We hear from Senior Client Director, Nicholas Toubkin and Will Ford, partner of Global legal firm, Womble Bond Dickinson as they discuss this topic alongside their own experiences and the surprising opportunities and pitfalls that creating a school fee plan can unearth.
Introduced by Gillian Wilson, Marketing & Communications Director for Strabens Hall.
The most immediate question around creating a school fee plan, may simply be “Can I afford private school”, but this is just the tip of the iceberg.
Your adviser will undoubtedly look to produce a cash flow plan for you based on the new level of outgoings in the initial advice stage. Will and Nick agree, it is essential to get the numbers right at the outset. This then raises the question: “how much spare cash do I really have, and what should I do with it?”
“Clarity is essential…be clear, think carefully and be honest….”
Now, perhaps more so than ever, grandparents are being asked to help pay for private school fees – but how should they do this most efficiently? Set up and pay from a trust? Pay through an outright gift? Pay the full fees to the school up-front?
And – How do I ensure I am being fair to all my grandchildren – or make clear why there is inequality between them?
Will and Nick discuss all of these matters and more in this, our latest podcast
Click below to listen to the recording.