Playing to win

As the head of a profitable business, with a secure investment portfolio delivering excellent returns, Malcolm Lycett certainly considers himself a winner in the game of life. But, as an ex-professional footballer, he appreciates better than most that the game isn’t played solo. As he approaches retirement, he’s found a smart way to say a meaningful thank you to the individuals – friends and family alike – who’ve contributed to his success. And that doesn’t include the tax man…

Malcolm has been running his own business since 1975, building Stourbridge based Polymac Services from scratch with hard work, determination and grit. It hasn’t always been easy. Financial difficulties in 1991 pushed the business to the edge but, undeterred, Malcolm buckled down and recreated success a second time. Today the company has a strong turnover, a healthy gross profit margin and a stable outlook. In business, as in other areas of life,Malcolm is aware of the debt he owes to individuals who’ve helped him along the way. “I look back and can see a lot of people whose support – both practical and emotional – has been invaluable to me. I want to say thank you. And I don’t want to wait ‘till I’m dead to do it,” he explains

When Malcolm outlined that ambition to Paul Reynolds at Aspire Paul responded with a simple but effective plan. He describes it as ‘inheritance planning with a difference’. And the difference is simple; the ‘inheritance’ will be passed on while Malcolm is still around to witness the pleasure it will bring to his beneficiaries.

Inheritance planning with a difference…

Aspire’s plan will allow Malcolm to spend more of his wealth today whilst earmarking a large tax free lump sum for his family and friends.

This is being achieved by transferring an amount each year from Malcolm’s highly successful investment portfolio into a Unit Linked Whole of Life Insurance Plan, which is held in trust. After 10 years Malcolm won’t need to make any further payments. “It’ll be really great to see people’s faces when that happens,” says Malcolm. “I want to say thank you in a way that everyone can be happy and that I can enjoy too. And I’ve no reason, by the way, to say thank you to the tax man!” Placing the money in trust protects it from both capital gains tax and from inheritance tax. In the unlikely event that Malcolm should die before the end of the term the sum assured will pass directly to his beneficiaries via the trust.

Seize the day

The additional benefit of this innovative programme is one that Malcolm particularly relishes. With his beneficiaries taken care off, he’s free to make hay while the sun shines, using his current wealth to fund an active retirement. “I’m sixty-six now and don’t plan to run a business for too much longer. But there’s no shortage of things I want to do, even if it’s driving a bus for the old folks, helping out friends who run a bar in Spain or getting more involved with local football clubs. I want to be free to spend my money – or give it away – in ways that are going to bring pleasure to me and to others now!”

It’s a commendable aim that conceals a financial confidence that Malcolm has gained since he started working with Paul Reynolds, who now manages his total investment portfolio. “I’d previously had two financial advisers and been unimpressed with either their advice or performance. Paul was different, he was genuinely interested in what I wanted to achieve and prepared to invest time to find the right solutions. The results he’s delivered are testament to the success of those solutions and have given me confidence both to live for the day and to plan for the future. Who could expect more?”

Find out how Aspire can help secure your present and future wealth. Telephone 01905 622 180 or email info@aspirepersonalfinance.com