Family Partnerships as a Flexible Tool for Lifetime Wealth Planning with Andrea McNamara

How can you support your children financially, on your terms, while optimising for tax and retaining control?In this episode, Marc Westlake is joined by Andrea McNamara, Director of Private Client Law at EY Law Ireland, to unpack the often-overlooked but highly effective structure of family partnerships in Ireland.There are some differences between Trusts and Family Partnerships (check out previous episodes for more from Andrea) and Andrea covers these differences, the common structures and benefits and what you should think about when considering a Family Partnership for your kids.Marc & Andrea discuss how this flexible vehicle allows parents to transfer assets to children during their lifetime, without losing control or creating future tax headaches.Main Topics:Understanding Family Partnerships: A practical look at what family partnerships are, how they work in an Irish context, and how they differ from more familiar structures like wills or trusts.Retaining Control While Transferring Wealth: Andrea explains how parents can transfer asset growth to their children while keeping full control over decisions, timing of distributions, and investment strategy.Tax Planning Through Gifts, Loans, and Exemptions: The conversation explores how combining lifetime gifts, loans, and the small gift exemption can reduce future inheritance tax and optimise long-term wealth transfers.When Family Partnerships Make Sense: Marc and Andrea discuss when this structure is appropriate and how it can suit different family and financial situations.Teaching Financial Responsibility Across Generations: Family partnerships can be used as a tool to gradually involve children in wealth management, helping them build confidence and capability before receiving significant assets.Find out more about Andrea McNamara:LinkedIn: https://www.linkedin.com/in/andrea-mcnamara-678921130/EY Law is independent of Everlake and the views and opinions expressed by EY Law are not necessarily the views and opinions of Everlake.Chapters:(00:00) - Introduction to Andrea McNamara(01:26) - What is a family partnership? (03:04) - How equity is structured for children (05:04) - Retaining control while gifting value (07:02) - Using family partnerships for property (08:59) - Gift vs loan: key distinctions (10:44) - Planning with surplus assets only (12:15) - Leveraging the small gift exemption (13:45) - Tax treatment and revenue reporting (16:06) - Administration, filings, and formality (18:43) - Tax filing for children’s share (20:40) - Educational benefits for next generation (22:55) - Trusts vs partnerships: key differencesThanks so much for listening to this episode of the Everlake podcast!If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation. If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.LinkedIn || YouTube || X (Twitter) || BlueskyThis podcast is...

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