Importance of Tax-Efficient Succession Planning

According to the report, the net wealth of Irish households reached €1,205.1bn at the end of the quarter, marking an increase of €56.2bn since Q2 2024.

As wealth levels rise in Irish households, it is advisable to consider a succession plan for you and your beneficiaries. Tax-efficient succession planning, starting with making or updating your will, is crucial for families with significant wealth to preserve assets across generations. Without proper planning, gift and inheritance tax can substantially reduce the value of the estate, diminishing wealth intended for the next generation.

Strategies such as trusts, family partnerships, tax-efficient lifetime gifts and correct asset acquisition strategies can help reduce tax burdens while ensuring a smooth transfer of assets. Additionally, proactive planning with a family charter governance document provides certainty, prevents family disputes and maintains financial stability. By implementing tax-efficient strategies, individuals can safeguard their legacy, protect beneficiaries and maximise wealth preservation for future generations.

How Forvis Mazars can help

We offer expert advice on succession planning and family charter governance to help you devise a robust succession plan while minimising any gift or inheritance taxes.