Inheritance Planning
Revenue received €522 million in Capital Acquisition Tax (CAT) for 2019, with €455 million from inheritance tax (www.revenue.ie, 26 May 2020). Currently the lifetime threshold a person can receive from their parents (Category A) is just €335,000, while most other family members are in category B where the threshold is only €32,500.
This means that this is no longer a tax for the rich but now for the “affluent many”.
Early financial advice can help alleviate some of this potential tax burden.
• Gift Tax Exemption. • Section 72 life insurance to cover inheritance tax liability.
How to protect your ARF from tax in your estate planning.(youtube)
Talk to your financial adviser who can help reduce and manage any tax liability.
