Inheritance Tax cover (known as Section 72 cover) Inheritance Tax Planning.
€460 Million Inheritance Tax was collected by Revenue in 2017 alone. This is just on those estates that were finalised in 2017… There is a huge windfall due to Revenue on estates that have not yet been finalised or are still going through the probate process.
This is such an unnecessary tax to pay to Revenue directly from one’s estate when a Section 72 life assurance policy could cover the tax bill instead.
Is your family going to be affected by this unnecessary tax? What is stopping you from having the conversation about next steps and tax planning?
We all know the old joke about Death and Taxes. We also all know that none of us is getting out of here alive … so why are so many people allowing Revenue to take a large chunk of their wealth on their death?
A one hour meeting could save your beneficiaries hundreds of thousands of euro….. and that’s no joke!
Inheritance Tax Insurance Also Known As Estate Tax Insurance (Section 72 Cover) Covers All Assets Including Inheritance Tax On Property.
There is special Life Assurance cover called Section 72 cover that can be put in place to pay some or all of the inheritance tax bill. It has to be identified as Section 72 cover at the outset and, with clever and careful tax planning, other people can pay the premiums if the insured doesn’t want to.
One of the most important and clever features of this type of inheritance tax insurance is that it is not included in the tally of the deceased’s assets so it doesn’t increase the inheritance tax bill (unlike putting cash in a savings account which IS included in the final tally and increases the tax bill accordingly).
Your wealth can be land, the farm, the business, property, investments, savings and any other assets you own. The current inheritance tax rate is 33%. Almost a third of your estate in excess of the personal thresholds is subject to tax and must be paid immediately before an estate can be settled.
For many families this can mean that the land or the business has to be sold to settle the tax bill. Is that your intention for your hard earned wealth? For your family and beneficiaries?
The 2018 Inheritance Tax Thresholds are as follows:-
Start the conversation about what steps you want taken on your death or ask your Accountant / Tax Advisor to contact us so we can sit down with your family and start the conversation. A lot of the time we find that once we break the ice with a few questions, a person’s wishes are expressed quite easily and decisions are made quite quickly.
Let’s get started …..
We always follow a 4 Step Process to gather your information on your current financial arrangements, assess their suitability for your current circumstances and fill in the gaps:
Step 1 – Initial Meeting (Investigation)
We will sit down with you (and whomever you wish) to ask all the relevant questions which will enable us to determine we are the right fit for you.
Step 2 – Needs Analysis (Fact Finding)
We will gather all of your up to date financial information and then conduct a ‘fair market analysis’ to find solutions to your specific need.
Step 3 – Recommendations
We will present you with your options and discuss the merits of each.
Step 4 – Implementation
We will help you to put your chosen option(s) in place and guide you at every step of the way.
This will be done in a clear, concise, fuss free manner.
For many businesses and families the initial 1 hour Investigation Meeting shows them the stark reality of what their lack of planning is putting at risk.
The benefit to you is complete clarity:
• For your family
• For your business partners
• For your peace of mind
We ensure there are:
• No surprises
• Every recommendation is designed to match your specific circumstances
• Complete transparency and understanding of each recommendation
• We will simplify and consolidate your current financial needs
Our mission is to ensure, as appropriate, you, your family or your business partners know exactly what financial product you own and why you own it.
In addition we will complete an overview of your financial arrangements so that you will have a Roadmap for future financial planning.
There is absolutely no charge for this and this is our guarantee to you, your family and business partners.
Don’t forget this is a 1 hour meeting – Step 1 of a 4 Step Process that will simplify and consolidate your current financial needs and provide an Independent and tailored solution (s) for the future. This is too important to put on the long finger again, Inheritance Insurance can save you thousands.
Call Jacinta Lawlor on 01 906 0398 and organise your complimentary 1 hour Investigation Meeting today – ‘you have everything to gain and nothing to lose’.
We are happy to meet you (together with your accountant/ solicitor/ tax advisor if appropriate) at a location and time convenient for you.
Fundamental Life and Pensions Inheritance Tax Cover, Section 72 Cover.
Unit 11, Keypoint, Rosemount Business Park, Rosemount Park Drive, Ballycoolin, D11 W2YC, Ireland 01 906 0398
