Estate planning is something people like to procrastinate over
Thinking about death or work related stress claims ireland
is clearly uncomfortable and many people end up burying their head in the sand. However, it doesn’t have to be like this. A good estate planning practitioner should make the process at least partially enjoyable and there should be some laughs along the way. The process should also deliver great peace of mind and it will be a nice relief when it is done.
The hardest part is taking the first step…Keep Calm and Carry On. Having good monaghan solicitors
to help you is a huge assistance. So now that all of the initial ‘problems’ are out of the way, there is nothing stopping you from making your estate planning more efficient and effective. Most of the above issues are very rarely real issues when you do the sums. It is usually possible to give away assets without causing problems later on, the return on investment for the cost involved is usually impressive and the sooner you start the better. So… what are you waiting for?
While much of the time and attention you will give to estate planning is focused on saving tax, it is very easy to forget or overlook the various other threats to family wealth. These threats can potentially be far more costly than any inheritance tax bill, both in terms of money and stress, but we rarely give them the same time consideration or level of attention. However, they often have a silent, but significant, impact on family wealth as it passes down the generations.
These issues usually don’t get the same press coverage as the dreaded inheritance tax bill or personal injury claims
, but should be ignored at your peril. I will begin this chapter by focusing on one of these ‘social impacts’ that is concerned with inheritance tax and that is what I call multi-generation inheritance tax. Multi-Generation Inheritance Tax Before you begin this section, I have to inform you of a couple of assumptions that I have made.
They are not designed to offend or stereotype, but they are reflective of the real world and the work that I do with clients on a daily basis. People who are wealthy tend to have children who are wealthy in their own right or who will become wealthy in the future.