An estate consists of all the assets an individual owns at the time of death. These assets will be distributed in accordance with the persons will, trust or intestacy laws (where a person dies without making a will)
Assets include property, investments, pensions, cash and cash equivalents.
Estate planning focuses on transferring wealth to the next generation as tax effectively as possible. Without a plan in place, passing on the assets of an estate can have a long and costly impact on the beneficiaries.
It is absolutely necessary that testators have an in depth knowledge of Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT) and the many reliefs that accompany these two taxes.
By putting a proper estate plan in place, you can mitigate a substantial amount of the tax liability for your beneficiaries.
Contact our expert estate planning team today for more information, help and support