Cian Carroll

So it's, you know, that's quite attractive as well.

In theory, you could do that, assuming that you haven't used your maximum reliefs within the year.

You could do that.

And that is sensible.

And look, but look, in reality, you know, there are a lot of working class families that, you know, that 3000 euro, you know, that.

gets absorbed very quickly into household expenditure and just daily life as well.

So there can be really good reasons why young families and children of parents that are in a position and fortunate enough to start to pass wealth early, that money, you know, often it's, you know, that's the time that they need it most.

The average age of an inheritance, someone inheriting, you know, money is 59 in Ireland.

So like, you know, often...

People are in a far better financial circumstance.

Their costs have dropped, kids have moved on, etc.

And so sometimes it's the, you know, young family starting out that, you know, that's the time that they could benefit most.

And it's really tax efficient to do it.

Yeah, there are a couple of ways and one of them would be there's a life assurance, type of life assurance that you can take out as the people leaving their estate behind, you can take out life assurance on yourself and that basically pays out a sum that will ultimately pay the inheritance tax liability.

So if there's, you know, a pot of

500,000 euro, that all of that 500,000 euro goes to the estate, goes to that person because there's this pot of money in the life assurance policy that pays out.

And that's, so that's a very specific type of mechanism that you can use to plan for an inheritance tax liability.

It's particularly relevant for kind of smaller families where there's larger values of an estate as well.

And that's something that forms a core part of financial planning as well.

They can.