Protection
Estate Planning involves passing on your estate in the most tax efficient manner, using "Section 72 whole of life assurance", to cover the inheritance tax liabilities of your beneficiaries.
We provide free quotes and advice with full market insurer comparison.
Protection
We offer professional advice regarding estate planning and the use of a Section 72 Life Assurance policy to pay inheritance tax.
We compare the market for the best product and then match it with the best competitor price.
One product that we make available, includes a life changes option, which allows a refund of up to 70% of your premiums after 15 years have passed, which may come into play in the case you have sold some assets, or your circumstances have changed.
You can use your Whole of Life Assurance policy to help offset this inheritance tax liability. You do this by setting it up by what is known as, a Section 72 Life Assurance policy.
This is a special insurance policy approved by the Revenue Commissioners under Section 72 of the Capital Acquisitions Tax Consolidation Act 2003.
It is taken out specifically to help pay inheritance tax. The money paid out, when it is used to pay inheritance tax, is then not liable to tax.
With enough cover in place you can protect your loved ones from an inheritance tax bill. Otherwise, they may have to sell the family home or take out a loan to pay the tax. So setting up a Whole of Life policy this way, can ensure that your assets can be passed on and enjoyed by your loved ones rather than being used to pay a tax bill.
Questions & Answers
All you need to know in regards to your estate planning.
It is a tax on the value of property and all other assets that people receive from you, when you die. While there is no limit on the amount you can inherit from your spouse or civil partner, however if your co-habiting partner, children and other relatives inherit assets from you, they may be liable to pay a significant tax bill.
Inheritance tax is charged at a rate of 33% on chargeable assets left after your death, after the deduction of any tax-free threshold or business property or agricultural reliefs. Notably, tax is charged on assets located abroad also, where the deceased or the beneficiary is resident in Ireland.
On or after 10/10/2018, a child can inherit €320,000 inclusive of all gifts and inheritances, brother/Sister/Niece/Nephew/Grandchild €32,500 and any other relative €16,250.
No, not if amounts fall above the thresholds, but a practical solution is to arrange a Section 72 whole of life policy on your life (and that of your spouse, if applicable), which would be used to pay the Inheritance tax when it falls due. The premiums could be funded by you or your children.
You could visit your solicitor or tax adviser, or come to us in the first instance. Once the liability is calculated, we can then provide you with the best value Section 72 whole of life policy on the market.
One Quotes qualified financial advisers have decades of experience in assisting and advising clients in relation to inheritance tax and can provide the most cost effective simple solution.
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Schedule your free consultation right now.
One Quote Financial Brokers,
11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers Ltd t/a One Quote is regulated by the Central Bank of Ireland no: 459006.
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