Anna Turner

+44 (0)1733 887680 abturner@greenwoodsgrm.co.uk

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How we work with IFA’s

Wealth Preservation / 23 June 2021

We often act for clients at many life changing points in their lives, whether it be the arrival of a new born child, planning for retirement and sadly, death.  It is often not just legal advice that clients require but many will also require financial advice as part of this process.  Some clients will already have trusted independent financial advisors (IFAs) in place, whilst others form new working relationships with an advisor as part of the process.

By working together with IFAs we can provide clients with a joined up, holistic approach to managing their legal and financial affairs.  The following are just a few examples of ways we currently work with IFAs.

  1. Tax planning

We advise clients on mitigating their tax liabilities and can ensure that any paperwork is correctly drafted and completed.  As part of this process an IFA will look at reducing tax in the context of the client’s wider financial affairs.

  1. Later-life care

This is a topic that is at the forefront of a lot of client’s minds.  We advise on a range of lifetime and Will trusts which can ensure assets are protected for the next generation.  An IFA can provide clients with an accurate picture of their financial position and identify whether they may face a shortfall in later life.  Different care funding options can be considered depending on the client’s specific circumstances.

  1. Trust administration

We act for Trustees to ensure they fulfil their roles and duties.  As part of this process we correspond with the appointed IFA and attend yearly reviews to ensure investments are meeting their aims.  An IFA will ensure that the trust assets are invested in the appropriate structures to meet the trusts aims.

  1. Estate Administration

We act for executors and administrators in the administration of estates.  Where the deceased has a portfolio of investments we work with the IFA to mitigate any possible tax  liabilities which may arise during the administration period.  For those beneficiaries who inherit from an estate they can work with an IFA to achieve their financial goals for their inheritance.

 

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This update is for general purposes and guidance only and does not constitute legal or professional advice. You should seek legal advice before relying on its content. This update relates to the prevailing circumstances at the date of its original publication and may not have been updated to reflect subsequent developments. If you have general queries about our updates, please email: mailinglists@greenwoodsgrm.co.uk

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