Inheritance tax – Susan

Widowed approximately ten years ago, Susan’s work has always been an important part of her life – she enjoys it! However, after a recent restructuring, she has found that additional responsibilities have been taking her away from the part of the job she really enjoys.

She was keen to:

  • Investigate the options for early retirement or working part-time
  • Spend more time with her family; two children and four grandchildren
  • Be able to help her children – seeing them struggling with the demands of young children, costs of childcare, large mortgages, she wanted to be able to help them financially
  • Be able to spend more time with her now elderly parents, who with failing health were an increasing concern for her
  • Investigate the costs of maintaining her current home, and being on her own, decide whether it would remain suitable for her in old age

We have helped Susan by:

  • Developing a detailed cashflow analysis and financial plan, proving to her that she can afford to work part-time, or even retire
  • Amending her investments in line with her cautious attitude to risk
  • Reducing the potential inheritance tax liability in the event of her death, through careful estate planning but also by giving her the flexibility to assist her children as and when she thinks appropriate
  • Assisting her in dealing with her parents’ finances, advising on long term care and inheritance issues, with the benefit of an understanding of the full family picture

We’ve helped Susan to achieve the following:

  • She has negotiated working three days per week, her role now focussed on the tasks she wants to be doing
  • She has more time to spend with her children, grandchildren and parents, together with time for her own hobbies and interests
  • Following a programme of improvements, and allowing for additional help with the garden, cleaning and maintenance, she is confident that her current home will remain suitable well into old age
  • She also feels confident that her pensions and investments are arranged so that they will provide her with the income she requires when she retires in two to three years time