SUCCESSION PLANNING
Securing Your Wealth
Ensure a Seamless Transition with Expert Succession Planning
Succession planning means different things to different people, but at its core, it’s about securing the future for your loved ones and making the most of your wealth while you can. With thoughtful succession planning, you can take advantage of valuable allowances like the Small Gift Exemption and explore policies like Section 72 and Section 73 policies, to help ensure your loved ones aren’t burdened by large tax bills after you’re gone.
In today’s society, there are many different relationships and family dynamics, and traditional rules don’t always apply. This makes securing your wealth and planning for the future especially important. We’re here to guide you through each step, ensuring your wishes are respected and your legacy is passed on exactly as you envision. 50% of our clients want to do all they can to ensure just because they die, it doesn’t mean the taxman takes all their wealth. On the other hand, 50% take the attitude, the kids are getting enough let them pay the tax. Finding out which side you fall under starts with having a conversation.
What we offer...
Personalised Financial Succession Planning
Your financial legacy is unique, and so are your circumstances. We work closely with you to understand your personal goals, family dynamics, and financial priorities. Our tailored approach ensures that your wealth is transferred seamlessly to the next generation while reflecting your specific wishes and values.
Optimised Gifting Strategies
Gifting during your lifetime can help reduce future tax burdens on your beneficiaries. Through strategies like the Small Gift Exemption, we help you make meaningful transfers to loved ones in a tax-efficient manner, ensuring they can benefit from your legacy while you’re here to witness it.
Tax-Efficient Succession
One of the main challenges of succession planning is navigating the complexities of taxation. Our team will guide you through strategies that minimise tax liabilities, such as reducing Capital Acquisitions Tax (CAT) through thoughtful asset transfer planning. By leveraging reliefs and exemptions, we work to preserve your wealth for future generations. While we bring extensive experience to this area, with many of our team having completed numerous tax-related exams, we’re not tax advisors and we don’t pretend to be. Our promise to you is straightforward: if your case is complex, we’ll collaborate seamlessly with your tax advisors or connect you with a trusted expert. By combining our expertise with theirs, we’ll ensure the best possible outcome for you.
Family and Personal Succession
Protecting your loved ones’ financial future is at the heart of our succession planning services. We provide guidance on ways to secure financial security for your family, offering strategies that protect your wealth and help avoid unnecessary tax obligations, so your loved ones receive the full benefit of your legacy.
Our Succession Planning Process
Initial Consultation
We start by assessing your current financial standing, family needs, and long-term aspirations. This initial meeting helps us understand your vision and sets the foundation for a customised succession plan that aligns with your values and ensures a smooth wealth transfer process.
Strategic Financial Planning
Based on your goals, we craft a financial succession strategy that prioritises preserving wealth, minimising tax liabilities, and achieving a balanced transition of assets. This stage focuses on optimising your financial holdings for both immediate and future generations.
Tax-Efficient Implementation
Our tax planning strategies are designed to maximise the value of the assets you pass on. We implement methods to reduce tax liabilities, from minimising Capital Acquisitions Tax (CAT) to leveraging allowances like the Small Gift Exemption, ensuring that your legacy is maximised for your beneficiaries.
Ongoing Reviews & Adjustments
As life circumstances evolve, so should your succession plan. We provide regular reviews and adjustments to keep your plan aligned with any new family dynamics or financial changes, ensuring that your intentions and goals continue to be met over time.
or
Frequently Asked Questions
It’s never too early to start planning for the future. Starting early allows you to address potential risks and ensure a smooth transition. We’ll help you create a plan that evolves with your needs.
We’ll work with you to implement tax-efficient strategies, such as taking advantage of reliefs like Business Relief and structuring asset transfers to reduce Capital Acquisitions Tax (CAT).
A succession plan focuses on the transfer of business ownership and assets, while an estate plan deals with the distribution of personal assets. We’ll help you develop a plan that integrates both aspects if necessary.
Choosing the right successor is a critical part of succession planning. We’ll guide you through the process, ensuring you select someone who aligns with your business values and can lead your company into the future.
We Can Help You With...
Prosperous Financial Planning Limited is authorised under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to engage in the business of being a Mortgage Credit Intermediary on behalf of the following undertaking(s): Finance Ireland Credit Solutions DAC t/a Finance Ireland, Avantcard DAC t/a Avant Money, Haven Mortgages Ltd, Dilosk t/a ICS Mortgages