Page 188 - Active Retirement Ireland 2015_
P. 188
Financial Planning
For your future
2. Prepare a financial plan
Using this information, your financial adviser develops
a detailed financial plan by analysing the information
gathered and reviewing appropriate financial products.
3. Discuss recommendations
Your financial adviser talks through their
recommendations, explaining why they’ve chosen
specific solutions for you.
4. Reviewing your plans
You’ll agree how often you want to review your plans
and the frequency and type of contact you have with
your financial adviser.
In addition to the above, some of the key areas that
your advisor will focus on will be:
Making a Will However the following is usually one of the easier ways,
with the least amount of administration required:
1. Making a Will could save loved ones additional
heartache. Section 72 - Parents should consider insuring against
2. A Will enables you to decide who will inherit your some or all of the future tax liability with Section 72
assets when you die. Life Assurance. With this cover, the proceeds of the
3. It allows you to ensure that your assets will pass policy would be outside of your estate for inheritance
to the next generation in the most tax efficient tax purposes, and any of the proceeds used to pay
way (current inheritance tax rate is 33%). inheritance tax would be free from this same tax.
4. The tax-free threshold available to surviving Depending on your age, health and circumstances, the
children, which was previously in excess of
€500,000 has now reduced to €225,000.
Inheritance Tax Planning
If parents take some relatively straightforward steps
with their eye on the future, wealth can be retained
more efficiently within the family in the long run.
There are many things a family can do, including the
use of various forms of Trusts.
186 Active Retirement Ireland
For your future
2. Prepare a financial plan
Using this information, your financial adviser develops
a detailed financial plan by analysing the information
gathered and reviewing appropriate financial products.
3. Discuss recommendations
Your financial adviser talks through their
recommendations, explaining why they’ve chosen
specific solutions for you.
4. Reviewing your plans
You’ll agree how often you want to review your plans
and the frequency and type of contact you have with
your financial adviser.
In addition to the above, some of the key areas that
your advisor will focus on will be:
Making a Will However the following is usually one of the easier ways,
with the least amount of administration required:
1. Making a Will could save loved ones additional
heartache. Section 72 - Parents should consider insuring against
2. A Will enables you to decide who will inherit your some or all of the future tax liability with Section 72
assets when you die. Life Assurance. With this cover, the proceeds of the
3. It allows you to ensure that your assets will pass policy would be outside of your estate for inheritance
to the next generation in the most tax efficient tax purposes, and any of the proceeds used to pay
way (current inheritance tax rate is 33%). inheritance tax would be free from this same tax.
4. The tax-free threshold available to surviving Depending on your age, health and circumstances, the
children, which was previously in excess of
€500,000 has now reduced to €225,000.
Inheritance Tax Planning
If parents take some relatively straightforward steps
with their eye on the future, wealth can be retained
more efficiently within the family in the long run.
There are many things a family can do, including the
use of various forms of Trusts.
186 Active Retirement Ireland
