Robert Whelan

No tax.

If you die in the house, you've got five kids, right?

And each get 160,000, no tax.

If you die and you have one kid and they inherit 800,000, they get 400,000 tax free and they pay 33% tax on the 400,000 balance.

So it's 120,000 euros.

Most people do because they don't have the cash.

Yeah, absolutely.

Yeah, like there are, let's just say, exemptions.

And the annual gift exemption is, for me, the least exploited tax loophole in Ireland today because any adult can gift 3,000 euros per year to any other adult.

It doesn't have to be relative or anything like that.

So we typically see grandparents now gifting to the grandkids and grandparents giving to the kids.

And if you've got a couple, that's 3,000 each.

So I can give 3,000, my wife can give 3,000.

So that's 6,000 we can give to each of our children per year, tax-free.

And absolutely taking advantage of that, if you have, again, the cash to do it.

It doesn't.

People talk to me, what's wealth planning?

It starts with that.

Because anything you can do to pass whatever few bob you have to the next generation and pay as little tax on it as possible, legally, you should be taking advantage of that.

Absolutely.