Journal 006 – Economists predicted eight of the last three recessions..

Great minds don’t always think alike. The more technical the subject matter, the less likely a uniform outcome

One story that went viral during the pandemic was that of Isaac Newton. Clever bloke. Invented calculus, theorised gravity, and knew about the laws of motion. He also stuck a needle in his own eye to understand how a lens works!

Less well known, for his theory of gravity he got the constants in the equation wrong and, concluding his theory didn’t work, he stuffed his notes in a drawer

Years later, Newton retrieved his notes and showed them to a friend, who spotted his error. Working together, they fixed the maths

 

We love a genius story, and to eulogise a lone hero. Newton is one example. Steve Jobs and Elon Musk are others

Of course, it doesn’t really happen like that. It takes a team of people, each with different perspectives and experiences, to expand on the assumptions and biases of any individual

That’s particularly true of the complex tax planning required for most UK real-estate transactions. If your planning isn’t complex, you’re not exploring all the available options

If your team always agree with you, consider it a warning sign. Might mean they’re neither thinking critically, nor being honest with you. Maybe it’s time for a new team?

 

Your planning is only complete when it speaks to you

Picture your 90-year-old-self, grey hair, wrinkled hands, sat by the fire, reflecting on the satisfaction of passing 100% of your lifetime’s work, tax-efficiently, to your kids. Feels good, doesn’t it!

If you can’t be arsed to IHT plan, then write them a letter. It starts, ‘One day son, 60% of all this will be yours..’

 

Let us review your property and tax planning with you. Experience the Power of a FREE Hour here

 

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