Search Results for 'Gift tax in the United States'

Is your savings plan generating little or no return? Consider converting it to a life assurance savings plan and have the option of saving 33% in gift tax in the future.

It was encouraging to hear the Minister for Finance announce in his recent Budget speech an increase in the tax free threshold on gifts or inheritances from parents to children. The threshold now stands at €280,000 (increase of €55,000) with effect from 14 October 2015.

The issue of inheritance and gift tax (CAT) is becoming more important to many people because of the reduction in the amount an individual can receive tax free. When an individual decides to transfer his/her assets to another person, either by gift or on their death, assets over a certain value will attract CAT. The current rate of tax is 25 per cent, there is speculation that it will increase in the upcoming budget. It is important that individuals plan the transfer of assets in a tax efficient manner, as many people may be forced to sell assets they have been gifted or left on an individual's death in an attempt to pay the CAT liability.

Now is a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values.