June 21, 2018
Our research on HNW individuals finds that 68% of European high-net-worth individuals seek life assurance products as a way to ensure financial security for their family whereas 24% view it as a tax efficient way of structuring their assets.
Mr Alvarez falls into both categories. His recent promotion requires him to move from Spain to Portugal to set up a new branch for operations. Although this is an exciting opportunity, it has prompted him to start thinking about how to secure the future for his son Juan, as well as, Juan’s girlfriend, Margareth who both live in London. He is also keen to ensure his assets are protected whilst his divorce is finalised.
Manel has decided to part ways with his wife and is in the process of divorce. Given that his relationship with his soon to be ex-wife is not amicable, he wants to privilege his son and his son’s girlfriend as direct heirs without Juan’s mother being part of the plan. The flexibility of a Luxembourg policy allows for the definition of beneficiaries in direct line with the wishes of the policyholder, so Manel will be able to choose to protect his loved ones as he decides.
The OneLife solution is centred around a mixed death and survival policy. This brings a number of benefits in the areas of portability, tax efficiency, asset transfer and autonomy over the choice of beneficiaries.
Creating a life assurance plan for the Alvarez family has a lot of moving parts – tax implications and managing the transfer of assets across jurisdictions are among them. Luxembourg life assurance combines a highly tailored approach to wealth planning with strong levels of asset protection. So the policyholder can be sure that his wealth is transferred exactly as he intends it to be. Making sure that the solution fits the specific case brings complexity. OneLife’s international team of experts have long experience and know-how when it comes to wealth structuring for HNWs and their families.
To find out how we navigated the complex aspects of the Alvarez’s life assurance policy, click = > here!
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Source: OneLife & Scorpio Partnership