Understand and manage your tax obligations

Safeguard the financial stability of your loved ones

Passing on property – in the most tax-efficient way possible

Gift and inheritance tax – managing those taxes as you transfer major assets

Estate and inheritance planning that gives you financial control

Estate or inheritance planning is simply outlining what you want to happen to your estate and your dependants when you’re no longer here. Fairstone can help mitigate against that, with a simple or complex inheritance plan that could protect your assets and help pass them on to your heirs and even to future generations. It doesn’t take a lot of work or thought, but a little preparation will go a long way.

The Fairstone service

Your Fairstone financial planner will work with you to estimate your potential inheritance tax obligations and provide you with tailored advice on how to manage these requirements. Common considerations include:

  • Utilising available tax allowances and exemptions
  • Reducing your estate by making tax-free gifts
  • Spending your money

Download Our Estate Planning Guide

Helping you to understand:

  • Available tax allowances and exemptions
  • The benefits of insurance to cover your bill
  • The value of reducing your estate by making tax-free gifts
Download guide

Estate planning - your key questions, answered

How does inheritance work?

Tax on inheritance is called capital acquisition tax (CAT) in Ireland. Anything left to either your spouse or civil partner will be exempt from inheritance tax, regardless of whether the value exceeds this threshold. CAT is usually charged at 33% on amounts over the group threshold.

Are there tax allowances I can utilise?

Proper planning can help put you in the most tax efficient position. Your Fairstone financial planner will go through all the pension allowances, business property relief and trust options with you to make sure you’re utilising everything available.

Can a life insurance policy cover my inheritance tax bill?

To support your beneficiaries in paying future inheritance tax liabilities, you could take out a section 72 revenue approved life insurance policy to cover the anticipated bill. An insurance policy that will pay out a lump sum upon your death could act as a means of settling the bill quickly and easily. It is important to remember to set up any such policy in trust. This ensures the pay-out can go directly to your beneficiaries. If you don’t use a trust, the money will form part of your estate and your loved ones won’t be able to access it until the inheritance tax bill has been paid.

How much can I give as gifts each year?

You don’t need to wait until after you have gone to share your wealth with your loved ones. You may want to help parents with their long-term care costs, support a child with a deposit for their first home or pay the education fees for a grandchild. While revenue commissioners have put rules in place to prevent people from avoiding an inheritance tax bill by simply giving away all of their money on their deathbed, individuals are entitled to give away €3,000 of capital in total, each tax year, free from inheritance tax.

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