Sarah and Gavin

Although the following case study relates to an actual example, where we have helped our clients by providing solutions to their financial problems, the names and figures have been changed for confidentiality purposes.

Compensation Settlement/award - advising a client who had suffered life changing injuries, and her family.

Sarah was involved in a serious road traffic collision whilst taking her children to school, that was not her fault.

She sustained serious injuries that sadly resulted in her being paralysed from the waist down.

This has also resulted in some cognitive issues and other health complications that may have reduced her life expectancy.

Sarah has a husband, Gavin, and has now taken on the majority of care for their daughter Kayleigh, who also has learning difficulties.

Sarah received a settlement of £7.5m from the Insurance company.  She is concerned that her health may deteriorate in the longer term and she needs to ensure that her wealth is used for her benefit and for that of her children when she passes.

What were the family’s main goals?

  • Sarah wanted to ensure that if anything ever happened to Gavin that Kayleigh is cared for in the best possible way.
  • Sarah wanted to ensure that her settlement is protected against care fees if her health were to worsen and she needed additional care.
  • She wanted to protect against Inheritance Tax as her wealth will be subject to this, even in these tragic circumstances.
  • Gavin wanted to ensure that he could also get help for Kayleigh if something ever happened to Sarah.
  • Sarah also wanted extra help at home so Gavin had some respite, and they could make some happy memories as a family.
  • Sarah was concerned that if she passed away, if Gavin went on to remarry, the wealth may be at risk from a future divorce.

How did AMG add value?

  • We supported Sarah and Gavin during an important time in their lives, demonstrating care and a real understanding of their needs.
  • We understood the shock to the family unit and the fact that they were anxious in protecting their settlement funds. We had to communicate in a sensitive way as they found themselves in an unfamiliar situation with a considerable sum of money.
  • We started to build a long-term plan that would help the family and also care for daughter Kayleigh in her adulthood.
  • We involved Sarah's Sister and her Mother in the planning, so the wider family knew what was being put in place.
  • We liaised with the family Solicitor and Accountant, leading to a collaborative planning approach that benefited the family.
  • We helped build in a financial plan that took into account adaptations to the home and future transport needs.

Outcomes

  • We engaged with a legal professional to help us to protect Sarah and Gavin’s wealth, keeping it in the family and drafted specialised Wills and Lasting Power of Attorneys.
  • We utilised a collaborative approach to planning where we would lead but Sarah’s Accountants and Legal advisers would be working in tandem with us, with the common goal of bettering our clients financial situation.
  • We developed a bespoke financial plan that was interactive and easy to understand by Sarah and Gavin and by the wider family.
  • We developed an asset protection strategy which ensured that assets were not exposed to any excessive risk such as Inheritance Tax and future divorce risk upon remarriage.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

All introductions and engagements, including Solicitors, Accountants and Legal Advisers, involve referral to services that are separate and distinct from the services offered by AMG or St. James's Place (SJP).

Trusts are not regulated by the Financial Conduct Authority

The advice provided to our clients was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.