Sir Paul reaches the age of 80 on 18 June 2022. As a lifelong fan of his music this tribute takes a light hearted look at some estate planning considerations which he and we may have in common whilst including as many of his song lyrics as possible in the text! How many can you spot?
Paul has been married 3 times and has 5 children. Maybe I’m amazed but his net worth is said to be $1.2bn! So in this ever changing world in which we live in what could Paul McCartney and we do to protect our wealth for those we leave behind? (Hopefully many years from now)! And prevent it passing to the taxman!
Like Paul McCartney you will want to make provision for your spouse or partner if one survives you and for your children from any previous relationship. If there is potential for conflict between members of each family, any time at all but particularly after you pass, clarity is key. This can be daunting and difficult but with good advice there will be an answer and together we can work it out. Even if your circumstances are complex or here there and everywhere, we can start to make it better.
But it is important to do something! Don’t just let it be and hope everything will come together. It may not. Speak to your solicitor and financial advisor and listen to what the man or woman says.
With lifetime planning I always say ‘give early, give generously, but don’t leave yourself short’ – sont les mots qui vont tres bien ensemble!
Your will may need to include a trust to provide your surviving partner with an income and a right to occupy any property, so they don’t need to wonder how to manage to make ends meet, but which passes to your own children when the partner dies or no longer requires it. With a little luck and good advice this should enable your own children to get back their inheritance eventually.
Will this advice be expensive I hear you say say say? Nah nah nah nanananaa! Worth every Penny!
Paul McCartney is celebrating his 80th on tour. He’s leaving home to headline at Glastonbury and oh bla di oh bla da I’ve got a feeling his life will go on for a long time yet! Happy Birthday Paul!