A longstanding client of yours, John Wood, has come to visit you to discuss his life and pension policies, and the use of trusts. John recently got married for the second time to Fiona, three years after the death of his late wife Joan. This, and his appointment as a trustee in December 2019, have prompted him to review his finances.

John has a son aged 29 and grandson aged 3 from his marriage to Joan, and an adopted daughter aged 25.

Fiona is a lot younger than John, and they have a six-month old son born just before they were married. Fiona also has a son from a previous relationship.

John and Fiona live in England and are UK resident for tax purposes. He is a partner in a small marketing firm which has not been doing so well for the last couple of years as they have struggled to attract new clients.