Succession planning is about ensuring that your assets and wealth passes to the right people, in the right way, and at the right time. While it is often perceived as something only relevant for the very wealthy, the reality is that many families in Ireland now face potential Capital Acquisitions Tax (CAT) liabilities when passing assets such as property, savings, or investments to the next generation.

Without careful planning, a significant portion of your estate can be eroded through taxation or unintended outcomes. A structured succession plan helps ensure your wishes are carried out while also making full use of available tax thresholds, exemptions, and reliefs.

Effective succession planning goes beyond simply writing a will. It involves a holistic review of your financial position, family circumstances, and long-term objectives. Key considerations include how and when to transfer assets, whether during your lifetime or on death, and how best to manage potential tax exposures. Planning early can also reduce the risk of disputes, delays, or unintended consequences for beneficiaries.

At Oakwood, we support clients across all aspects of succession and inheritance planning. This includes structuring lifetime gifting strategies, advising on the transfer or disposal of assets to children, and ensuring full use of available reliefs such as the Small Gift Exemption and family-based thresholds.

We also advise on specialised solutions such as Section 72 life insurance policies and Section 73 savings plans, designed specifically to help fund or reduce future inheritance tax liabilities.

Ultimately, succession planning provides peace of mind giving you clarity and control over how your wealth is transferred, while protecting its value for future generations.