Asset protection after a windfall: Tax planning to protect generational wealth

The Daily Telegraph – ‘Money Makeover’

Canaccord Genuity Wealth Management’s Head of Financial Planning, David Goodfellow, featured in The Telegraph’s ‘Money Makeover’, giving wealth planning advice to a reader who wants to make the most of his assets and ensure that his family reap the benefits of his profitable career in the long term.

Derek Jarman, 60, has a significant pension pot, a number of investments and – most significantly – is anticipating the upcoming sale of a large plot of land, worth approximately £1.6m. As he plans to take retirement in the near future, how can he go about protecting his assets as an inheritance for his grandchildren, while also ensuring he has enough to enjoy the retirement he has earned after a long career?

In his response, David outlines how Derek could invest in a balanced portfolio to maintain capital growth to sustain his lifestyle, while also suggesting a general ‘tidy-up’ of their finances, including amalgamating their shares into an ISA and paying off a residual minor debt. In terms of protecting his inheritance, he outlines how Derek could begin transferring wealth to his children and grandchildren through ISAs, as well as looking into inheritance tax planning in order to attract business relief.

Read David’s advice in full here:

Download article

This is for illustrative purposes only and not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. Tax benefits depend upon the investor’s individual circumstances and investors should discuss their financial arrangements with their own tax adviser before investing. The levels and basis of taxation may be subject to change in the future.

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.

The information contained herein is based on materials and sources deemed to be reliable; however, Canaccord Genuity Wealth Management makes no representation or warranty, either express or implied, to the accuracy, completeness or reliability of this information.