Gift and Inheritance Planning
Economic success and growth have resulted in increasing numbers of business people and entrepreneurs enjoying the financial rewards of their hard work. At FGS, we understand how important it is to preserve and enhance this wealth.
We work with our clients to understand their goals and aspirations, then devise suitable tax-based strategies to help them achieve these objectives in a tax efficient manner.
FGS's experts on wealth management have extensive skills and years of experience with our large entrepreneurial client base. Our cross-functional team offers tax planning and wealth management expertise.
Succession planning
Succession planning may currently be on your agenda either in a personal or advisory capacity. In FGS we are currently advising many shareholder and non shareholder clients in this area.
Effective succession planning can be complex and is determined by many factors, both financial and non financial. From a financial perspective, we believe that the current economic and tax climate represents a good time to put a succession plan in place. You may be aware that there is much speculation that the benefits of the current tax regime will be considerably eroded in the future, and indeed adverse changes may arise as early as the first week in February which is the expected publication date of Finance Bill 2010.
At FGS we have the experience and technical expertise to advise on the strategic, taxation and other financial and commercial aspects of a succession plan – from formulation to successful implementation.
Tax is an important issue in succession planning and careful thought and consideration in advance of retirement can significantly reduce your tax liabilities. Besides passing the business onto their children, owners also want to ensure a continuous income stream for their own retirement.
Unfortunately, experience shows that many businesses do not survive through a second generation. So planning on behalf of the successor is critical to ensure the future success of the business.
FGS, as a trusted adviser to family businesses and an expanding client base, has advised on the key tax mitigation issues associated with succession planning and also on the specific commercial issues involved in each individual case.
If you think this is an area where FGS can assist you and/or your clients, please don’t hesitate to contact Michael McGivern or a member of the FGS tax team to explore these matters further.
Contact: Michael McGivern – Tax Partner (01) 418 2000
michael.mcgivern@fgspartnership.com
Related links
For details on services related to gift and inheritance planning, go to the following section: