Life Time Disposals

Lifetime disposals are when assets are disposed of during your lifetime to reduce your liability for inheritance tax.

For more information on how lifetime disposals could help you and your family, please contact us at Gibson & Associates.

Lifetime disposals and estate tax planning

In order to limit the amount of inheritance tax due on your estate, you can give away, sell, spend or otherwise dispose of your assets during your lifetime. This will reduce the size of your estate upon your death, minimising the inheritance tax that must ultimately be paid.

Lifetime disposals fall under the umbrella of estate tax planning. It can be extremely effective if done properly. Our solicitors can advise you further, creating a strategy that preserves your wealth for the years to come.

Lifetime disposals with a family company

Lifetime disposals can also be used in a commercial setting where shares in a family company are passed on to the next generation. This is a tax efficient approach which can provide significant relief on levies such as Capital Gains Tax and Stamp Duty.

Challenges on lifetime disposals

If the necessary safeguards are not put in place, lifetime disposals can be challenged – particularly if they were sold or given away under the market value. To avoid any complications arising, it is best to seek expert legal advice before disposing of any assets.

Expert legal advice

At Gibson & Associates we have an expert legal team who can advise upon all aspects of asset protection, probate, trusts and Wills. Our comprehensive service ensures your assets will be protected and not diminished by substantial tax bills.

We will suggest how best to dispose of family shares and other assets at a low tax cost, implementing an estate planning strategy that works best for you.

Alternatively if you are concerned about previous lifetime disposals that have been made by a loved one, or you are facing a challenge from another relative, we can assist with the dispute. This includes advising you of your legal rights and proposing the best course of action.

Estate planning solicitors Dublin

To talk to a solicitor today about lifetime disposals and estate tax planning, please do not hesitate to get in touch.

You can call us on 1890 989 289 or email us on info@gibsonandassociates.ie. If you would prefer to contact us online you can complete our online enquiry form and we will be in touch shortly.

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