In this episode of Ask About Wealth, we delve deep into the intricacies of inheritance tax in Ireland. Whether you're in line to receive a substantial inheritance or planning to leave a legacy for your children, this episode is packed with essential insights that can help you minimise your tax liabilities and maximise the wealth passed on to the next generation. Understand Inheritance Tax Thresholds: Learn about the current tax-free thresholds and the 33% tax rate on amounts above €335,000.Historical Perspective: Gain insights into how inheritance tax has evolved over the past two decades.Practical Tax Reduction Strategies: Discover multiple legitimate ways to reduce inheritance tax liabilities, including agricultural relief, business assets relief, and the use of trust funds.Case Studies and Real-Life Examples: Hear real-life scenarios and consultations that illustrate how these strategies can be applied effectively. Episode Highlights: Agricultural Relief Explained: Paul discusses a consultation with a client owning a €2 million farm and how to qualify for agricultural relief to significantly reduce tax.Grandchildren's Tax-Free Threshold: Learn how leaving assets directly to grandchildren can save thousands in taxes.Trust Funds for Young Beneficiaries: Understand how trust funds can help manage and protect assets for younger beneficiaries.Art and Exempt Assets: Discover how certain assets like art on public display can be exempt from inheritance tax.Succession Planning Case Study: A story about a client who restructured his will to save his children €300,000 in taxes. Take your first step towards smarter inheritance planning! 🇮🇪 Helping high earners preserve and grow wealth. 📱 Book a 1-1 consultation 📖 Read the book ✉️ Join the newsletter https://linktr.ee/askaboutwealth Hosted on Acast. See acast.com/privacy for more information.