuring that your will is up to date and regularly reviewed, securing powers of attorney, downsizing and tax planning are all issues which need to be considered with your adviser now to ensure peace of mind at retirement.

Preserving and distributing assets and wealth for the next generation

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Preserving and distributing assets and wealth for the next generation

You are now at the stage of your life when are likely to have a grown up family with children of their own. It’s time to consider how you would like to protect and maximise your wealth for future generations, and put your feet up in retirement!

You’ve met your goal in sustaining your basic needs and satisfy your lifestyle through financial means. But you will now need to consider longer-term inheritance tax planning and capital gains tax mitigation when deciding how you will pass on your wealth to your family, including trust and estate planning. Good estate planning can save substantial amounts of tax, but many leave it too late to maximise this benefit.

This is also the time to make allowances for a time in the future when you may face difficulties with managing your financial affairs or your health and welfare. Enlisting the advice of a specialist adviser can help you navigate the complexities of probate, will writing and powers of attorney while securing peace of mind for you and your family. You may even consider enlisting a professional to act as an executor, trustee or attorney.

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