Advice to Trustees
The Trustee Act 2000 imposed new duties on Trustees, particularly with regard to implementation of the standard investment criteria, which requires them regularly to consider the suitability of investments held within their Trust and states the need for diversification of the types of investment held. We offer advice to Trustees on the suitability of different asset classes, investment risk and diversification, as well as on the most tax-efficient investment products, to meet the Trust’s objectives.
Much can be achieved by careful planning and drafting of wills, and the ability to transfer the unused portion of a nil rate band between spouses or civil partners has greatly improved the Inheritance Tax position for many people. However, for those with larger estates alternative planning solutions are still required and we are experienced in advising on some less widely known opportunities to reduce the impact of IHT.
Life assurance is usually seen as a last resort but its use in conjunction with the right Trust arrangements can be a useful planning tool in preserving hard-earned assets for the next generation for a fraction of the cost of the IHT bill. We have many years’ experience in advising on the most suitable type of policies, to provide you and your clients with the reassurance that the policy they take out will perform the task that they want it to.
It is important for professionals and business owners, particularly in the present economic climate, to be able to assess whether their financial strategy is likely to meet their personal aims and objectives and provide them with their desired lifestyle in retirement.
Using the latest financial modelling software, we can now offer your clients a comprehensive financial plan which includes an invaluable lifetime cashflow forecast. This enables them to assess whether, with their present financial strategy they are likely to achieve their personal lifestyle goals and remain financially secure for life or whether they are likely to run out of capital at some point. Different scenarios can be tested to show the effects on their plans of immediate catastrophes, such as death of a partner, or enforced retirement due to illness or disability.
This tool can also be of particular use to business owners in deciding if and when they will be able to afford to retire, or in calculating the sum that they need to realise from the sale of their business in order to achieve and/or maintain their desired lifestyle in retirement.