Success Stories

This section of our website is given over to the types of problems that we have solved for some of our clients

To view a topic that may be of interest to you, just take one of the shortcuts immediately below.

Estate Planning – Examples

Estate Planning Problem No 1.
Client had accumulated substantial wealth in recent years. He was arranging his WILL and had been given tax advice that his family would be subject to an inheritance tax bill of €500,000 on his death.

The Solution & Result:
We arranged for a series of lifetime transfers to take place over a specified number of years as well as establishing Section 72 Inheritance Tax life assurance policies that would discharge the tax bill on his death and leave his estate intact for a tax free distribution.

Estate Planning Problem No 2.
Client had several businesses where he was the sole owner and the only signatory on bank accounts as well as having several investments in his name only. In the event of his death or mental incapacity, there could have been severe difficulty for related parties in gaining access to the assets.

The Solution & Result:
In conjunction with the clients solicitor, GP and bank manager we set up an Enduring Power of Attorney, introduced new signatories to some of his business bank accounts and established trusts for certain investment assets.

Retirement Funding – Examples

Retirement Funding Problem No 1.
International company wished to establish a staff retirement and death in service scheme for its Irish employees in order to meet its legislative requirements as well as satisfying employment contracts.

The Solution & Result:
We established a company wide staff PRSA scheme to provide retirement funding for the workforce in general while setting up a “Top Hat” Pension Scheme and a Group Death in Service and Income Protection Scheme for the executives.

Retirement Funding Problem No 2.
Needed to review Existing Staff Pension Arrangements of an Irish Company following a takeover by an International Business.

The Solution & Result:
We examined and advised the client to retain certain elements of the existing pension funding because these were cost effective while we then renegotiated the Risk Insurances for a cheaper price and with less onerous medical requirements on the staff concerned.

Retirement Funding Problem No 3.
Client needed to purchase specific property through his company based pension arrangements.

The Solution & Result:
We established a Self Administered Pension arrangement and got approval from the Revenue Commissioners. The client was then able to target property that he could manage himself and drive income from.

Financing – Examples

Financing Problem No 1.
Client needed to raise finance for a new business venture but had no substantial business assets or track record.

The Solution & Result:
We raised the necessary capital by remortgaging his holiday home as well as an investment property without having recourse to his family home.

Financing Problem No 2.
Client felt that his interest rate on his combined property loans of €1.1m was too high but his bank did not want to lower his interest rate.

The Solution & Result:
We negotiated the €1.1m loan with a different lender at a far lower rate of interest and saved the client €13,500 in annual interest.

Investment Planning – Examples

Investment Planning Problem No 1.
Client was retiring and needed to have his retirement funds rebalanced to recognise his different cash flow needs as well as his less aggressive investment profile.

The Solution & Result:
We consolidated his investment portfolio, invested in Manager of Manager funds and arranged automatic income structures so as to have a more considered spread of asset types without surrendering the possibility of potential gains.

Investment Planning Problem No 2.
Client was fortunate enough to own property that was rezoned for residential purposes before he sold it. Not having ever experienced such large sums of money before he needed guidance.

The Solution & Result:
We did an extensive study using our own unique process “Aspire Wealth Mentoring Program” ™ and helped the clients identify what aspirations and goals they had for themselves and their children. We established a number of investment trusts for his children before arranging a series of unique investment portfolios for the clients themselves as well as the children.

Investment Planning Problem No 3.
Client was finalising her Divorce from her ex-husband and needed to get access to pension funds which because of Revenue Commissioner rulings she was previously told would only be paid to her as an annuity i.e. fixed monthly income for the rest of her life with no access at any time to the base capital.

The Solution & Result:
We prepared a special submission to the Revenue Commissioners and were successful in obtaining approval from them to have the monies invested in an Approved Retirement Fund (ARFs). Through this she was able to get flexible access to the funds for any amount at any time. This was a break through as the then existing Revenue guidelines excluded spouses from purchasing ARFs.

Taxation Planning – Examples

Taxation Planning Problem No 1.
Irish resident clients with US citizenship had a substantial US Dollar denominated investment portfolio that necessitated the making of annual returns to the US tax authorities as well as generating substantial US taxes. They also wished to make specific bequests on death to third parties.

The Solution & Result:
We worked with the client and their tax adviser to identify future personal requirements as well as possible different investment and tax scenarios.

Taxation Planning Problem No 2.
Client company had generated considerable taxable profits but it’s owners were continuing to pay substantial and unnecessary corporation tax. In addition they had not made much planning for retirement.

The Solution & Result:
Once we identified short term cashflow needs and set aside reasonable reserves to meet working capital requirements we started substantial pension funding which was totally tax deductible against the company profits to the extent that current year before tax profits were transferred directly into a Directors retirement plan.

Taxation Planning Problem No 3.
Self Employed Client had substantial accumulated pension contributions that were not likely to get future tax relief if he continued making contributions to his own pension fund.

The Solution & Result:
We reorganised his family pension funding so that his wife who was also engaged in the business could take over the pension funding in her own name and therefore avail of other tax reliefs on retirement funding.

Business & Family Protection – Examples

Business & Family Protection Problem No 1.
Major shareholder wished to reward other shareholders who were also employees by transferring shareholdings for value should he die yet still ensure that his wife retained an income generating shareholding after his death.

The Solution & Result:
We arranged Co-Directors Insurance and Personal Buy & Sell Arrangements between the directors as individuals and also between the company and the directors specifically.
On his death or the death of any shareholders, the company and/or other shareholders will buy out all or most of the shareholding of the deceased shareholder. The arrangements also ensured that should he die his wife retained an income generating shareholding after his death.

Business & Family Protection Problem No 2.
Self employed accountant’s wife had their first child but very little attention had been paid to the financial risks to his family that might come about due to his death or disablement.

The Solution & Result:
We organised a protection portfolio of income protection insurance to cover long term loss of earnings, serious illness cover for specified medical conditions and substantial life assurance to clear the family mortgage as well as providing a sinking fund for the family’s future.

Business & Family Protection Problem No 3.
Client had a pension fund from his past employer in the UK which had a current value of €160,000 but because of the structure of the pension scheme his family would only receive €16,000 if he died before retirement. The balance would be paid back to the company.

The Solution & Result:
We set up a transfer from the UK employer scheme to a personal Buy Out Bond arranged under Irish pension legislation thus ensuring that he and his family got full access to the pension fund whether he died before or after retirement.

 

Eamon Porter, trading as Aspire Wealth Management, is regulated by the Central Bank of Ireland.

 

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