Inheritance 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.