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Inheritance Tax Planning Case Study

 

Entrepreneur and successful business owner, Richard, had recently moved to Christchurch to enjoy a more relaxed pace of life, having decided to scale back his day-to-day involvement in his business. New to the Dorset area, Richard set about finding a new network of professional advisers he could trust to manage his family’s financial and personal affairs. Richard’s primary concern was Inheritance Tax planning. He wanted advice on how to transfer his wealth tax efficiently onto his loved ones.

Inheritance Tax – Putting the family first

Like all of our clients, Richard had done well in life. He was a successful business man who had built a thriving business and generated significant wealth. But with wealth comes complexity – especially when it comes to tax planning, and Inheritance Tax planning in particular. In partnership with our carefully selected network of estate planning solicitors and tax specialists we devised an Inheritance Tax strategy that mitigated Richard’s liabilities as much as possible. But most importantly, the IHT plan reflected Richard’s wishes for how his wealth would be distributed after his death. We worked alongside the solicitor to ensure Richard’s Will reflected his wishes. We also put in place a series of trusts to protect his wealth from being unjustly taken – be that through paying excessive Inheritance Tax, or through possible future divorce scenarios.

Peace of mind about the future

Although semi-retired, Richard’s various business interests kept him incredibly busy. He appreciated the order we helped bring to his financial life by creating a strategy that helped him feel fully prepared for his financial future. The Inheritance Tax plan was crucial for Richard, due to his desire to leave a legacy for future generations and protect his hard-earned wealth.

As an investor for many years, the stark difference I noticed was that MFP work closely with me to ensure that I get the right investment for my particular needs. It boils down to a matter of trust – the relationship is excellent and I am comfortable having a substantial amount of investment being handled by them.

Richard

Chief Executive & Business Owner, Christchurch