School Fees Planning
Question. Why do I need advice on school fees planning?
Answer. Because it is not straightforward and there are inventive ways around the problem of funding.
Having decided to educate your child/children independently is it important to take appropriate advice to ensure the continuity of their education.
The Parent/Grandparent must be fully aware of the financial implication and be confident they can afford the fees throughout the selected term. If the costs of an independent education are not planned properly, at a later date this could prove serious for both the child and the Parent.
We are able to offer comprehensive financial advice as to the best manner to meet and protect future school fees.
Basically our clients fall into three categories;
- those looking to spread the cost of fees;
- those looking to invest a lump sum;
- those Parents who are wishing to set up a regular savings scheme to provide funds to cover future fees.
The actual advice offered to Parents is dependant on many factors. For example, we would take into consideration:
- Parent’s attitude to investment risk,
- Current tax rate of the Parents,
- Existing portfolio of investments and assets as well as other income.
Everybody’s financial situation is different, that’s why we provide specific advice to meet your individual needs and requirements.
The following options or a combination of all exist to deliver your final objective:
- Spreading the Cost
- Lump Sums
- Regular Saving
- Trust Planning
- School Composition Fees
- Monthly payments
- Creative Drawdown
Finally, one should consider the consequences of non payment through Death or Serious Illness. Payment protection is a vital part of initial planning.