Following information is for illustration purposes only. Please seek for the professional advise before you take any decisions.
Mr Wong is 56 years old and he runs a family business. Mr Wong is considering establishing a Red Gate Elite Variable Life Policy to protect his assets and for the benefit of his family. All numbers in US$million.
Future Wealth No Planning
Assuming that Mr Wong’s undertakes no planning and there is an estate duty/inheritance tax liability of 30% on the entire estate in his country of residence.
Future Wealth utilising Red Gate Elite Variable Life Insurance
Mr Wong uses US$1.8 million cash to purchase a Red Gate Variable Life Policy with US$10m of life cover. It is assumed that there is an estate duty/ inheritance tax liability of 30% on Mr Wong’s estate held outside of Red Gate Elite.