We work with you to ensure that the people and causes you care about most can benefit to the maximum from your lifetime’s work and success.
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Conversations about wealth succession are, understandably, often avoided. What happens next after a loved one passes is not something any of us wish to contemplate. However, our experience tells us that early and comprehensive planning is critical to ensuring the benefits of your success are transferred in the most tax-efficient way to the next generation. At Davy, your dedicated wealth adviser starts with the fundamentals of your ambition for transferring your wealth, and coordinates the full range of Davy solutions and expertise for your benefit.
We ensure that your wealth succession ambition is embedded within your financial plan, from the basics of having the appropriate legal arrangements in place, to advising on protection to help your loved ones manage the costs of inheritance taxation. We review your wealth succession arrangements regularly, knowing that life circumstances can change significantly over time.
Your dedicated wealth adviser will coordinate inputs from Davy planning, pension, tax and corporate finance experts to ensure that your wealth succession plan is optimised. For those with philanthropic interests, our solutions include an umbrella charitable foundation to help you achieve your objectives cost-effectively.
Early engagement with the beneficiaries of your estate helps ensure the long-term preservation of wealth. We work with clients and their families to ensure effective management of inherited assets.
Many of our clients have long-established relationships with other professional advisers, specifically lawyers and accountants. We have a long track record of collaborative working with other professionals, consistent with our purpose of delivering exceptional client outcomes.
Business succession planning
It’s not always easy to consider what happens when you’re no longer around, but making a will is critical to ensure that your estate is distributed as you would like it to be.
Life and circumstances continuously change, that’s why we advise all our clients to regularly assess their will. We also encourage you to consider an enduring power of attorney, which is a safeguard against situations where you may lose capacity to make significant life decisions.
Capital Acquisitions Tax (CAT) is a tax on gifts or inheritance. If you pass on assets in your will, the recipients will need to pay tax on their inheritance. The current CAT rate is 33%. See below the inheritance tax thresholds in Ireland - these are based on your relationship with your beneficiaries.
Your inheritance plan centres around transferring your wealth onto the next generation. While inheritance tax shouldn’t determine your course of action when it comes to your inheritance planning, we can help you to explore tax-efficient options and structures.
An individual can receive an annual gift of €3,000 each year tax-free from any number of people. We can help you to maximise this gift exemption in a structured way without eroding other tax-free thresholds.
A family partnership is an inheritance planning structure that balances tax efficiency and control. This structure allows you to gift assets to your children while retaining control of those assets, through your function as managing partner. As managing partner, you make the investment decisions and decide how the assets are distributed.
Trusts are a fully customisable legal structure for passing on assets to the next generation. Trusts can be complex but are a useful vehicle for transferring wealth to vulnerable beneficiaries, including children with additional needs. They offer robust control over your assets, but are not as tax efficient as a family partnership.
Adviser
Associate Director, Financial Planning
Director, Financial Planning
Warning: Please note that Davy does not provide individual tax advice. You should consult your own tax advisor about the rules that apply to you.
