According to new original research by Goodbody, most wealthy families are highly motivated to pass on wealth in the most tax-efficient manner possible, however many are not taking the necessary steps to put this motivation into action by making a financial plan for inheritance.
When we noticed this reluctance to move from intention to action and have ‘the awkward chat’, we realised there was a major gap in the available financial planning advice around inheritance. If we could address the subject comprehensively, we could help people talk more openly about it and, more importantly, plan their financial legacies more effectively.
"Our research and experience with clients show that people are giving a lot of thought to inheritance but aren’t necessarily following through by making a clear plan,” said Simon Howley, Goodbody’s Head of Wealth Management. “We know that people want to avoid paying more tax than they have to, so moving from intention to action is vital."
We have seen time and time again cases where, with some financial planning and structuring, we could have helped families with significant wealth reduce their tax bills, more easily transfer an asset or speed up and simplify the inheritance process. Death and Taxes shows the significant impact that estate planning can make in people’s lives and maps out some of the options families have for dealing with their finances – both before and after a death. A little forethought and preparation can help preserve wealth and income for both loved ones and future generations.
To learn more about inheritance tax rates in Ireland, go to www.revenue.ie