Written by Giles McKean, Investment Manager, Charles Stanley Oxford
These are often sensitive times for families and Rebecca asked us to visit her at home. I suggested it would be a good idea for her son George to be involved in this initial conversation, and one of our financial planners, Mia Kahrimanovic, came along too.
Although the discussion went well, we came away thinking that Rebecca hadn’t had the opportunity to be fully open with us in front of George, and so we arranged a second meeting.
During the discussion, Rebecca revealed that she would like to give away more of her inheritance to her son, however, she was also worried about whether that would leave enough to see her through retirement.
Using our online financial planning tool, we showed Rebecca that she could afford to pass on much more of her money straight away to George than she had first thought.
We also explained that it actually made good financial sense because of the potential inheritance tax savings on her own estate.
After our conversation, Rebecca asked her solicitor to transfer around £250,000 of her inheritance in cash and shares to George.
This money was life changing for her son because it meant he would be able to move abroad to live near his young daughter and spend more time with her.
We advised Rebecca to organise her remaining money into various financial products: an offshore bond nil-rate band trust, an offshore bond wealth preservation trust, a general investment account and individual savings account (ISA).
We were really pleased to be able to help Rebecca during a particularly difficult period of her life, and we worked closely with her solicitor throughout the process.
After our conversations, she was a lot more confident about her financial position and excited about visiting her son and granddaughter abroad.
“I consider myself to be exceptionally lucky as I feel like my job was custom built for my personality. You have to enjoy visiting and chatting to your clients, but you also have to enjoy reading, thinking and analysing a great deal.”
Giles joined Charles Stanley in 2010, completed the CISI Masters in Wealth Management in 2011 and became a Chartered Fellow of the Institute for Securities & Investment in 2013. Giles is a father of two and enjoys tennis, golf and walking in Scotland.
For information on how Charles Stanley Oxford can help you plan a more prosperous future, call us on 01865 987 485 or visit www.charles-stanley.co.uk/oxford-office
Giles’ story was originally published by Charles Stanley as part of their Conversation Starters series. Click here to read more stories of how Charles Stanley have helped kick-start conversations about family finance.The client names in this story have been changed. The value of investments can fall as well as rise. Investors may get back less than invested. Past performance is not a reliable guide to future returns. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.