A married couple with a child aged 10.

  • They own a house with a mortgage and have a good amount in cash savings

  • The wife is co-owner of a successful growing business

  • A concern is what happens if she or her business partner dies or is seriously ill and unable to work

  • As a couple, they are earning much more and want to look towards future retirement planning

  • The wife is taking dividends rather than a salaried income from her business and wants to know how this will affect her retirement planning

  • They want to make sure they are regularly saving as tax efficiently as possible

  • They would like their child to have a private education so want to look at school fees planning with their existing savings

Our Advice

  • Formulate a strategy to define short, medium and long-term objectives

  • Explain the different Protection options available to cover the family but also outline the business protection options, to cover both them and their business partner

  • Review the business arrangements to make tax efficient retirement contributions

  • Analyse the tax efficiency of any remuneration paid out of the business now and how this may impact their retirement planning in the future

  • Review existing savings and investments, incorporating this into any requirement to cover expenses, such as school fees

  • Working closely with specialists, in areas such as mortgages and wills, review existing arrangements to sure that they are in line with their objectives