CASE STUDIES 2018-08-30T08:31:38+00:00

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.

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