Wills &
Succession Planning
More than a
piece of paper
In years past succession planning often consisted of no more than drafting a Will with the family solicitor and leaving it untouched in a drawer. However, we believe that a Will should be a living, breathing document and should be regularly reviewed and updated depending on changes in your family circumstances.
As well as that, gifts during your lifetime should be considered as part and parcel of your overall succession plan and often provide more flexibility for tax efficient planning.
the best
succession plan
We will liaise with your legal advisors to ensure the best succession plan for you is put in place and that the following reliefs / exemptions are considered:
- Business Asset Relief on transfer of business (reduce taxable value by up to 90%)
- Agricultural Relief on transfer of agricultural land / property (reduce taxable value by up to 90%)
- Certain Dwelling Exemption – tax-free transfer of main family home in certain circumstances
- Double Taxation Relief – consider non-Irish taxes particularly relating to foreign property.
- Credit for capital gains tax paid on certain transfers against gift tax arising on the same event.
- Maximising tax-free thresholds for the wider family.
- Net of tax transfers
- Small gift exemption.
Long-term interests
of the beneficiary
A good succession plan is more than just about saving tax, it is also about protecting the long-term interests of the beneficiary, particularly where they are young or lack capacity. We can advise on the following in such situations:
- Discretionary trust
- Life interests or limited interests
- Inheritances taken by parents
- Provision of insurance policies to pay tax arising on gifts / inheritances (free from tax where certain conditions met).