Two things that we are guaranteed in life is death and taxes.
While none of like to contemplate not being here with our families and friends, there are opportunities to avoid paying tax on your assets, property and cash.
Starting as soon as possible means potentially saving tax immediately so make inheritance tax planning part of your current financial planning as it can help to make sure your income is working harder for you and your family right now.
Inheritance Tax Planning
There are many ways to plan and one is using Whole of Life Insurance – Section 72 Capital Acquisitions Tax Legislation.
This allows for the proceeds of the life insurance policy to be used to pay the Revenue Commissioners their tax.
The total cost of the life insurance premium is usually significantly less than the tax bill that it may be used to pay. Please see our News Section for information on other tax avoidance measures.
The first part of the Inheritance Tax Planning is to Make a Will and then ensure sure that it is always valid and up to date.
When providing advice on inheritance tax, PGM works closely with all other professional advisers to ensure that all recommendations are correct and based on the Will.