Real life case studies

Bob and Betty set up their company in 1974.  Betty explained that in the past, she and Bob thought very differently about money but she feels they now think alike and Bob agreed with this.  When they initially set up the company and “until fairly recently”, Bob and Betty’s finances were tight.  Betty looked after the personal finances and was the one who had to “juggle” and “rob Peter to pay Paul”, transferring funds between accounts to pay bills due at different times of the month.  Bob had taken a back seat in the family finances and therefore worried less about money.

Mazars Financial Planning have been providing ongoing financial planning advice to Mike and Susan Green, since 2013. 

At that time the couple had a significant portfolio of cash deposits and investments, with no overall strategy in place.  They had a combined net income which comfortably exceeded expenditure and Mike already had pension provision in line with the Lifetime Allowance. 

Someone told me five years ago to stop going on about George Kinder’s approach to life planning and start doing it for clients. Great advice!

I’ve just got back from a client meeting and was really delighted with the progress a couple with a young family have made since they became clients just over two years ago.

Most of us have heard or read about NISA, pension contribution tax relief, capital gains and personal annual allowance, but do we all use them each year? I doubt it – many people don’t maximise opportunities for tax relief. There are too many things to worry about – work, shuttling children back and forth to various activities, DIY. There are often much more pressing matters that stand in the way of properly analysing your tax accountability. In fact, most people do what they can to avoid thinking about tax until January, before the annual race to get your tax return in.

Background

Mr and Mrs X were a retired, wealthy couple, aged 76 and 78.  They have one grown up daughter, Miss X who is not dependent on Mr and Mrs X but helps organise their finances. Unfortunately, Mr X had recently suffered a stroke which meant he would need ongoing care. Their income was mainly derived from rental properties and pension and totalled £100,000 per annum. Capital assets of approx. £15 million were spread across various businesses, farmland, properties and investments. Their main property consisted of a family estate and farm

Mr X’s illness had focused the family’s mind on the future, in particular ensuring the best possible care for Mr X and passing on their wealth to future generations.

Background

Stuart and Pamela are married and in their late 70s with independent, grown up children and several grandchildren and great grandchildren. They are both retired and are generally in good health, although Stuart has had health issues in the past.  Their only income was their State Pension and they had no other savings or investments. They lived in a council house.

They had lived a relatively simple and quiet life until they received an unexpected windfall of £2.5 million, which has completely transformed their lives. They came to Mazars Financial Planning via a referral from Mazars’ private client tax team.

When Matthew (57) recovered from a serious illness, he knew it was time to understand his financial options and how best he could manage them should he have to retire.