A Family Partnership can be a useful structure to pass assets along to the next generation in a controlled manner

In Ireland, any one individual can give a gift of €3,000 to any other person tax-free in any one calendar year.

A Section 72 policy is a Whole of Life insurance policy that an individual or a couple can take out.

A Section 73 policy is a monthly Savings / Investment Policy that an Individual or Couple can set up in order to reduce Gift Tax (currently 33%) in the future.

There are a number of similarities and differences between Section 72 & Section 73 policies.

This 33% applies on all Lifetime Passing of Assets (Gifts) and on Death (Inheritances) that are above the beneficiary’s Group Threshold. The Current Group Thresholds are…