Judy had been a client for many years. She was a business owner and had recently affected a planned sale of her company in order to enjoy her retirement.
Having been focused on the business for so long, Judy’s key concern was understanding the transition; both in terms of her time and retirement resources.
Whilst providing a sustainable income for life was crucial, being able to leave a tax-efficient legacy to her children and ‘giving back’ through charitable endeavours was also very important to her. Whilst these were her financial goals, keeping mentally occupied whilst enjoying the fruits of her labour was also necessary.
Once we understood Judy’s goals, we were able to plan how to generate a sustainable income to ensure her long-term financial independence. We were then able to address how she could leave a financial legacy and achieve her philanthropic goals.
By providing lifetime gifts to her children, Judy was able to reduce her son’s mortgage and enable her daughter to extend her property for greater family space. She was also able to make some provision for her grandchildren.
Whilst Judy’s will had already been altered to include charitable gifts, we have taken this further so that surplus income is donated during her lifetime. Judy has also been able to put the practical skills she gained during her career to good use, by supporting her chosen charities in more effective ways.
By fully understanding Judy’s lifetime income needs, we were able to provide clarity on her surplus assets. Once these were identified, she was able to cascade her wealth so that her children and grandchildren can benefit, both now and in the future. She has also been able to achieve her charitable goals, which has given her an enormous sense of fulfilment in retirement.