How Tax Accountants Support Estate Planning in Ireland

Estate planning is about more than just writing a will. It’s a vital financial step that helps you manage your assets and ensure they’re distributed according to your wishes when the time comes. While many focus on legal elements like wills and trusts, tax planning is equally essential - and this is where a qualified tax accountant becomes an indispensable partner.

At Bond & Co, we specialise in tax strategy and compliance, supporting individuals and families across Ireland as they plan their estates with confidence. In this guide, we’ll explore how a tax accountant contributes to the estate planning process and why their expertise matters when protecting your financial legacy.

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What is Estate Tax in Ireland?

In Ireland, the Capital Acquisitions Tax (CAT) applies to gifts and inheritances. This includes property, cash, or other valuable assets transferred on death. There are tax-free thresholds depending on your relationship with the deceased and a current CAT rate of 33% on amounts above these thresholds.

Without proper planning, estate taxes can significantly reduce the value passed on to your beneficiaries.

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Why Involve a Tax Accountant in Estate Planning?

A tax accountant helps ensure your estate is structured in the most tax-efficient way. Here’s how:

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1. Minimise Tax Liabilities with Smart Gifting

Lifetime gifting allows you to transfer assets to beneficiaries while you’re still alive - reducing the taxable value of your estate. A tax accountant will help structure these gifts so they stay within tax-free thresholds and avoid future CAT issues.

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2. Establishing and Managing Trusts

Trusts can be used to manage and distribute assets over time, while also shielding parts of your estate from heavy tax burdens. Tax accountants provide guidance on setting up trusts that align with both your goals and Irish tax regulations.

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3. Charitable Giving for Tax Relief

Donating to a registered charity can reduce the taxable value of your estate. Tax accountants can advise on charitable tax relief and ensure your contributions are correctly recorded and claimed.

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4. Accurate Asset Valuation

When it comes to inheritance tax, accurate asset valuation is essential. Tax accountants assess the fair market value of property, shares, and other assets to ensure your estate complies with Revenue guidelines and avoids disputes.

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5. Expert Knowledge of Irish Tax Law

Tax law is ever-changing. Your accountant stays on top of legislative updates, offering strategies that reduce your estate’s tax exposure. At Bond & Co, our tax professionals are Chartered Certified Accountants - providing trustworthy, up-to-date insights.

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Collaborating with Legal Professionals

Effective estate planning requires more than one expert. Your tax accountant works in partnership with estate solicitorsto ensure the financial and legal elements of your estate plan are perfectly aligned. While your solicitor prepares legal documents like wills and trusts, your accountant ensures they’re tax-efficient and fully compliant.

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Reviewing and Updating Your Estate Plan

Life changes - your estate plan should too. A tax accountant will help you review and revise your estate plan as your:

• Financial situation evolves

• Family structure changes (marriage, divorce, children)

• Tax laws are updated

With Bond & Co’s ongoing support, your estate plan will always reflect your current goals and the latest Revenue regulations.

 

Ready to Secure Your Legacy?

If you want to preserve wealth for future generations and protect your family from unnecessary tax burdens, working with a tax accountant is the smart way forward.

At Bond & Co, we offer bespoke estate planning advice tailored to individuals and families across Ireland. Whether you’re preparing for retirement or updating an existing plan, our team is here to simplify the process and optimise your outcome.