"I have known David Henderson for seven years and during that time, he has had full control of my financial investment portfolio through retirement and the consequences of adjustment to widowhood. I have never had any cause to doubt his skilled advice and commitment. This has been delivered through a friendly and totally reliable relationship. I have regarded him as a trustworthy friend and in terms of the financial manoeuvres, his practical adjustments have (thus far in a volatile world!) all been safe and successful. He has been helpfully reassuring at times based on an extensive knowledge of theway the markets and global economy works I find this very educational. I have recommended his services to several friends all of whom have commented most favourably after his input totheir finances."
If when you die you have not made specific provision for your children’s financial future, then the inheritance for any child under the age of 18 is held under a legal trust for their benefit.
However, this is a complex and expensive legal procedure, as it involves an application to the courts to allow for the trust to be established.
Once your child reaches 18, they can then spend (or squander) the sum inherited. Many people feel that this provision is not suitable, and in their professionally drafted Wills they therefore include a more flexible Child or Grandchild’s Trust. As a parent or grandparent, you can use this Trust to place an age restriction of your choice on any child’s or grandchild’s inheritance – at 21, or perhaps 25 years of age.
In addition, you can also nominate trustees. These are people in whom you have total confidence, who will manage the trust on behalf of the beneficiaries until they come of age.
This provision can thus eliminate a costly and complex court fee, and ensure your preferences are applied.
These Trusts are also exceptionally flexible. Should the trustees feel it is suitable, they can advance funds to the children prior to the age of inheritance. For example, should a child need medical care, or require funds for university.
If you have disabled or handicapped children, you can also make further long-term, secure financial provision for them. In these circumstances the Trust can receive special treatment for Tax. However, if there are also to be beneficiaries who aren’t vulnerable, the assets and income for the vulnerable beneficiary must be:
* identified and kept separate
* used only for that person
* Only that part of the trust gets special tax treatment.
INHERITANCE TAX PLANNING, WILL WRITING, TRUSTS AND TAXATION ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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We have the benefit of many years spent advising doctors and dentists and guiding them through financial planning for protecting the family, savings and investing for the future, retirement, and the complex tax issues that can arise. -
There are many different ‘tools’ that help you save for retirement, and the taxation and investment elements of each can appear baffling. We explain, recommend and monitor pension products for you, putting you in control of the choices that will achieve your goals. -
Our mission is to use our knowledge and skills to provide unbiased financial advice, so that you can face the future with increased confidence regarding your financial position today, and the financial security of your family in future. -
Every investment carries some element of risk, which is why we reflect risk management in the financial planning we provide for clients. We work with you so that you are financially well organised, aware of your current and likely future financial position, and therefore remain in control of the choices you make. -
Buying a property can be stressful and time consuming at the best of times, and for some borrowers finding and selecting the most suitable mortgage for them can be a contributory factor. Working with us means that you’ll benefit from informed advice from the outset, backed by up-to-date financial intelligence, and years of practical experience.
