Mrs C from Sheffield approached Andrew Stuart & Co when her parents had sold their home as they were moving into a Care Home in Sheffield. As there was a sizable sum of money, she didn't wish to take on the responsibility of investing the money herself and would prefer to use a professional adviser to help guide her through the process efficiently. Her parents had enough retirement income to pay for the care home fees with some excess so investing for income wasn't an issue for these clients.
Outcome - Working with Mrs C and her parents at times we assessed her's and her parents attitude to risk and looked closely at the retirement income and assessed the tax situation. We decided to utilise an Offshore Bond for the client in her mothers name as she was a non tax payer and her husband was a higher rate tax payer. This along with utilising their Stocks and Shares ISA allowance allowed them to invest the money is a highly tax efficient manner and when the time comes that the money becomes the daughters, because of some of the bond's versatility can easily be transferred to her without any tax charge.
Mrs S from Sheffield was in the process of getting divorced and as part of the divorce settlement, she was awarded a proportion of her husbands Pension. She didn't have a pension of her own so any money would be greatly appreciated.
Outcome - We worked closely with the client and her acting solicitor to create a scheme for the proceeds of the forced pension transfer to be received into. This area of advice can have many minefields which can take a long time and can be very complicated but we managed to create the pension scheme with very low charges, assessed the clients attitude to risk and created an investment portfolio which is highly diversified and given her the system which enables her to track the progress of the investment and make further contributions should she wish to.
Mr M from Derbyshire travels a lot for work and has considerable debts in the form large mortgages. He has a young family and a good income which requires to be protected.
Outcome - Having worked with Mr M previously on his mortgage, we noticed that in his contract of employment he could receive help from his employer towards the cost of this kind of cover which doesn't come cheap.
We found a single policy which could incorporate all the cover Mr M was looking for and compared that to having separate policies to see which would be the most cost effective. The single incorporated policy which included Life cover with Total Permanent Disability and critical illness cover along with Income protection came out the cheapest with the best levels of cover. Our advice didn't stop there as we recommended writing the policy under trust. But because of the type of cover we recommended a Split Trust. This would allow him to benefit form any income protection or critical illness payouts whilst keeping the proceeds of that and the life cover outside of his estate for inheritance tax purposes and for the speed. As you do not need to wait for probate to have been granted for the proceeds to be paid to the beneficiaries, this would mitigate any financial hardship on the clients family.
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“We have been clients of Andrew Stuart and Company for a good many years and have always found them to be professional, helpful and good communicators. They have always kept their finger on the financial pulse. We have no reservations in recommending this Company.”
Mr & Mrs B Edwards