Services

Estate planning

Most individuals wish to decide to whom they will give their assets and whether they wish to do so during their life or wait and give them on death by will. I can advise on the most tax efficient way of passing assets, whether by gift or inheritance. Any transfer of assets can give rise to a number of tax issues involving income tax, capital gains tax, capital acquisitions tax and stamp duty. It is important that any planned transfers are undertaken only after comprehensive tax advice is obtained to understand the tax implications, reliefs and liabilities.

If the assets are situated abroad, there can be foreign taxes to also consider and the interaction of these with Irish taxes can be important in minimising the overall tax.

I work with individuals in creating the best succession plan, tailored to meet their wishes and taking account of the overall family circumstances. This may involve working with the individual’s other advisers, such as accountant and solicitor.

Trusts

Sometimes a trust can be a useful way of protecting assets for beneficiaries. The type of trust to choose depends on the circumstances and the requirements of the individual and his/her beneficiaries. I can assist by providing comprehensive tax advice on different types of trusts to ensure that the most appropriate form of trust is used for any particular situation.

During the existence of a trust, it is important to ensure that all administration and taxation matters are dealt with correctly. I can prepare and submit any necessary tax returns.

When the time comes to break up an existing trust, I can provide advice on how this can best be done tax-efficiently and assist with the preparation of the appropriate tax returns.

Domicile and residence

Domicile is a legal term which generally indicates the country in which an individual has a permanent home and to which he/she intends to return, even if living in other countries from time to time. Residence is generally defined in the tax law and used to determine the individual’s taxes. Any individual who is either seeking to leave Ireland and become non-resident or coming to Ireland and become resident, needs advice on domicile and residence. I am totally familiar with these concepts and can provide such advice.

Family businesses managing tax issues on succession
Sooner or later, the owner of a family business, if not selling it, will want to pass it on to his/her successors. In addition to the choice of successor or successors, there are tax issues to address. Irish tax law currently provides some attractive reliefs to encourage an owner who has reached 55 years of age to pass on the business. However, as with other tax reliefs there are a number of conditions that apply to obtain these reliefs. I can guide the potential retiree through the reliefs and review his/her particular situation to see if the conditions are met and provide comprehensive advice on all conditions.

Tax in estate administration

The death of a person usually generates a number of tax issues and tax return filing requirements.

I can advise personal representatives on the actions that need to be taken to finalise the deceased person’s estate and pass the assets to the beneficiaries. This may include assisting the personal representatives with tax return filing compliance for the periods before and after death, preparing the Inland Revenue Affidavit, assisting the solicitor obtaining the grant of representation, advising of the inheritance tax filing requirements and liabilities and filing the required tax returns.

Where the deceased owned assets in other countries, this may give rise to foreign probate and tax filing requirements. I can advise the personal representatives and their solicitor on obtaining relief for any foreign tax in Ireland and liaise with the foreign advisers to ensure that the maximum relief is obtained.