SUCCESSION PLANNING

The richest people in Ireland trust their children to look after their inheritances more than their counterparts in other countries, according to a survey by Barclays Wealth reported in The Sunday Times. The urge to pass on the family silver comes at a potential cost – and not just in terms of a possible prodigal who will fritter away generations of hard-earned assets. Niall Glynn of accountants Deloitte told the newspaper interest in succession planning had increased ahead of the Budget because of expected tax increases for gift and inheritances. Many people are now being advised to buy specialist insurance to cover inheritance tax bills. “The illiquidity of assets such as property could mean that they cannot be sold,” said Pat McCormack of Barclays Wealth in Dublin. “People need to consider other ways of paying the tax.”