Estate Planning Portmarnock
Nestegg Wealth Brokers offer level-headed, experienced and professional estate planning advice and recommendations. Estate planning or inheritance tax planning is concerned with preparing how a person's assets will be distributed after they pass away.
An estate is made up of a variety of different assets and can include – but is not limited to – property, vehicles, pensions, life insurance, and personal belongings. Debts are also part of a person’s estate.
Estate planning ensures that after a person dies, their estate is dived up in an orderly fashion. Inheritance tax planning also helps protect your family’s financial future by ensuring beneficiaries are left with the smallest possible tax legal bill.
Nestegg Wealth Brokers makes sure to advise on the legal processes a person should undertake to ensure their family is protected and that their assets are properly distributed after they pass away.
For additional information on inheritance tax planning, get in contact with Nestegg Wealth Brokers today.
Why is Estate Planning Important?
Estate planning is concerned with transferring wealth to the next generation as efficiently as possible. Without a defined and actionable inheritance tax plan, settling an estate can be a long, stressful and expensive process.
Without a defined inheritance tax plan, the burden of settling a person's affairs, will be left to the deceased's immediate family. Worse still, an estate distribution without a plan can lead to internal family conflict.
The two legal documents that normally form the foundation of estate planning are:
- A Will
This is the first step in estate planning. A will is a legal document that outlines how a deceased person's assets are distributed.
A Trust
This is also a legal document but it’s somewhat different to a will in that it names another person – the trustee – as the owner of assets, for the benefit of a different person – the beneficiary. Trusts usual avoid probate which allows the beneficiary to access their assets in a timely manner.
Depending on the person’s assets. other legal documents can be put in place to ensure the smooth transfer of wealth.
To discuss how best to distribute your wealth, get in contact with Nestegg Wealth Brokers today.
Estate Planning Portmarnock FAQ
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What is capital acquisitions tax?
Capital acquisitions tax is a tax on the assets a beneficiary receives as a gift or as an inheritance. Capital acquisitions tax is charged at 33%.
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What is a small gift exemption?
A small gift exemption is available annually and allows the transfer of €3,000 to another person without the need to pay CAT (Capital Acquisition Tax). This small amount can add up over time and is an effective way to optimise your tax obligations.