We wanted to get our finances in order so we would have peace of mind about the security of our future, for both ourselves and our children.
Once we reached our early eighties we became anxious about potentially leaving our children with a large inheritance tax bill. We were also concerned about how we would be able to fund any unexpected care costs.
On the recommendation of a friend, we approached Kelsall Steele Investment Services for guidance. At the time we held substantial cash holdings, including a number of building society accounts along with a mix of other investments.
Kelsall Steele Investment Services helped us to organise our affairs so that we could keep track of our assets, making everything a lot less confusing. They identified that we would have enough to cover ourselves should we unexpectedly need to fund care costs, which was a huge relief.
Our financial planner also arranged for our investments to be structured in a portfolio that matched the level of risk we felt comfortable with, giving us one less thing to worry about.
Once our cash and investments had been managed, they then examined our inheritance tax (IHT) liability and referred us to their sister company Kelsall Steele Chartered Accountants. Working together they created a cohesive strategy to mitigate the tax on our estate.
The team contacted all of the providers on our behalf, sourcing the best solutions for our individual needs. They helped us to understand our options, making sure we made the most of gift allowances and set up a Discounted Gift Trust. The Discounted Gift Trust meant that our beneficiaries would still be able to receive an income from our investments whilst the capital sum would be outside of the estate for IHT purposes.
We’re extremely pleased that after seven years we will have saved approximately £500,000 in inheritance tax for our children. In the meantime, we know we have easy access to the money should we need it.
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The Financial Conduct Authority does not regulate taxation and trust advice.
Kelsall Steele Investment Services Limited are authorised and regulated by the Financial Conduct Authority, registration No. 185507. For client confidentiality reasons, some of the information in this case study has been changed.
Please note that these case studies are an example of how we can assist you. All case studies however are pertinent to each individual client’s needs and circumstances and we recommend that financial decisions should not be made on the basis of the content of these case studies. We always recommend that financial advice be sought before making any investment decisions.