Succession Planning 2018-01-19T10:19:52+00:00

Succession Planning

It’s never too early or late to begin thinking about your legacy or to shape your succession plan. Contrary to what many people think, you don’t need to be a millionaire to have a succession plan. A succession plan is an imperative part of any ongoing financial planning process. Your legacy transcends money — it also encompasses your values. Your wishes and dreams may include using your assets to help secure your family’s future or you may choose to support another cause close to your heart.

If you are planning on leaving assets to your family or others on death or wish to gift assets during your lifetime, there is a real risk that the value of these assets will be significantly eroded by Capital Acquisition Tax (CAT), in the form of inheritance or gift tax. With proper financial planning, a tax liability can be mitigated or removed completely. There are also various tax reliefs that may be available to you, depending on your circumstances. An advisor at Tara Financial Partners can work with your tax professional (where relevant) to help you create a financial plan that includes estate planning strategies designed to help you reflect the things that are important to you.