Case study: In retirement
Sarah Wilson, Guildford, Surrey
Client since: 2015
Adviser name: Robert Young
Sarah is a widow in her 70s with four children and 10 grandchildren. With a degree in biology, she enjoyed a successful career as a Forensic Biologist. However, after having children, Sarah retrained as a Child Protection Social Worker, as the role fitted in better with her then-young family.
She retired in her early 60s and then followed her lifelong dream to study for a degree in fine art; something she had wanted to do as a young woman, but had been advised not to, as it wouldn’t lead to a ‘good career’.
Why did Sarah decide to take financial advice?
Following the death of her husband, Sarah took the decision to downsize, moving to a smaller home. She had some capital left over from the sale of her bigger house and needed advice on how to use that money to continue to enjoy her retirement, but also leave some wealth for her children to inherit.
How did Black Swan Financial Planning help?
Having understood what Sarah wanted to achieve, Rob advised her to invest her wealth in a number of ways; one of which is a Discounted Gift Trust, which not only provides Sarah with an income of 5% of the value of the trust each year, but also protects most of the fund from Inheritance Tax.
How has Sarah benefited from the advice?
As a result of our advice, Sarah has been able to build an art studio in her garden, where she regularly enjoys drawing, printing and painting.
In addition, Sarah is able to enjoy an income which largely matches the income she had pre-retirement, but still be comfortable in the knowledge that her children will inherit as much of her wealth as possible.
Sarah says: “Rob is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.”