Click here for our Financial Planning Simplification Guide Autumn 2019
Welcome to Compass Financial Planning
Planning for the long-term by putting a financial strategy in place for you and your dependents can be a challenging project for busy individuals and families. Without professional financial advice, it can be very difficult to forecast your future financial needs and to ascertain your own specific requirements in retirement and for your dependents on your demise.
At Compass Financial Planning, we work with both individuals and families in putting a robust plan in place for the long term that is best suited to their own financial objectives and needs
In recent years, Capital Acquisition Tax has increased to 33% and the thresholds for passing on assets by way of gift or on inheritance have been massively reduced. The maximum tax-free gift or inheritance a child can now receive in his or her lifetime from a parent is €320,000 (as per Budget 2019)
These two budgetary changes mean that passing assets on to the next generation in a tax-efficient manner is more challenging. There are a number of ways that we advise clients on passing assets on to the next generation in the most efficient way possible:
Family Partnerships: This vehicle can be used to pass assets on to the next generation while still maintaining control of the assets. It can be very efficient in educating children
Trusts: There are a number of different options available with Trusts to pass on assets to beneficiaries at some stage in the future.
Available tax offsets: Certain offsets exist that can be utilised when gifting an asset on to children before death.
Having a Life Insurance policy in place to look after your dependents on your death is very important.
At Compass Private Wealth, in our fact-finding exercise we discuss all of the needs and objectives of our clients first and foremost. If we believe that there is a need for a protection policy, we will then work with the client in determining the level of cover needed.
Our role then is to get the best possible quotation for our clients from all of the Providers with whom we hold an appointment with.
Visit our Protection Page for more details
Working with an Advisor to put a tangible, robust financial strategy in place for implementing your long-term goals is very important.
Everybody has a unique financial 'balance sheet' and people generally have unique personal and financial objectives, so engaging the client to understand their long-term protection needs and succession planning objectives is the first thing that we do.
We work with third party legal firms to ensure our clients get the expert advice on succession planning.