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Death and Taxes

Inheritance planning in Ireland

A significant transfer of wealth is on the horizon as Ireland’s population ages, yet only half of high net worth families have sought professional advice about how to plan for the distribution of their assets – either during or after their lifetime.

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Death and Taxes | Goodbody
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Death and Taxes | Goodbody

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.

Even among families who have taken advice, only a minority have shared their inheritance plans with their children – despite children being considered overwhelmingly the most important intended beneficiaries.

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.

The result is an in-depth report, Death and Taxes, that lays out a wide-ranging framework for understanding the complexities of inheritance, from managing assets and tax exposures to preparing the next generation to acquire wealth of their own.

Highlights include

  • An assessment of how wealth in Ireland is moving between generations.
  • Straightforward guidance on managing gift and inheritance taxes for major asset classes.
  • Options for ‘giving while living’.
  • How to pass on property in a tax-efficient manner.
  • Ideas for tackling business succession and transferring farm ownership.

"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

Request a copy of our Report today

 

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CONTACT

Speak to the Financial Planning team today

+353 1 641 6003

[email protected]

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Warning: Nothing presented on this website constitutes investment advice as it does not take into account the investment objectives, knowledge and experience or financial situation of any person. You should not act on it in any way and are advised to obtain professional advice suitable to your own individual circumstances. The value of your investment may go down as well as up. You may lose some or all of the money you invest. Past performance should not be taken as an indication or guarantee of future performance; neither should simulated performance. The value of securities may be subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities.
Goodbody Stockbrokers UC, trading as Goodbody, is regulated by the Central Bank of Ireland. In the UK, Goodbody is also subject to regulation by the Financial Conduct Authority. Goodbody is a member of Euronext Dublin and the London Stock Exchange. Goodbody is a member of the group of companies headed by AIB Group plc.
@2020, Goodbody
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