Estate Tax Planning
One of the primary issues to consider in drafting your Will is potential Inheritance Tax.
Individuals should structure their assets in a tax efficient way to ensure that they or their beneficiaries pay the minimum amount of tax. A properly drafted Will provides the opportunity to do this. We can advise on the most tax efficient way of passing assets from one generation to the next whether by gift or inheritance.
We can advise in relation to Irish Capital Acquisitions Tax and can provide estate planning advice to clients with assets in Ireland and abroad. We can work with other solicitors, tax advisers and accountants to provide the best outcome for a client.
While each family has its own unique set of circumstances, there are some issues common to all, including:
- providing for children who need protection from taking an inheritance at too vulnerable an age
- providing for a child with special needs who, although possibly in receipt of social welfare, will need additional funds and protection beyond his/her parents lifetimes
- providing for a child whose marriage is in difficulty and so may find his/her inheritance is vulnerable to a claim on divorce or separation
- providing for a child who is in financial difficulty and whose inheritance may be targeted by creditors
- balancing the needs of all the children against that of a child who is running the family business
- dealing with the passing on of the family business to the child during the parents’ lifetimes where the parents still need to take an income from that business.
With thoughtful consideration, we can advise you on the best way forward.