Am currently considering this in the context of allaying potential future Gift Tax liabilities for family beneficiaries.
As it has been explained to me & from doing a little research I see no obvious downside for a person with a) reasonably significant financial assets b) already comfortably invested/investing in a number of financial products c) comfortably off & unlikely to need personal access to very much of this money to gradually re-orientate their financial assets over the next decade or so into a set of similar products within an overall Section 73 policy portfolio.
Has anyone any personal experience or opinion of such policies esp of potential downsides that I may be missing ?
As it has been explained to me & from doing a little research I see no obvious downside for a person with a) reasonably significant financial assets b) already comfortably invested/investing in a number of financial products c) comfortably off & unlikely to need personal access to very much of this money to gradually re-orientate their financial assets over the next decade or so into a set of similar products within an overall Section 73 policy portfolio.
Has anyone any personal experience or opinion of such policies esp of potential downsides that I may be missing ?