Gift/Inheritance Tax Savings Plans for Children in Ireland | Inheritance Tax Advice Ireland

 Visit:-https://mmadvisors.ie/gift-inheritance-tax-savings-plans/

There is a lifetime limit from Parent to Child of €335,000 per child of either gifts or inheritance. Once your total assets value exceeds this threshold, a 33% tax is payable on this excess.

There are many tax efficient ways of reducing your gift/inheritance tax liability.

One of the best ways of potentially reducing an inheritance liability is to transfer as many assets into your children’s names before your death’s as possible. However, care needs to be taken to avoid any capital gains or gift tax liability, which is also calculated at 33% on all qualifying assets.

Assets can be transferred from parents to children in many ways. One of the best and easiest ways of doing this is to set up a Gift/Inheritance Tax Savings plan for each child.

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