We bring together planning, corporate finance and investment experts to help you unravel the personal and technical complexities of transferring business wealth.
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Every business will go through a transition of control and ownership. Early and comprehensive succession planning can support business growth, reduce taxes, provide the basis of a successful retirement and preserve family harmony. We know that the stakes are high, the considerations complex and the benefits of planning significant.
We take you through a methodical planning process to ensure that your business legacy is not left to chance.
It might seem obvious, but your life after business transition needs careful consideration. Do you intend staying involved in the business? Do you want the business to be retained in family ownership? What is your retirement ambition and related funding need? At Davy, we take the time to understand your priorities, knowing that your path to success and family situation is unique.
We offer integrated solutions for business owners, bringing together planning, pension, tax and corporate finance specialists into a single team to help you define and execute your succession plan. We pride ourselves on the practical but expert nature of our advice.
Our capabilities extend well beyond planning, with our specialists supporting you in the execution of your succession plan. Our corporate financiers can help you with business valuation, shareholding structures and, as appropriate, business sale. Your wealth adviser works with you to create an integrated, tax-efficient, financial plan and supporting investment strategy.
Many of our business owner 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.
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 inheritances. 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.
Family partnerships are an inheritance planning structure that balance 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.
Director Davy Corporate Finance
Associate Director, Financial Planning
Director, Davy Private Clients
Adviser
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.
