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TAX EFFECTIVE ESTATE PLANNING

The carefully planned transfer of assets and estates to the next generation is ...
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PROVIDING FOR A DESERVED STANDARD OF LIVING IN RETIREMENT

Planning for retirement is a career long process that is greatly attractive due to the tax breaks ...
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INVESTMENT PORTFOLIO CREATION & MANAGEMENT

City Life Wealth Advisors has been in business for over 36 years. Many of our clients have…
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WEALTH CREATION AND INCOME PROTECTION

Wealth advice can be just as important for those early on in their careers as those ...
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CityLife: Wealth Advisors

TAX-EFFECTIVE - ESTATE PLANNING

With major reductions in estate values this is naturally a very good time for action, as estate values in 2009 could now be down 30% to 40% on what they were 2 years ago. In the 2009 Finance Bill the Minister for Finance reduced the threshold for gifts and increased the tax payable. It is not known what further changes might be incorporated in the next finance bill so it is probably advisable to get advice now.

Ted Dwyer, City Life Managing Director

The carefully planned transfer of assets and estates to the next generation is a much sought after service from City Life Wealth Advisors. Recent falls in the value of personal assets has focused people’s minds more than ever, with independent financial advice being the first step in getting our clients’ long term goals back on track.

Foremost in many people’s minds is the process of moving their assets, and indeed their businesses, to the next generation. How they can do this tax efficiently and in a well planned and thought out way is a challenge. Tax planning, whilst important, is not the only motivation for carefully managing assets as we get older. Here at City Life we are conscious of managing the family dynamic and the importance of passing assets and a family business in an equitable and conscientious way to the next generation. Your City Life advisor will work with you to provide a clear road map for this process.

In analysing and making recommendations in relation to matters of estate planning we consider the following elements:

• Making use of the tax free gift thresholds between parent and child
• Availing of the annual tax free small gift allowance between all individuals
• Using, when possible, the tax advantages of Approved Retirement Funds (ARFs) to coordinate the estate
• Transferring business assets to children working in the family business whilst transferring other accumulated assets (including retirement funds) to those not involved with the family business
• Careful planning and construction of the Will and the consideration of arranging a tax payment insurance policy to pay the estate taxes.