Did you know…
Your children can only inherit €335,000* from you tax free. Anything in excess of this, per child, is taxable at 33%.
Leaving assets to your children may result in them having to pay Inheritance Tax.
LET’S TAKE AN EXAMPLE
Mr and Mrs Nolan have an estate valued at €3,000,000. They have three children (one son and two daughters).
They plan on leaving the family home and the apartment to their son. Their daughters will inherit the remainder of the estate equally
This example assumes that the full Group 1 threshold is available to each child and that none of the children have received any gift or inheritance from anyone else since 5 December 1991. We advise that you seek professional legal and tax advice as the information given is a guideline only and does not take into account your personal circumstances. The example included is for guidance purposes only and is not based on any real individual circumstances and should not be constituted as advice in any particular instance.
Low Cost Life Cover is an independent broker with agencies with all the major insurners Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!