The following information relates to the Whitman family, whom you have recently met
as prospective clients for your financial advisory firm.
Mr and Mrs Whitman have managed the family business, Whitman Micro-Breweries
Limited, for over 20 years and are approaching retirement. Mr Whitman is 58 and his
wife is 56. They have three children.
They have done some basic financial planning in that they have made mirror wills,
leaving the first £300,000 to the surviving spouse and the rest to be divided equally
amongst the children. No other financial planning has been carried out.
Mr Whitman is Managing Director, and Mrs Whitman works only part-time in the
business. Four years ago Mrs Whitman put some shares in the family business into
an Accumulation & Maintenance trust for the children. The holding was 20% of the
whole of the issued share capital and a valuation of £18 per share was agreed with
HMRC Shares Valuation Division at the time. The beneficiaries of the trust are the
children in equal shares upon attaining the age of 25.
However, they have recently had some bad news in that they have discovered that
Mr Whitman has a minor heart problem, but one which could develop into being
more serious one if he does not slow down his pace of work.
They are both worried and upset by this news, but have talked over the need to plan
carefully for the future of the children and of the business

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