Generation Life enhances advisers’ estate planning options

investment bonds estate planning Generation Life

9 March 2023
| By Rhea Nath |
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Generation Life has revealed investment bond upgrades as well as enhanced features of its LifeBuilder, ChildBuilder, and FuneralBond solutions to support wealth transfers.

These tools would continue to help advisers in their estate planning and provide certainty for them, which would be a “significant focus” for the firm this year.

Vincent Stranges, head of product at Generation Life, said: “With the Federal Government signalling its intention to legislate the objective of superannuation and introduce limits on superannuation balances, a shift away from superannuation as an intergenerational wealth transfer vehicle is inevitable.

“We recognise that estate planning certainty is important for those that are seeking to or have accumulated wealth.”

The LifeBuilder EstatePlanner feature would provide a tax-effective wealth accumulation solution that would provide flexibility to structure investments as part of, or outside of, a client’s will and legal estate.

The Future Event Transfer feature would assist with controlling when and how a client’s investment would be tax-effectively transferred and accessed by the next generation on the death of the owner. It would include locking in a regular amount to be paid to the recipient once ownership is transferred or a beneficiary nomination feature, where they could set one or multiple beneficiaries to receive the proceeds of their investment on the death of the nominated life insured.

If a client selected their death as the transfer event, the tax-free transfer would pass outside of their will and legal estate and potentially help to avoid the challenges and claims associated with a will, Generation Life said, along with avoiding lengthy delays and legal costs. 

According to Stranges, the firm’s investment bond solutions had been designed to offer both advisers and clients the ability to curate tailored investment bond portfolios. 

“The Generation Life LifeBuilder provides a tax-effective wealth accumulation solution with embedded flexible estate planning and intergenerational wealth transfer features solution, particularly in light of the expected changes to superannuation."

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