June 29, 2018
Planning long-term when it comes to your wealth is fundamental, starting off with mapping out your personal financial ambitions to help determine the best products to manage your assets.
Yet our research indicates that only 20% of European HNWIs believe a succession plan is extremely valuable.
Take Manel Alvarez, a 50 year old engineer. Manel resides in Tarragona, Spain and his son Juan lives in London with his partner. Juan hopes to purchase property in the city or complete a MBA at a business school but he will need financial support from his family to do this. Manel has recently been offered the opportunity to relocate to Portugal to lead the expansion of his company. His assets consist of a couple of properties around Spain and financial assets of €500,000. At the top of Manel’s agenda is ensuring his assets are secure for Juan in the future.
A life assurance policy can help when it comes to dealing with complex family situations and the need to finance special events of family members during the life of a policy. As long as planning is done at an early stage, the policy can cater for requirements such as liquidity when it is needed.
To find out how life assurance can provide Manel financial security with portability and tax efficiency benefits, read our #Success in #Succession Part II e-Book = > here!
Source: OneLife & Scorpio Partnership