-
Check to see if the school have any designated funds or special
funds for pupils in Brian's situation.
-
Does Brian qualify for a scholarship either at Ramsdean or at any
other less expensive boarding school?
-
Will Mavis want Brian to continue at boarding school?
-
Assess Brian's need for any special equipment (e.g. sport or music)
and/or financial assistance for school trips or vocational courses.
-
Local State schools should be checked in case it becomes impossible
for Brian to continue at Ramsdean.
-
Grandparents, George and Mildred, could consider helping with school
fees through an Accumulation and Maintenance Trust arrangement,
which may have IHT saving advantages for both George and Mildred
and advantages for Brian, as the ultimate recipient.
-
If Brian is going to complete his education in the way his parents
planned, then Mavis must consider her life assurance and health
cover (including Private Medical Insurance if affordable), to ensure
her ability to meet future fees if disaster strikes.
-
If the "surplus" capital is going to be earmarked for
future fees, consideration should be given to maximising tax advantages
through ISAs, and the overall risk profile.
-
It may be a time to plan the distribution of some of the capital
to Brian (and his sisters) to reduce any future IHT liability providing
the income production is not affected to an extent that reduces
the ability to meet future fees.
