Inheritance Planning
Estate or Inheritance planning refers to the process of passing on your estate or inheritance in the most tax efficient manner possible. At Wallace Financial we can help you achieve this by planning well in advance and ensuring that you avail of all available reliefs and exemptions. Proper planning allows you to protect your loved ones against the risk of suffering the burden of a large inheritance tax liability that they may not have the means to pay.
Inheritance tax is payable to the Revenue Commissioners when the value of the assets inherited is higher than a certain threshold amount.
It is possible to put in place a special insurance policy approved by the Revenue Commissioners known as a ‘Section 72’ Life Insurance policy and this is designed to pay the tax liability which will arise on the passing of your assets to your loved ones.