Lombard International Assurance has launched its Flexible Legacy Plan, a solution that enables UK resident individuals to gift assets to their children, while maintaining some control over when they receive them.

The plan allows policyholders to set the age at which their beneficiaries can access the capital of their life policy. Built-in flexibility also allows further adaptation to changing circumstances.

The Flexible Legacy Plan uses a Potentially Exempt Transfer (PET) for inheritance tax purposes achieving a tax efficiency that is no longer possible through more traditional gifting into trusts. In contrast...