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Way adds estate transfer plan to range

The Way Group is adding an estate transfer plan to its range of inheritance tax planning vehicles underwritten by Isle of Man Assurance.

Way says the estate transfer plan, which is only available through an insurance policy, will offer the benefits of a discounted plan but with increased flexibility for the donor over the extent and longevity of the discount.

Its current range includes a flexible gift plan, a discounted gift plan and gift and loan plan, all of which are available as a unit trust or via an offshore bond. Up-front commission rates vary from 1.45-2 per cent, with trail ranging from 0.5-1 per cent.

Chairman Paul Wilcox says the plan has the benefits of income while discounting beneath the nil-rate band but with the additional flexibility that most discounted gift trusts do not offer, for example, reducing the discount in one year to extend the term of the policy and deferring income to accommodate unexpected life events.

He says there are huge opportunities for IFAs to harness renewal income but most advisers have a knowledge gap in IHT planning.

Way is holding IFA seminars to support the launch of the ETP, which it claims is the only plan of its kind in the market.

The seminars start in Southampton on October 4 and end in Belfast on November 9.

Wilcox says: “The major selling point with the ETP is that it beats normal discounted schemes hands down. Donors can overstate their need for maturities and defer what they do not need as they go along.”



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