Case Study 3

Client C has been retired for some years and relies on receiving funds from his portfolios to meet his living requirements. Wealth preservation is therefore important and he also wants to ensure a smooth transition of wealth to his children. As there is a change in his tax status on the horizon, it was timely to consider how his portfolios are held to ensure a smooth succession of wealth and to consider any tax planning which may be suitable.

Legacy Wealth Advisors arranged a family meeting to provide an introduction to succession planning, including a workshop of what is a trust, how it works and the areas for consideration. The family found this very helpful as it facilitated a dialogue on how this family wants to organise it’s financial matters.

Legacy is now tailoring a bespoke succession plan for the client, including a combination of trusts, company and insurance solutions. We are undertaking a trustee selection process and fee negotiation on the client’s behalf. We are coordinating advice from tax advisors and trust lawyers. We will also oversee the implementation to ensure a smooth execution of the succession plan. We will arrange further family meetings to explain the succession plan and to ensure each family member understands the structure and what it means to them and we will arrange an annual meeting to review the succession plan to ensure it stays relevant to the family’s circumstances.

By working with Legacy, the client has benefited from our independent holistic advice, our experience with succession planning in facilitating discussions within the family, our network in finding other suitable professionals where required and our ability to lead the project through to completion. The client now has peace of mind for the future.

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