Enjoying your retirement – retired couple in their late 60s
Our clients are married and in their late 60s with independent, grown up children and several grandchildren. They are both retired and are in good health.
They have both worked hard all their lives and always had a relatively modest lifestyle.
They were introduced to Bridge Investments 6 years ago by their retiring IFA. The couple were both members of workplace final salary pension schemes.
When they approached us, they were looking for a fresh perspective on their pensions and overall retirement provision.
We also discussed other issues with them which included the importance of providing cover for future financial liabilities such as care home fees and the significant Inheritance Tax liability (IHT) that would result upon their death. They had not realised that the gifts they would be making to their family would be classed as Potentially Exempt Transfers (PETs) and may therefore become chargeable to IHT if they died within seven years of making the gifts. They did not want their family to be liable for any potential IHT charge.
We worked with them to identify suitable IHT mitigation options which included insuring against the liability, making gifts directly or through trusts and investing into exempted assets.
We carried out a cashflow modelling exercise to ascertain the level of funds which should be retained in cash, in order to allow them to maintain their standard of living throughout their life, and to also ensure that there are plenty of funds available for care home costs should that be required.
On our advice they also ensured that their wills were updated and appointed a lasting power of attorney.
We scheduled our first post implementation meeting with them six months after our first meeting, and thereafter meet with them regularly to review their circumstances and investment portfolios – taking action as required.
Please note that not all inheritance tax and estate planning is regulated by the Financial Conduct Authority.
My advisor at Bridge Investments partners is knowledgeable, well informed and not afraid to tell me things I might not want to hear. We make investment calls jointly, which is important, but the decisions are still mine.
…in March 2010 I signed up with Bridge Investments Partners, and they have provided me with financial advice and services to my satisfaction. I can recommend the services of Bridge as financial advisers and as a company. They are friendly and easy to get along with.
Angus Kirk has acted as a Financial Advisor to myself and my wife for nearly 10 years. When the company for whom he worked was acquired by another company, I decided to stay with Angus as I had always found him to be a man of integrity. He commenced business on his own account but has retained the “personal touch” when dealing with our investment requirements and his associates and staff are also diligent and helpful when required. I would have no hesitation in recommending Angus to any potential future clients.
A true financial partner, I have absolutely no hesitation in recommending him to anyone seeking more effective wealth management. He has been of immense help to me, not only in organising my financial affairs more advantageously and obtaining better value in terms of investment costs, but in terms of his patience in explaining his recommendations. Angus Kirk is a rare find – a highly responsive financial adviser who identifies his clients’ needs intelligently and then explains his recommended strategies in a straightforward and totally transparent way.