Frank and Ailish had worked hard all of their lives reaching the highest levels in their respective professions. They had saved diligently, contributed to pensions and various investments and also had an investment property in Spain. They had both retired 5 years previously and this was their first time to sit with a Lifestyle Financial Planner.
As usual, the discovery meeting was used as an opportunity to get to know each other. Specifically, getting to know their backgrounds, what they enjoyed doing in life and also their goals for retirement. They had also mentioned that they wanted to sell the 5 bedroom house that they lived in and buy an apartment which would be more suitable as they spend a significant amount of time in Spain each year. This of course would free up further funds.
Following this meeting and after carrying out the initial planning analysis it became clear that they had more than enough funds to meet all of their stated goals. This is where it got interesting as they were now faced with some important choices, do they continue to retain and accumulate funds possibly resulting in a very significant tax bill for their children? Do they increase spending to a level that will ensure that this tax bill is minimised? Do they transfer money now as gifts?
The answer for Frank and Ailish was a combination of these with the result that they now had a pre-determined inheritance for each child, increased spending on the things they enjoy, the children who now had small kids themselves could receive some money tax free via gifts when they really need it and any potential Inheritance tax had been vastly reduced.
This is what Lifestyle Financial Planning is all about. Finding a balance about doing all the things that you want to do now whilst also providing for your future. After all, life is not a dress rehearsal.
The above sample case studies are used to demonstrate the benefits of the planning process in some common scenarios. The above detail is not reflective of actual cases.
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