Strategically passing on your assets to your children can minimise the tax liability they may face upon your death. As of 2019 the maximum amount that parents can bequeath to a child is €335,000. This may include the family home, however any excess on this amount is taxed at 33%. 

There are some reliefs that exist and should be explored before formulating your succession plan.

These are:

• Exemption Limits for children and grandchildren and one off gifts
• Farm Relief
• Business Relief
• Section 72 Life Insurance Relief
• Annual Small Gift Exemptions Relief
• Family home relief

In certain cases determining the possible liability may be very complex and we may usually recommend that a tax lawyer is used to ensure all reliefs are utilised correctly.