Building a comprehensive financial plan requires the drafting of an estate plan.
Once established, your estate plan can minimise the inheritance tax liability of
transferring your wealth to the next generation.
Like all aspects of Strategic Wealth Management, Estate Planning is executed best when a strategy is adopted early.
Our Managing Director, Alan O’Sullivan, is currently undertaking the Trust & Estate Planning Diploma via the Law Society of Ireland and is a member of the prestigious Society of Trust and Estate Practitioners Ireland.
“For some clients passing assets in a tax efficient manner to the next generation is a major concern. In general, asset transfer offers enormous opportunities to the next generation. However, we have also dealt with situations where wealth transfer has created enormous problems where beneficiaries lack the necessary capacity to manage their own affairs. Robust planning is required”.
Dr Alan O’Sullivan
Managing Director,
Priya Wealth Management
Step 1: Establish a schedule of assets
We can assist you in constructing an Estate Plan that caters for some common planning issues. Primarily you will need to minimise your tax leakage when transferring assets.
Step 2: Outline wishes (loss of capacity)
The loss of capacity through injury or illness can be devastating. You will need a contingency plan in place to manage both your financial and legal affairs in the event of incapacity. Important issues relating to future medical care and an Enduring Power of Attorney should be addressed.
Step 3: Lifetime Gifting & Inheritance planning
The decision to provide an inter-vivos gift and/or leave the distribution of your assets upon death, will have varying tax and legal consequences. Are there any “capacity” issues for your beneficiaries? Are you maximizing the capital reliefs available thereby reducing your exposure to unnecessary estate tax liabilities.
Step 4: Distribution of Assets
Important discussions and strategic planning relating to
“control” and “flexibility” is required here. What are the
optimal structures to express your estate planning wishes.
Do you need a Trust structure?
What type of Trust structure is optimal?
Are there gifting strategies you can utilise?
Step 5: Drafting your Estate Plan
Taxation issues in the administration of estates.
CAT planning.
CGT planning.
Distribution of assets.
Valuations.
Living Wills.
Inter-Family Loans.
Section 72 Whole of Life Assurance Plan.
Section 73 Gift Tax Savings Plan.
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