We advise private individuals on all aspects of will creating and estate planning.
Individuals should structure their assets in a tax efficient way to ensure that they or their beneficiaries pay the minimum amount of tax. An expertly drafted will provides the opportunity to do this – a will can be a tax plan in itself. We can advise on the most tax effective way of passing assets from one generation to the next, whether by gift or inheritance.
Because of our extensive knowledge of Irish capital acquisitions tax, we are uniquely placed to provide estate planning advice to clients with assets in Ireland and abroad. We can work with other solicitors, tax advisers and accountants to provide the best outcome for a client. We have considerable experience in dealing with international clients in relation to Irish aspects of their affairs and we specialise in cross border advice in relation to succession planning, coordinating if required the various jurisdictional advices to ensure each dovetails with the needs of the client.
Each family has its own unique set of circumstances; no two families ever appear to be the same. However many families have similar issues to address, such as:
- providing for children who need protection from taking an inheritance at too vulnerable an age
- providing for a child with a special needs who, although possibly in receipt of social welfare, will need additional funds and protection beyond his parents’ lifetimes
- providing for a child whose marriage is in difficulties and so may find his inheritance is vulnerable to a claim on divorce or separation
- balancing the needs of all the children against that of child who is running the family business
- dealing with the passing on of the family business to the child during the parents’ lifetimes where the parents still need to take an income from that business.
Our experience is that, with thoughtful considered advice, giving knowledge to the parents, solutions can be found for all these types of situations.
When clients own assets in other jurisdictions, we can obtain estate planning advice from lawyers or other tax advisers in the countries where those assets are situated and interpret this foreign advice for the client in a user friendly fashion.
In the case of international clients, we work closely with their leading foreign advisors to dovetail the Irish aspects into the overall international estate plan.