‘Succession & Estate Planning Go Hand- In-Hand - It Is Important To Have A Plan’
Are you at a stage or age that you are considering your options on moving on from practice in the not-too-distant future? Or maybe you have clients in that situation with their businesses?
Tax Consultant Fergal Cahill takes a successful family business with retirement-age parents who own a range of assets and are looking to step back, who have four adult children and eight grandchildren, all seeking advice on how best approach and effect their succession in the most tax efficient way. With the melting pot of personalities and personal circumstances (and in-laws!) that are not uncommon in any family, Fergal explores the concerns and potential disasters facing this family if they don’t have a proper tax plan in place – careful advance planning is required!
Fergal navigates through the various tax heads that apply to this not atypical scenario, and how the application of each one impacts on the ultimate tax liability payable, and how one should use all available thresholds and reliefs possible to tax efficiently pass on their assets to their family in the drawing up of their own tailored ‘Succession Plan’. All of this is strategized against the backdrop of the competing considerations of asset-protection -v- tax-efficiency, including the use of Trusts, Rights of Residence, converting asset types, transferring different assets to members of the family and the timing thereof (inter vivos or by Will), pension / ARF planning, Section 72 policies, etc……and the bottom line being - having a plan is imperative!
Topics Covered Include:
- Examples Of Various Asset Types
- Principal Private Residence
- Family Businesses / Shares
- Pension Funds
- Rental Properties
- Cash & Investments
- Various Forms Of Income & Wealth Accumulation
- Private Pensions
- State Pensions
- Rental Income
- Pension Funds
- Farm Income
- Transfers Of Assets & Succession
- Wills -v- Inter Vivos
- Tax Thresholds
- Impact On State Benefits
- Capital -v- Income
- Strategising Succession & Estate Planning In Tandem
- Tax-Efficiency -v- Asset Protection – What Is Preferred?
- Gifts -v- Inheritances?
- Stamp Duty
- ‘Good’ -v- ‘Bad’ Tax Rates
- CGT Reliefs:
- Retirement Relief
- Entrepreneur Relief
- Section 626B (Corporates Only)
- Stamp Duty – Consanguinity Relief
- Share Buy-Back Relief
- CAT Reliefs:
- Business Property Relief
- Agricultural Relief
- Dwelling House Exemption (inheritances only)
- CGT Same Event Credit (Two Year Holding)
- Section 72 Policies
- Discretionary Trusts
- Trust Funds
- Preservation Of State Benefits
- Rights Of Residence
- Leasing Land & ‘Active Farmer’ Test
- Extracting cash “tax-free” from companies as part of a succession plan
- CGT Reliefs:
Fergal Cahill is Managing Director of Cahill Taxation Services. Fergal is a Chartered Tax Adviser, having spent a number of years in PwC, KPMG and FGS in both Limerick and Dublin, before setting up Cahill Taxation Services in Ennis, Co Clare, in February 2007. With twenty years’ experience, Fergal is recognised as an expert in taxation advisory and consultancy services with particular expertise in Revenue audits, corporate restructuring, personal tax planning and VAT on property.
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