Step 1 | Establish your current financial position
Statement of Affairs
A key concern for most people is whether or not they will have enough money themselves to cover their lifestyle both now and until their death. The preparation of an accurate current Statement of Affairs sets out your assets (what you own) and your liabilities (what you owe) and begins the process of focusing on the potential beneficiaries (those who will inherit from you).
Step 2 | Ascertain future financial requirements
Cash-flow planning provides a forecast of your income and expenditure for the future.
The BK Succession Team will help you evaluate the Statement of Affairs and Cash Flow Plan which together should provide you with a clear picture as to whether or not your desired life expenditure is likely to be matched by your available financial resources.
The objective of the Buckley Kiely Succession team is to help you reach a point of financial clarity and certainty, to ensure you are in a fully informed position before making any key decisions on when, how and to whom your wealth is to transfer.
Step 3 | Develop tax efficient strategies
Gift now or Inheritance later?
A question often asked regarding the timing of the wealth transfer i.e. should it happen by gift now or is it better to wait until after I have passed away to transfer my wealth by inheritance? The answer is often “both”, but it depends on;
- Financial independence of the giver
- Suitability, life-stage and status of the beneficiary – age, responsibility, need etc.
It is never too early to pass to the next generation once the above requirements are met and capital tax liabilities can be kept to a minimum (or exemptions/reliefs can be achieved). A lifetime transfer of assets or gift involves considering Capital Gains Tax (CGT) for the person making the gift and the Capital Acquisitions Tax (CAT) and Stamp Duty which are the considerations for the beneficiary.
Step 4 | Create a Financial Plan
The difficult part is done – now create the final plan
Step 5 | Review Annually
Review your succession plan annually for any changes in circumstances, for both you and your beneficiaries.
What clients say?
I was delighted with the analysis completed on my pension. It gave me the opportunity to make positive decisions in my life. It opened up many possibilities that I never knew I had, in fact, possibilities I thought I didn’t have or would ever have. It’s certainly worth having a consultation with Richard and Paul […]read more
Billy S. // Retired Bank Manager
Buckley Kiely Wealth Management has been advising us on our financial affairs for a number of years and I wouldn’t hesitate to recommend them. I am delighted with the advice provided. Richard [Fowler] has a direct and uncomplicated manner when it comes to financial advice. He is always prompt in answering my questions and raising […]read more
I am forever grateful to Buckley Kiely Wealth, and to Richard Fowler, in particular, for taking such a personal interest in what happened to my investment with the bank and for fighting my corner with me all the way to the Ombudsman. I am delighted with the outcome not least because I really didn’t expect […]read more
When my mother fell ill and I was appointed as Power of Attorney over her finances, I needed an independent adviser to help decide where to invest her money to ensure that there is always sufficient finance to pay for her care. I met Richard Fowler of Buckley Kiely who gave me great advice on […]read more