7. How do we pass on wealth without paying more tax than necessary?

You can’t take it with you. True enough, but you can leave it behind.

The wealth you’ve worked so hard for could change the lives of the next generation for the better, but you need to be sure it doesn’t change your own for the worse.

If we’re talking about ‘small’ gifts, up to €3,000 per year, then that’s generally easy to deal with – there’s no Capital Acquisitions Tax to worry about. Once we get up to the big numbers though, more than €335,000, then Capital Acquisitions Tax applies and your family members could be staring down the barrel of 33%.

If your Metis LifePlan shows that you’ll have wealth remaining after you’ve lived the life you want, then estate planning is really important, because the last thing you want is for your family to shell out over and above what they should be paying.

But the other side of this question is to keep in mind how the idea of leaving money behind works with your plan and the lifestyle you want to achieve.

“Estate planning is essential if you don’t want to hand over a third of your wealth to the taxman when you die.”

There’s no point in scything off chunks of wealth with no regard for how it’ll affect you in the years ahead.

Lifetime cash flow modelling will help you to understand what you could realistically leave behind, once you’ve enjoyed the retirement and lifestyle that you’ve worked so hard to enjoy.

Your Metis LifePlan gives you a structure for all of your estate planning needs and, when the time comes, we’ll work with your solicitors and tax advisers to make sure your family is provided for. We’ll help you to understand the best way to pass on your wealth, whether that’s in instalments or by putting the money into a trust. If you’re in the financial position of needing to plan for a multi-generational legacy, then we’ll be able to help you find the right structure to protect what you’ve achieved long into the future.