Additional information

Question 1

Additional information- regular gifting for grandchildren uni costs

Answer 1

• Are they likely to have more grandchildren?
• Ages of current grandchildren/ timescales until they attend uni
• Do they want to invest in the grandchildren’s names / are they wiling for the grandchildren to have control of the funds when they reach 18
• Do any of the grandchildren have a child trust fund?
• How much and with what frequency do they wish to invest?
• Do they want to cover all of the costs involved or just part of them/ target amount
• What level of risk do they wish to take with these funds?

Question 2

Additional info Purchasing a holiday home

Answer 2

• Will the property be owned by both of them or just David?
• if owned jointly, will it be a joint tenants or tenants in common?
• How much are they planning to spend?
• Where will the cottage be located?
• Will they use a Mortgage to purchase the property?
• Anticipated running cost?

Question 3

Additional info Review the suitability of their existing investments

Answer 3

• level and pattern of required income?
• How much do they intent to regularly gift to fund education for their grandchildren?
• What level of emergency fund are they comfortable with?
• Term of fixed rate savings account/ early penalties?
• Fund choices/ options available within various contracts?
• Fund performance of each of the investments against suitable benchmarks?
• Charges on each contract?
• Overall asset allocations for David’s holding and June’s holding?
• Are investments held on platforms?
• What type of service do they require - DFM or Advisory?
• Does Davis have any sentimental attachment to the investment trust inherited from his brother?
• David would you be willing to use the IT to fund both ISA allowances?
• Have either Davis or June used there CGT exemptions in 2017/18 and do either have any previous gains in 17/18 or previous losses?
• David would you consider adding additional lives assured to the IB and or rebase the IB?
• Is David likely to start to receive the income from his State Pensions?
• How much of the NS&I will remain after the purchase of the holiday cottage and gift to Karen?

Question 4

Additional info - maximising IT and CGT efficiency and maintain standard of living

Answer 4

• How much for holiday home?
• level and pattern of required income?
• Likley longevity?
• Willingness to transfer assets to June’s name?
• Have they used their CGT exemptions this year?
• Do they have any previous year registered losses for CGT purposes?
• Would Davis consider rebasing the IB to increase tax deferred income?
• Willingness to draw on investment capital?
• Would David consider investing in a VCT for tax free income/tax relief?
• Level of inflation proofing on Davis DB Scheme?
• Financial strength of the DB schemes sponsoring employer / likleyhood of scheme entering the PPF
• How much to grandchildren?
• How much to Karen?
• Max fund ISAs?
• Stop SIPP?

Question 5

Additional info - estate distribution in line with wishes and minimise IHT

Answer 5

• Willingness to write new wills?
• Willingness to amend ownership of property to tenants in common?
• Willingness to amend wills to include post death interest in possession for surviving spouse
• Have they nominated a beneficiary for their money purchase pension plans
• Willingness to pay money purchase pensions to spousal by pass trust on first death?
• Would David consider investing in an EIS to gain 100% BR after 2 years?
• Level of lifetime gifting planned?
• Will holiday home be owned jointly?
• Are all jointly held assets to be split equally between Karen and Joshua on Second death?
• priorities of this objective?