Transferring your wealth

The goal: transferring your wealth

“One of our biggest concerns is passing on a real financial legacy to our children, grandchildren and great-grandchildren.”

Leaving a legacy for future generations is a central goal for many who have achieved wealth in their lifetime. Unfortunately, retaining control over how your wealth is distributed to future generations can be a challenge. Today's multigenerational family is likely to be a multi-national family and this can also increase the complexities of inheriting wealth.

There are solutions, however. Your financial professional can work with you to create a comprehensive strategy for you to control the way you pass on your wealth, efficiently and according to your wishes.


Meet Jing and Alex Chung-Sun

The Chung-Sun Family
  • The situationOpen or Close

    Over many decades, Alex Chung-Sun has built a manufacturing business that is now worth USD 50 million. A widower who brought up two children after his first wife died nearly 20 years ago, Alex has recently become a grandfather of three and is also now raising two more young children with his second wife, Jing.

    Alex has begun thinking about a financial legacy for his young and adult children, grandchildren and beyond. However, he has been finding unexpected complexity at every turn, and needs a roadmap to reach multiple goals.

  • The challengeOpen or Close

    Alex has a number of wealth transfer goals, and he wants to feel confident that all of them will come to fruition:

    • He wants to be able to pass on a substantial amount of wealth to his daughter and her family who live abroad.
    • Jing and Alex are concerned about inheritance and other taxes, including legal, accounting and administrative fees and expenses, and, in the case of an unforeseen event, want to be sure they have the liquid assets needed to cover them. They also want to ensure they maintain enough liquidity to provide their two young children with the best educational opportunities.
    • Alex and Jing want to make sure their wealth is fairly and efficiently distributed among all their children and grandchildren according to their wishes.
    • Because Alex's first wife died of cancer, Alex and Jing would like to continue to fund research at an international institution in tribute and as part of their legacy.
  • The solutionOpen or Close

    An off-shore life insurance solution may help Alex and Jing transfer wealth efficiently to their family precisely how and when they want. This gives Jing and Alex a high level of confidence that an offshore life insurance solution may have these advantages:

    • The transfer benefit allows Alex and Jing to leave a multigenerational legacy to the people and charitable organizations of their choice in an efficient manner.
    • The access benefit provides Alex and Jing's survivors the liquidity they need to pay estate taxes and other expenses.
    • The preservation benefit helps Alex and Jing protect and preserve their wealth to maintain their lifestyle and pass it on to their children and grandchildren. It also guards against potential financial threats to the business that Alex began, which his oldest son is preparing to run.

The Sun Life Financial group of companies operates under the "Sun Life Financial" name. Sun Life Financial Inc., the publicly traded holding company for the Sun Life Financial group of companies, is not a product offering company and is not the guarantor of the obligations of its subsidiaries.

Life insurance products available through the international offshore business based in Bermuda are offered by Sun Life Assurance Company of Canada (Bermuda Branch). These products may not be sold in the United States, nor to citizens or residents of the United States, nor to residents of Bermuda or Canada.

Wealth and Investment products through the international offshore business based in Bermuda were issued by, and supported by the financial strength and claims paying ability of, Sun Life Financial Investments (Bermuda) Ltd. ("SLFIB"). Certain payment obligations of some products issued by SLFIB are supported by a guarantee in its favor by its parent company, Sun Life Assurance Company of Canada; see product offering document(s) for details. Among other restrictions, these products were not available for sale in the United States, nor to citizens or residents of the United States or Canada, nor to residents of Bermuda. SLFIB no longer markets the Wealth and Investment products, having discontinued new sales as of December 2015.

In certain communications, the company may be referred to as "Sun Life Financial International" strictly as a marketing name and no legal significance is expressed or implied.

Sun Life Financial Investments (Bermuda) Ltd., Hamilton, Bermuda, is regulated and licensed to conduct Investment Business by the Bermuda Monetary Authority under Bermuda's Investment Business Act.

The information and scenarios described herein are not intended as legal or tax advice. Tax treatment of offshore products has not been determined under the tax legislation applicable to you or any individual investor. Legal and tax consequences that may be applicable in any relevant jurisdiction will need to be considered for each investor's situation. Investors should consult with their tax advisors regarding the ownership of offshore products prior to investing.

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