Widow/Widower Client Case Study
Background
- Widow(er) currently aged 71 lost spouse 3 years ago
- In receipt of state & occupational pensions
- Two mature children, four grandchildren
- Assets:
- Home £400K
- Investments £355K comprising
- Cash £75K + Investment Bonds £70K + shares £35K + Isas £50K + Unit trusts £125K
Challenges & Concerns
- Late spouse used to look after their finances
- Client didn’t understand the various investments & had no clear strategy
- Investments were disorganised & tax inefficient
- Client didn’t know how well or badly the various investments were performing
- Concerned about Inheritance Tax
- Outdated Will
- Required net income of £25K pa to enjoy retirement
- Needed to secure help with house & garden maintenance
- Worried about the prospect of care fees
What We Did
- Agreed & implemented a tailored risk adjusted investment portfolio
- Simplified & consolidated investments
- Arranged for new will
- Secured required income
- Implemented a family trust fund to cover the projected Inheritance Tax liability
- Devised an ongoing review programme to keep things in check
- Arranged a care fees plan
The Results
- Client understood their financial position = Peace Of Mind
- Achieved the desired income stream which allowed the client to arrange help around the garden & in the house
- Reduced investment risk & eliminated the Inheritance Tax liability
- The new investment strategy improved performance AND reduced risk all at the same time
- Peace of mind in the event that care fees become a necessity