Over 75% of parents paying for school fees, fund them directly from income. Whether this is affordable or not, it is unlikely to be the most efficient way to pay for school fees. Whatever your circumstances these costs can normally be reduced.
Our advice will -
- Make fees more affordable
- Maximise investment returns
- Take advantage of bespoke tax planning solutions
- Keep IHT liabilities to a minimum, via trust planning
Consider the following key points -
- Early planning = the greatest cost savings
- Have you discussed help from other family members – grandparents, uncle/aunts etc
- Plan for incidentals – sports, music, trips etc
- Consider cover against illness/accident if paying for fees from income
- It is not just school fees but probably university as well !
- When it comes to choosing a school, there is no such thing as too much research. Ask, visit and talk are key tasks.
- Make sure that your adviser is an INDEPENDENT adviser who can research the whole of the market for you
- Your educational plans for your children should be detailed in your will.
- Increases in school fees have, in our experience, often outstripped inflation and this has to be taken into consideration
School Fees Planning may seem a daunting prospect, but the initial meeting with one of our directors will be at our cost and without obligation.
We have found that qualified independent advice can reduce the cost of education dramatically and ensure that your child will be able to complete their education even if your personal circumstances change.
To contact our Private Client team, please click here