Inheritance Tax Planning
Succession Planning – Start planning for inheritance tax now.
Succession Planning involves managing the transition of wealth to the next generation. It begins with understanding what you want to achieve with your wealth, both during your lifetime and beyond. Inheritance tax planning can help to cover your loved ones for inheritance tax on any assets you leave them
Inheritance tax is paid when someone inherits money, property or other assets. This excludes your husband, wife or registered civil partner.
It is due very shortly after the death of the person they are inheriting the assets from, depending on when the grant of probate is received.
More people are now being caught for inheritance tax, thanks to the Government’s decision to reduce the thresholds for this tax over the last few years.
These thresholds limit the amount of money; property or other assets which you can inherit tax free. For example, in early April 2009, a son or daughter could inherit €542,544 tax free from a parent – this is now €280,000.
The rate of inheritance tax charged has also changed in the same time – from 22% in 2009 to 33% today.
THE KEY QUESTIONS:
- Have you thought about what you want to leave behind and who you want to leave it to?
- Have you considered the impact a large inheritance could have on your beneficiaries?
- What about the tax considerations?
- Do you know what the Inheritance Tax Thresholds are and how they would impact on your children.
- How would the tax be paid?
- Can I insure against it?
- Am I availing of the Annual Small Gift Exemption? What is this exemption?
There are many techniques and structures available to preserve and pass on wealth. Whatever your requirements are we are here to help you figure things out, providing solutions and working with your tax and legal advisors to implement them.
Section 72 policy.
- A section 72 whole of life policy, as part of your life insurance, can provide the necessary funds to meet the inheritance tax bills on your death.
- The plan will provide cash payment when you die which your family can use to pay any tax bill that might arise at that stage.
- Certain conditions do apply
If you have any questions or would like to arrange a meeting contact Damien @ : firstname.lastname@example.org and he will be delighted to speak to you.