Estates

Paul McMahon has been a Chartered Tax Advisor and member of the Irish Taxation Institute for over 17 years. He is a Qualified Financial Advisor and although he does not advise on or arrange financial products, he brings a broad financial and wealth management perspective to bear.

Paul has worked closely with the trust and high network group of one of the “top four” accountancy firms. He often works with a client’s tax advisor /accountants to achieve the desired tax planning arrangements.  He has implemented numerous lifetime and will trusts, for the purpose of managing tax liability.

Paul has drafted numerous wills including many in the context of succession and estate planning.  He has drafted numerous lifetime trusts, in a tax planning or asset management context.

Paul has advised on and acted in the administration of the estates of numerous deceased persons. He has also advised on and put in place enduring powers of attorney and other appointments which provide for the future loss of or reduction in mental capacity

Although it is not possible to avoid capital taxes, there is considerable scope from managing their impact. In particular with the careful use of trusts, it is possible to manage and reduce the incidence of capital taxes.

There are generous exemptions available for business and agricultural assets. They can eliminate or reduce inheritance tax liability by 90%. The conditions for compliance are complex and may require the restructuring of the way assets are held. However, in many cases, the benefits of so doing are considerable.

Trust can be drafted to provide for children and other beneficiaries who have special needs. Arrangements can be put in place by which the control and ownership of assets can be divided and managed in the most desired way. Most trusts do not require the appointment of an external professional trustee

Trust can be an effective means to protect assets from a beneficiary’s creditors and other third parties. They can also offer opportunities to manage the timing and incidence of liability to capital taxes. A trust can be used legitimately for the management of the passing of assets to beneficiaries so that capital taxes are minimised.

Paul has practised as an English solicitor and has advised on Inheritance taxes from the UK and cross border perspective.  He is also familiar with the capital taxation regimes of several of the major European countries so that in conjunction with the other appropriate advisers, he advises on and executes the appropriate estate plan.