Mr & Mrs Jackson
Mr and Mrs Jackson originally found PenLife in a local magazine in 2015 and attended one of our free presentations in a York hotel. Despite being really impressed by Julie’s technical knowledge, they weren’t yet ready to book an appointment with her.
Four years then passed, and we received an email from the couple. They felt enough was enough and they knew they were out of their depth, so needed professional advice.
They met Julie at our office and discussed in detail what they believed their problems were and how they thought they should tackle it.
Julie made several suggestions, including correcting their will to save Inheritance Tax, transferring their existing ISAs into special ISAs which become exempt from Inheritance Tax, and setting up a trust whilst still retaining access and control.
Ultimately, these suggestions would avoid a tax bill in excess of £500,000. That’s half a million pounds that will now end up with the couple’s family, rather than the taxman.
Most people would find this a no-brainer (who wouldn’t want to avoid a £500,000 tax bill?) but, in this case, the clients decided they weren’t originally willing to pay our fees (which would have been less than £5,000.)
Fortunately, this doesn’t happen very often. Most people are horrified at the thought of the taxman getting his hands on their money.
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