Passing on wealth with guard rails in place.
Preserving wealth and passing it on to your family through the generations can involve a variety of different planning tools such as trusts, family investment companies, insurance policies, and tax relief products. Alongside a liberal dose of common sense.
Passing on money can come with its own worries. Such as giving young adults too much responsibility before they are ready for it. So, planning involves carefully considering how and when control is passed to the next generation, alongside considerations about the legal and tax implications. Getting children and grandchildren involved early on is a great way of easing them into what will often be quite unfamiliar responsibilities. Below, Martin D. describes in his own words how Colmore Partners has helped three generations of his family.
Martin and Eileen D.
When we first appointed Richard, he had to unpick what we'd had before and he advised that we may take a slight hit as we change portfolios. But then once we'd gone into the new structure, growth was phenomenal. When we sold our hotel we set up trusts for Eileen and the boys. We also wanted to set our two boys up with their own portfolios, to gradually introduce them to investing.
Each time Richard came to talk to us about our portfolios, he would spend half an hour with the kids to talk to them about what they were doing with their money. Because Richard is so approachable and you are never made to feel stupid about asking questions, it was ideal for them and us.
We’ve since recommended Colmore Partners to our two daughters-in-law and the firm is also now looking after our granddaughters’ funds as well. They're only five and three, so they haven't met Richard -yet!
Martin and Eileen D., Retired. Parents to two grown-up boys and grandparents to two granddaughters.
We support you with a process that covers every aspect of your finances – from your assets to tax liabilities. This is what that looks like in practice.
Create ‘Grand Plan’
We meet you and listen carefully to your ideas, hopes, and aspirations. We ask pertinent questions and take copious notes. Then we build a plan that’s right for your individual circumstances. It will have clear objectives, it will be strong enough to last a lifetime and it will be flexible enough to bend with the changes life throws at you.
Structure for maximum efficiency
The Grand Plan works when it’s structured for maximum efficiency. This means paying the least amount of tax, identifying who should own the assets, and how best to use all your available tax reliefs. Efficiency also means managing your fees appropriately – so more of your money goes to you and your loved ones.
Invest
Everyone feels different about risk. We take great pains to understand how you feel about it – and then we marry it up with the levels of risk required to meet your hopes and aspirations. This enables us to select the most suitable investment style that will help you achieve your objectives.
Review
Life has a habit of throwing a curve ball or two. From changes in your personal circumstances to the introduction of new laws and taxes – as well as stock market ups and downs. We talk with you regularly about these, the ways in which they may affect your objectives – and therefore the Grand Plan – and agree any changes that may be needed sensibly and rationally. It’s all designed to give your wealth the best chance of doing its best for you.
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Simon Hoult
Simon is a Chartered Financial Planner with over 25 years’ experience in the financial services sector. He advises a range of clients with complex financial planning needs.
Katrania Lowers
Kat brings over a decade of experience in financial services to working up tailored, holistic financial plans for her clients.
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