Succession Planning

We pay enough taxes on our earnings and assets while alive without having to worry that we will be creating a tax liability by passing these hard earned assets on to our loved ones. However failure to plan effectively for the future can mean the erosion of the value of the inheritance you wish to pass on to your loved ones.

Capital Acquisitions Tax (CAT) used to be something only the rich needed to consider. This is no longer the case. Soaring house prices and a failure by the government to raise the minimum threshold at a fast enough rate means that more and more people are affected.

Your house is only one of the assets you own that may be liable to inheritance tax. There may be many others, for example savings and investments, pensions, jewellery, collectibles as well as other items of value you own including a business. In addition, there are other items which may be chargeable to CAT which you need to consider.

Ensuring that your family and loved ones benefit from your assets and are not penalised by inheritance tax is a key concern for many people. The Government applies stringent taxes to your estate after you have died, so advance planning is essential if you want your possessions and belongings distributed according to your wishes.

Professional financial advice should be sought when undertaking inheritance planning, due to the specialist and often complex products and solutions used.

We will help you calculate the likely inheritance tax implications for your loved ones by preparing an inheritance tax report. We will then show you what measures can be taken to reduce or remove the inheritance tax liability.