Want More News?

Click here to receive regular updates

Client Stories: Timing is important

by | May 2, 2019 | General News

Written by our client, in her own words.

“Our story

Timing is important. A good friend of mine says to be successful you have to be lucky and ready. In my family’s case I would say that we were unlucky and ready…

Thirteen months ago my husband Michael was diagnosed with inoperable bile duct cancer at the age of 59 and we were faced with a worst-case scenario: Michael would be able to undergo chemotherapy but effectively we were rearranging deckchairs on the Titanic. We could buy time with chemo but would need to adjust from being a family of five (I am counting our dog Lucy) to four.

There were silver linings. Our daughter’s long-standing anxiety disorder was properly diagnosed and professional treatment started; something that probably wouldn’t have happened if Michael hadn’t become ill. I developed an ability to not sweat the small stuff and actually know what this means. And finally, our house was in order, so to speak, financially.

Four years ago when we started with Town Close Financial Planning (TCFP) Michael’s primary motive was to withdraw from his company’s defined benefit pension scheme, the fruits of a forty-year long successful career.

With eerie foresight he did this chiefly because its widow’s/widower’s benefit was significantly less than its pension offering for the primary beneficiary in the event of death.

This meant that at the point of diagnosis we were in decent shape organizationally: supporting Michael and my daughters throughout his illness was something I could concentrate on without extra lost sleep worrying about our mortgage and pension provision and about what would happen after his death.

Still, there was a lot to do, much of it straightforward albeit tedious: changing utilities’ account names; talking to the bank; talking to the DVLA for our car’s registration and tax… Basic housekeeping, but plenty of it, and plenty more to come… I can’t say I am looking forward to talking (?!) to PayPal, Apple, eBay or Spotify to cancel Michael’s accounts with them. Easy to cancel the accounts of course – just stop the Direct Debit – but the Spotify one holds the playlists for our twelve-year old daughter. Damn!

This stuff is the fodder of chatty Sunday newspaper columnists but our big goal; to protect our capital for the remainder of Michael’s life and then afterwards in as tax efficient way as possible, was beyond me.

TCFP helped us at every step. Starting with wills and trusts planning through to tax code expertise and liaising with HR at Michael’s work over share options, and finally with executor duties after Michael’s death, they have been endlessly helpful and calm and competent.

Because we had an established relationship beforehand, Michael and I did not need to scramble to figure out what expertise we needed, and for what: Town Close had relationships with the specialists we needed. Jeremy provided them with a clear brief of what we required– and importantly what we did not require – and we were confident that we were – we are – being supported.

This has been a horrible and difficult year and will probably be like that for a while. Michael sadly died in March but I am enormously grateful to my husband for being thoughtful about protecting our finances in the first instance, and to TCFP for their ongoing support.

Without doubt they have saved both Michael and me a considerable about of time, worry, and money. Going forward I feel confident about our future financially: our assets are being protected as best they can be for the future of our foursome.”

future proofing your finances

advice@townclosefp.co.uk 

Town Close are expert financial planners. Our goal is the same as yours – to help you do the things that are important to you in the time you have remaining.

Want More News?

Click here to receive regular updates