Mr & Mrs Connolly
We have known Mr & Mrs Connolly for over 20 years, a delightful couple from the suburbs of Northwest London. Mr Connolly enjoyed a successful career in a car dealership and they both joined St. James’s Place once they had retired in 2011. Mr & Mrs Connolly have been clients of mine since 2001, whilst I was working at another wealth management firm, however joined me at St. James’s Place in their 70’s.
A familiar challenge:
Mr & Mrs Connolly’s needs evidently began changing as they got older; they were already able to help their daughter purchase a larger property for her growing family by encashing existing investment funds and had already placed funds aside for their later life care.
But as their extended family grew, with two children, and four grandchildren, there was a question that kept nagging at them;
“How can we provide inheritance to our grandchildren, without the risk of them having full control over the money?”
A professional approach:
Having had a long-term professional relationship with Mr & Mrs Connolly, they were easily able to approach me on this matter.
Mr & Mrs Connolly trusted my advice and support through their previous financial plans with me, and thoroughly trusted my integrity to produce specific financial plans to best suit their individual needs and circumstances.
Peace of mind:
Having been a qualified financial adviser for over 20 years, with a Chartered Financial Planner with Fellowship qualification, the gold standard for financial advice, I was able to swiftly find a solution to Mr & Mrs Connolly’s predicament.
I proceeded by setting up Gift Plans for all four of Mr & Mrs Connolly’s grandchildren, with a Flexible Trust so that the gift was to remain in control by them, whilst they were still living.
Upon Mr & Mrs Connolly’s passing, the control over these Gift Plans would thereafter be handed over to its selected Trustees. This meant this Gift would be protected from being unnecessarily spent, it would not enter any divorce proceedings whilst it remained under the Trust, and after seven years it would not be included as part of Mr & Mrs Connolly’s estate, thus not liable to any Inheritance Tax (IHT) liabilities.
Success of Outcome:
With my regular annual reviews and constant legislative updates, Mr & Mrs Connolly’s investments continue to meet their financial goals and provide the financial security they had once envisioned since my very first meeting with them. Their investment plans have more than accommodated for Mr & Mrs Connolly to provide for their later life care, as well as supporting their children and grandchildren on their future endeavours.
Further to Mr & Mrs Connolly’s delight, they did not need to pay any exit penalties to withdraw from their ISA and Unit Trust investments, providing them with a financial peace of mind as they settled into their retirement.
“We have known Hansa long before she joined St. James’s Place. She is a person who you can count on – she is very positive. We as a family are very pleased with the advice on our investments.”
Mr Connolly
The advice provided to Mr and Mrs Connolly was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
