search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
SPEAR’S PARTNER


SPEAR’S PARTNER


Calm in the storm


A large early tax bill is the last thing anyone wants while dealing with a complex inheritance. Legacy Release can help clients navigate those choppy waters


‘ONE OF THE reasons Legacy Release exists is to help our clients deal with the problem of having to pay inheritance tax before they’ve actually received their inheritance,’ says Simon Dawson, the firm’s chief commercial officer. It’s a situation, he explains, which


sometimes befalls HNW clients because of a catch in Britain’s probate rules stipulating that inheritance tax must be paid before a grant of probate can be made. This can cause particular problems for asset-rich and cash-poor beneficiaries, who may find themselves saddled with a bill that exceeds their liquid assets at the time. The more complex the estate,


Dawson says, the more potential for other problems too. ‘It is likely that beneficiaries have different priorities, and whilst some may be happy to wait, others may need to access their inheritance sooner, perhaps to pay for school fees or a wedding,’ he says. ‘In other cases, there might be a need to hire a forensic accountant to trace assets, or a lawyer who isn’t able to work on deferred terms. These might not be testamentary costs, meaning they can’t be taken from the estate.’ In such circumstances, he tells


Spear’s, Legacy Release can provide HNW clients with a fast and timely loan up to the value of 70 per cent of the estate. As the loan is secured against the value of the estate itself, rather than the beneficiary’s own credit status, the


While the major retail banks


previously provided specialist loans for inheritance release, these offerings have been pared back in recent years. Part of the reason, Dawson says, is the heightened level of risk for lenders, particularly when it comes to valuing large and complex estates. ‘As the lender, it’s entirely up to us to assess the value of the estate,’ he says. ‘We require no personal guarantees or security, as we take on the burden of risk.’ Given the loans are based on real assets, there’s minimal risk of default. As one of the emerging field leaders,


money can be arranged reliably and swiftly, without complications. Dawson is keen to stress that the


firm’s loans are entirely unconditional. ‘The advance can be used for almost any purpose,’ he adds. ‘What matters for us is that the client has the money when they need it most.’ In return, borrowers pay a flat 2 per cent of the amount borrowed, with a monthly charge of 1.35 per cent levied on the balance. Payment is taken from the estate once probate is settled. With a background in litigation lending, Dawson draws parallels between the world of divorce loans – now an established part of HNW family law – and the emerging field of inheritance lending. ‘We’re one of only a handful of firms in the market here,’ he adds. ‘We understand the complexity of the problem, and the simplicity of the solution.’


‘What matters for us is that the client has the money when they need it most,’ says Simon Dawson of Legacy Release


Legacy Release recently received the backing of a major funding partner backed by significant private equity. Dawson hopes this will help the firm expand its presence, and the inheritance loan market itself. With a specialist firm providing


execution-only services to HNW clients, the proposition currently falls outside of the regulatory orbit of the UK’s Financial Conduct Authority. One of the advantages of this, Dawson says, is the added agility it brings, with the firm able to lend at speed without any need for delay. ‘As we develop our offering, we will almost certainly look to become FCA-approved,’ he says. ‘At the moment, though, our focus is on the HNW community. And we know our clients value our ability to move as quickly as possible.’ Web legacyrelease.co.uk


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100