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Case Studies - Finance

The issue

Lack of advice risks $250,000 investment.

"I had $250,000 invested in my business in my advance account (and no bank debt) and unfortunately my business went belly-up, following a totally unexpected uninsured legal claim of $400,000.

I had been in business for many years and paid the same accountant good money for 10 years. My lawyer had acted for my family for three generations. Yet neither my previous accountant nor my lawyer had bothered to mention the simple and straightforward technique suggested by Nick soon after I met him. In short, it was only going to cost me $250 in lawyer’s fees to save the whole $250,000 I'd invested in the business!"

You can imagine how pleased I was that a good friend of mine had referred me to Nick!"

The issue

Tax saving idea overlooks Property Relationships Act.

"I'm so pleased I met Nick!

He reviewed my affairs and saved me a cool half-a-million dollars by pointing out that the tax saving scheme that my previous accountant had suggested was exceptionally risky from the Property Relationship Act point of view. I was a year into my second relationship (I thought at the time I had found a new lifetime partner) and was about to transfer investments selected for capital growth worth about $1 million into my partner's name to save tax of a mere $10,000 a year."

Following Nick's advice the investments were transferred into my trust instead, my partner was made a conditional beneficiary only of the trust and the tax arising was still reduced. Six months later, as a result of difficulties with step-parenting, we went our separate ways but at least my assets were safe!"

The result

The client saves $500,000 by following Nick's advice.