How to ensure your will is tax-efficient

Proper estate tax planning is paramount if you want to secure your family’s future, according to Rory Coll of Galway-based tax specialists Coll & Co

Rory Coll, managing director, Coll & Co: ‘As tax specialists, we work closely with legal and trust solicitors who are experts in their field’

Nineteen countries have abolished inheritance tax, but unfortunately Ireland isn’t one of them. Proper estate tax planning is important, Rory Coll, managing director of Coll & Co, said.

Australia, Canada and Sweden have abolished inheritance taxes with the goal of encouraging wealth to be kept in the country and the tax-free exemption in the US is over $12 million.

“However, the maximum a child can receive tax-free in a lifetime from their parents in Ireland ...