Estate Tax Planning
Estate tax planning is a key priority for individuals looking to ensure their loved ones do not face a hefty tax bill when inheriting their estate.
Gibson & Associates LLP has the legal expertise to help you with all aspects of tax and estate planning, meaning your estate will be future-proofed.
We have a team of specialised estate tax planning solicitors who can help you structure your assets to make them as tax-efficient as possible. This will reduce or even eliminate the amount of tax your loved ones need to pay when you transfer your assets to them, saving them from unnecessary stress and expense.
We understand that inheritance tax planning can be time-consuming and hard to grasp, which is why we will support you through every step, offering you peace of mind that you have put every protection in place for your family’s future.
To discuss your tax and estate planning needs with us, call Gibson & Associates LLP on+353 1 264 5555 or complete our Online Enquiry Form and we’ll be delighted to help you.
Our Estate Tax Planning Services
Gibson & Associates LLP has years of experience in providing clients all over Ireland with specialist, individually-tailored advice on inheritance planning and tax issues, helping them to preserve the value of their assets for their beneficiaries.
By speaking to us, we will discuss in advance what you are hoping to achieve from your estate tax planning, and help you determine the best ways of doing so, including:
- Strategically writing or reworking your will to make your assets more tax-efficient
- Setting up a trust to pass on money and properties in a way that minimises tax implications
- Transferring wealth via gifts during your lifetime
Through our personalised tax and estate planning advice, our solicitors will use their experience to protect your estate for your loved ones to enjoy in the future. You will be able to create an inheritance tax plan that fits your specific needs and circumstances, and takes advantage of all the relevant exemptions and allowances.
Our team has worked with private individuals, trustees and beneficiaries in Ireland, the EU and overseas, and will always strive to treat your case with the sensitivity it deserves.
Our Wills, Trusts & Probate Services
Solicitors at Gibson & Associates LLP understand that the processes involved in wills, trusts and probate can be difficult and an emotional task to undertake, which is why we are here to help take the stress out of it.
We are well experienced in providing advice and guidance on the following areas of wills, trusts and probate:
- Writing a will
- Contesting a will
- Appointing a Lasting Power of Attorney
- Planning for tax
- Creating lifetime disposals
- Setting up trusts
- Administering an estate
- Protecting assets
You and your circumstances are unique, which is why we take a tailored approach to each case to make sure your wishes are carried out exactly how you want them to be.
The team has assisted private individuals, trustees and beneficiaries, commercial entities, and chartered organisations with wills, trusts and probate in Ireland, within the EU and overseas. We are experts in providing advice on wealth and succession planning, and have worked on cases involving complex estate planning.
What is inheritance tax?
Known formally as Capital Acquisitions Tax (CAT) in Ireland, inheritance tax is charged on sums of money or properties that are gifted to or inherited by someone. Unlike in the UK, where inheritance tax is charged on the total value of the deceased’s estate, CAT is charged based on the recipient of the inheritance.
Any amounts under certain thresholds are tax-free, with different thresholds in place applying to different groups:
- Group A, where the beneficiary is the child, stepchild or adopted child of the deceased, or a parent taking full and complete ownership of the inheritance – up to €335,000 tax-free
- Group B, where the beneficiary is a sibling, grandparent, grandchild or nephew and niece of the deceased, or a parent who is not taking full and complete ownership of the inheritance – up to €32,500 tax-free
- Group C, for all other cases – up to €16,250 tax-free
All of these are cumulative thresholds, meaning any gifts and inheritances you receive throughout your lifetime will add up until you reach the threshold and are required to pay tax.
Who is exempt from inheritance tax?
CAT does not apply in the following cases:
- For the spouses or civil partners of the deceased
- For those inheriting a house that was their primary residence that they cohabited with the deceased, and that they did not previously own any share in
- For parents who had provided a non-CAT-exempt gift or inheritance to their child in the previous five years, any inheritance taken by a parent from that child is exempt