Succession planning is a much-avoided but necessary undertaking which everyone faces at some stage in their lives yet it is something that many people steer clear of until it is too late. That’s why Shannon Chamber has chosen to link up with solicitors Holmes O’Malley Sexton (HOM) to host a series of three seminars, each of which will deal with a different aspect of succession planning.
The first seminar, dealing with ‘Wills and Trusts’, which takes place on Friday, 24 February, is a must for anyone who has made or is contemplating making a will. It will focus on the importance of having a will in place, cover the keys elements of a valid will, the areas that give rise to problems with wills, and offer solutions to these pitfalls. Topics will include spousal, children and co-habitant rights, cross border issues, guardians, trustees, executors and trusts (for minors and incapacitated beneficiaries). The effect of divorce and separation on wills, and what happens when there is no will, will also be addressed.
The second seminar, dealing with ‘Inheritance Tax and Taxation of Estates’, take places on Friday, 24 March and will answer questions such as when inheritance tax arises and importantly, when does it not, when is it payable, what reliefs are available and how can it be minimised? It will also cover issues such as pre-death tax planning and posthumous tax planning options available, double taxation relief for cross-border assets (for those with assets in other jurisdictions), discretionary trust tax, capital gains tax and income tax issues within estates.
The final seminar in the series takes place on Friday, 19 May and will deal with ‘Enduring Powers of Attorney and Capacity Issues’. Focusing on capacity issues and the options available when a person’s capacity deteriorates, the seminar will demonstrate that deterioration in capacity can affect the young and the old, so the presentation is extremely important for the elderly, those in business, and families of those suffering from incapacity. The importance of putting an enduring power of attorney in place will also be discussed, outlining the necessary steps to put one in place, and the obligations placed on attorneys.
Explaining why this series has been organised, Shannon Chamber CEO, Helen Downes said: “These are topics that we all have to face in some form or another in our lives so it’s better to be prepared for them rather than face a tumultuous time when they do arise. We were delighted that Holmes O’Malley’s associate solicitor Kevin Doughan agreed to make all the presentations as he leads HOMS’ Solicitors’ Wills and Probate Unit. He is a qualified Estate and Trust Practitioner (TEP) and designated member of the Society of Trust and Estate Practitioners (STEP). STEP is a unique global organisation dedicated to the advancement of knowledge in this area and whose members are professionals specialising in wills, trusts, estates, executorships, administration and related taxes.
“Kevin also advises business owners on business succession, wealth preservation and tax efficiency and is experienced in advising on the transfer of all assets, the creation of all forms of trusts with particular emphasis on asset protection trusts, and discretionary trusts for incapacitated beneficiaries. The series is in exceptionally good hands.” Ms Downes added.
All seminars in this ‘Succession Planning’ series are being held in the Oakwood Hotel in Shannon, from 8-9:30am. They are open to Chamber members and non-members.
Booking is essential and can be made by logging onto www.shannonchamber.ie/events-training/