Axa Wealth Management has added the Estate Planning Account to its range of offshore propositions.
The product is designed to complement the company’s Estate Planning Bond inheritance tax planning scheme by providing customers with a straightforward IHT planning solution, said Axa Isle of Man.
Mike Foy, managing director of Axa Isle of Man, said: “The launch of the Estate Planning Account enhances our existing range of inheritance tax products, being a more straightforward version of the Estate Planning Bond.”
“Whilst retaining some of the Estate Planning Bond’s most important features like the optional guarantees, customers now have further choice in selecting an effective IHT solution,” he added.
Like the EPB, the EPA is a unit-linked investment, combining a redemption bond with a trust, and cannot be surrendered during the lifetime of the settlor.
The EPA aims to reduce clients’ potential UK IHT liability, provide an income for life and increase investment value over the medium to long term, said the company.
Key features of the product, available to those aged 79 and under, include a transparent charging structure and a choice of over 200 Axa Select [mirror] funds plus more than 50 Axa Family [in-house] funds.
The Estate Planning Account also offers guarantee options, to protect the settlor’s income from poor stockmarket performance, for example.
A legacy guarantee is also available, which protects the value of the initial investment minus any withdrawals, regardless of investment conditions. The guarantees are provided through funds set up by Axa Sun Life.
The Estate Planning Account is the latest in Axa’s range of guaranteed product offerings, and further options are set to launch over the next 12 to 18 months.
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