Estate planning is planning the transfer of assets to the coming generation in a tax efficient manner. Making a Will is certainly planning ahead but there are certain matters to consider which are dependent on particular circumstances, i.e. thresholds/tax efficiency, succession laws.
You may receive a gift up to the value of €3,000 from any person in any calendar year without having to pay Capital Acquisitions Tax (CAT). This means that you may take a gift from several people in the same calendar year and the first €3,000 from each disponer is exempt from CAT (Revenue 2020)
Wealth Planning Structures
Individuals can structure their assets in a tax-efficient way to ensure that they or their beneficiaries pay the minimum amount of tax. We can advise on the most-tax effective way of passing assets from one generation to the next, whether by gift or inheritance. We can provide estate planning advice to clients with assets in the Ireland and abroad. We collaborate closely with other solicitors, tax advisers and accountants to provide the best outcome for our clients.
Deed of Disclaimer
Where there is no will or if a will is not tax effective, it may be possible for the beneficiaries to take advantage of the opportunities presented by a Deed of Disclaimer. We can advise on all aspects of such deeds and their effect together with any necessary tax advisor in relation to inheritance tax and capital gains tax.
Where the deceased person owned assets overseas, we can instruct lawyers in those countries to deal with the administration of those assets and to advise on any foreign taxes.
We can also advise lawyers and private individuals in foreign jurisdictions on aspects of Irish probate practice and inheritance tax. We can act for foreign solicitors and trust corporations in obtaining Irish Grants in foreign estates with Irish assets.