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Newsletter | Articles Life Assurance Solutions- from ILS Life assurance is a means of investment combined with protection for heirs on death. A typical life policy is paid by regular premiums. The insurer allocates a small part of the premiums to the actual insurance of the life, whilst the majority is invested to provide benefits on maturity. The premium can also be paid as a single sum at the outset. The companies ILS work with have both an onshore and an offshore presence, offering you a choice of solutions. Combining a discretionary trust with a life insurance policy, so that the trust is the beneficiary of the policy, provides exciting tax planning opportunities. What it is it used for? Inheritance planning As an alternative to a trust or company structure To accumulate income in a tax-free environment To avoid restrictions of forced heirship rules To place wealth outside the reach of future litigations/creditors To place assets in more stable jurisdictions To protect against illegal sequestration How it works A life insurance policy is prepared and a term decided. The client then contributes his single premium (in the form of property or other assets, Intellectual property or of course cash). These are invested and managed during the life of the policy, during which no tax is paid as the fund belongs to the company thus the client does not own the assets. On maturity, the whole value of the fund, assets cash or rights are reverted back to the client, at which point tax must be considered. Though tax is to be paid at the end it holds large benefits in that the value has not been subject to tax each year and as a result has rolled up in value. ILS can establish individually structured plans with specialist life companies to provide these benefits for you. Approved, qualifying policies have been prepared for various countries and we are also able to provide the companies and trusts and to manage these to international standards which will satisfy the life companies. Further information from Peter Beighton.