Navigating Inheritance Tax in Ireland

In this episode of Ask About Wealth, we delve deep into the intricacies of inheritance tax in Ireland. Whether you're in line to receive a substantial inheritance or planning to leave a legacy for your children, this episode is packed with essential insights that can help you minimise your tax liabilities and maximise the wealth passed on to the next generation.

• Understand Inheritance Tax Thresholds: Learn about the current tax-free thresholds and the 33% tax rate on amounts above €335,000.
• Historical Perspective: Gain insights into how inheritance tax has evolved over the past two decades.
• Practical Tax Reduction Strategies: Discover multiple legitimate ways to reduce inheritance tax liabilities, including agricultural relief, business assets relief, and the use of trust funds.
• Case Studies and Real-Life Examples: Hear real-life scenarios and consultations that illustrate how these strategies can be applied effectively.

Episode Highlights:

1. Agricultural Relief Explained: Paul discusses a consultation with a client owning a €2 million farm and how to qualify for agricultural relief to significantly reduce tax.
2. Grandchildren's Tax-Free Threshold: Learn how leaving assets directly to grandchildren can save thousands in taxes.
3. Trust Funds for Young Beneficiaries: Understand how trust funds can help manage and protect assets for younger beneficiaries.
4. Art and Exempt Assets: Discover how certain assets like art on public display can be exempt from inheritance tax.
5. Succession Planning Case Study: A story about a client who restructured his will to save his children €300,000 in taxes.

Take your first step towards smarter inheritance planning!

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