An owner of a large business, Jack had multiple streams of revenue across a number of properties, his pension and of course, his longstanding, successful business. His wealth portfolio was impressive and substantial but before he spoke to Murphy Wealth, it was disorganised and inefficient. He was looking to retire soon and before he did, he wanted to ensure that his finances were in order, he could retain all of his assets and that his family could be left a healthy legacy from his estate.
When we started to work closely with Jack’s portfolio, we realised that he had around £4 million in property and around £200k of annual surplus income that was never spent or utilised. His properties and surplus income meant that Jack’s family was facing a large Inheritance Tax bill as well as his own extensive additional rate tax. The disorganised nature of his accounts left him vulnerable to huge tax bill.
Additionally, as is common with many cases like Jack’s, his family held a lot of emotional capital in Jack’s finances. As such our job at Murphy Wealth was not only to organise, streamline and secure Jack’s finances but to provide reassurance to him and his family about the future of his estate.
We knew that Jack’s case was a complex one and that advice he had previously received would have left him out of pocket. We also knew that resolving his family’s concerns and frustrations would have to be a key part of our solution and, our approach had to be completely tailored to his situation. John’s liquidity and control of his own finances continued to be our priority throughout our approach.
We devised a coherent, airtight strategy for Jack’s finances. In essence, what we had to do was future-proof his estate, make sure he was tax-efficient and ensure that his family would gain a strong legacy that faced minimal Inheritance Tax. Jack’s case was a little unusual and, in turn, so was our strategy. Through using assets that Jack already had in his possession and using them effectively together, we created £400k of value for him and provided an approach that ensures he maintains control of his finances and that in the future, his family will be comfortable too.
Are you facing Inheritance Tax? Do you have a complicated portfolio that you’re not completely sure how to navigate?
Get in touch with Murphy Wealth today and find out how much value we can create for you.
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