Can I afford to pass on money?

Cashflow modelling can help answer big questions about a client’s finances and create a financial roadmap to help them get a better idea of what they can and cannot do with their money.

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Can I afford to pass on money?

Neil gives us an example of using cashflow modelling by demonstrating a real scenario.

Client scenario

Neil’s clients enjoy retirement. They bought a holiday home, go on great holidays and enjoy nice cars. But, as they get older, what does their wealth mean to them and their family?

They decided they wanted to make substantial financial gifts to their two children in the near future, but needed to understand the impact of this on their own lives.

So how does cashflow modelling help?

Though no one can predict the future, cashflow modelling can make sensible assumptions based on your current situation, future plans and what could happen – good or bad.

Neil shows how we do this using our specialist software – it helps to provide clients with clarity of their options so they can make informed decisions about their finances.

What might we look at?

  • With gifting the starting point is always financial security in different situations. What if you wanted to do something big, such as start a small business or buy a zoo (unlikely)? Or what could go wrong in the future where you might need more money?
  • Clients need the comfort of knowing their life is financially in place, so we need to look at their situation – what do they hope to do now as well as in the future?
  • How might circumstances change? (Lavish holidays to no holidays, income changes, new expenditures)
  • How much can they realistically gift? Have they considered the idea of running out of money? If they live a long time and need care, there is usually an impact
  • What would be the consequences of making a smaller gift rather than a significant one?

We look at as many ‘what ifs’ as possible so clients can see how their financial future would look in different circumstances.

A summary note from our speakers

A lot of pleasure comes out of cashflow modelling. People can see how much they can comfortably gift to their family, and then get the family involved which is always exciting. It’s great to see how this kind of forecasting can help them plan their lives. If you’re unsure about how your finances could affect your future, cashflow modelling could really help.

Speak to us

If after listening to our speakers you think cashflow modelling could help you, or have any questions about the topic, we offer free initial consultations where you can speak to an adviser about your queries.

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  • Mike Francis Financial Planner and Director
  • Neil Wilkie Financial Planner

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