Inheritance tax planning is most certainly a balancing act, is fraught with concerns and challenges, and is one that I see individuals struggling with quite often. When you die you may want your estate to pass to your children or other loved-ones but them having to potentially pay a significant % of the estate in Inheritance Tax may reduce greatly the amount that goes to those you intended, and increase the amount that goes to Revenue. I often hear people say 'sure I won't be here to worry about how much tax they have to pay', and I fully accept that logic. I do however also know that many of us would prefer not to see a significant portion of our assets go to the Revenue due to a lack of planning or perhaps a little foresight.
This week on Ireland's #1 finance blog and podcast I will share some ideas that I hope will help anyone that is struggling with this particular conundrum, or indeed may have this conundrum but doesn't yet realise it! I do hope you find it an excellent guide in the main aspects of inheritance tax planning, and I would also caution that everyone's scenario is obviously different, and what might work for one person may not be the optimum route for someone else, so please do bear that in mind as you digest this!