Succession planning is an important and sensitive consideration for everyone concerned with leaving the best possible options for their beneficiaries. Succession planning is about sorting out what happens to your property, investments and business, when circumstances in your life change. It is not just about death. Mostly, it is about planning for the transfer of substantial assets or a business, when the appropriate time comes. Succession planning aims to look after you, as well as your family and beneficiaries named in your Will. By planning the succession of your estate in a tax efficient manner, you could potentially save your beneficiaries thousands of euro.
Peter has assisted many clients in early and thorough succession planning, helping them determine who controlled and who received their assets.
Succession planning should be approached in a logical manner by first asking what you wish to achieve and taking the necessary steps toward that objective. The informed choices you make concerning your assets will be influenced by factors such as your family situation, business, property, investment portfolio etc. These are extremely technical and sensitive issues, and will involve liaising with your advisers, accountants and tax consultants to achieve the best outcome. Always cognisant of any tax reliefs and exemptions such as the Dwelling House Exemption, Business Relief etc. (the CGT rate is 33% on disposal of property on the indexed gain and the CAT rate is 33% on gifts and inheritances received), we can assist you to make the best succession plan for you and your loved ones.