Protection
Nobody wants a large chunk of their estate and hard earned wealth taken by the taxman, even when their gone.
Strategic estate planning involves passing on your estate in the most tax efficient manner, through the us of a "Section 72" life assurance policy. Such a policy is usually arranged on a whole of life second death basis, so when the time comes your estate is protected.
We provide free Section 72 quotations and related taxation advice, with full market insurer comparison.
Protection
When advising clients on Inheritance Tax avoidance and on the best use of Section 72 life assurance, we compare the market, ensuring the most competitive premium.
Not for everyone, but for added flexibility we also provide a life changes option, which allows a refund of up to 70% of your premiums after 15 years have passed. This can prove most effective in the event that 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. With sufficient cover in place, you can fully insulate your loved ones from an inheritance tax bill, view a worked example .
Questions & Answers
All you need to know in regards to your estate planning.
Inheritance tax 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, 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.
At present a child can inherit €335,000 inclusive of all gifts and inheritances, brother/Sister/Niece/Nephew/Grandchild €32,500 and any other relative €16,250. Additional information can be found here.
No, not if inheritable amounts fall above the tax-free 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.
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.
Using a Section 72 life policy we calculate your expected tax bill based on all your inheritable assets and then cover you the corresponding amount.
So, upon your death, the proceeds of the Section 72 life insurance plan will cover the tax bill, allowing your children to inherit your property and other assets tax-free. The proceeds of the Section 72 life insurance policy are exempt from inheritance tax. But it must be used to pay the inheritance tax bills that arise at that time.
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.
Get in touch
Schedule your free consultation now.
OneQuote Financial Brokers,
11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers is regulated by the Central Bank of Ireland no: 459006.
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