Succession Planning
Efficiently plan the transfer of assets to the next generation, during your lifetime or after.
Leaving On Your Terms
Identifying and nurturing future leaders is the key to succession planning. Whether the departure is planned or sudden, the gap must be filled by someone with knowledge, experience, and expertise. Succession planning is important for the whole team as you can develop internal talent to ease the burden of finding people for the higher positions within your company. These steps ensure you can leave on your terms, and the transition will be smooth.
Have A Plan In Place
Having a plan in place will ensure that your company and assets are protected during your departure, whether planned or unplanned. No matter the reason, Gilroy Gannon can help you have a plan in place for a smooth transition. Three of the most important aspect we cover are:
Legal & Regulatory Needs
Planning all tax, legal, and regulatory requirements for a business’s smooth and seamless transfer.
Efficient Transfer
Ensure that the people taking over the business are not burdened with tax bills and challenges that may disrupt trade.
Asset & Wealth Management
Ensure the assets and wealth are managed correctly, whether with inheritance tax or with the new owner.
Get in Touch
Get in touch today, or simply fill in the below contact details and a member of the Gilroy Gannon team will be in touch shortly.
Locations
25 Stephen Street, Sligo, Ireland
Phone number
+353 71 916 1747
info@gilroygannon.com
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Call to Action
The key factors to consider in succession planning are listed below. The list is not exhaustive and neither is it in any order of priority as businesses may have different needs. The most important action is that your confidential and comprehensive succession planning report will confirm what if any tax, financial or legal changes are required and how and when they should be implemented.
Capital Gains Tax (CGT)
It is important to understand how tax thresholds, rates, exemptions and allowances are applied.
Capital Acquisition Tax (CAT)
It is important to understand all exemptions, indexation, tax rates, and how relationships affect tax due.
Retirement Relief
it is not a requirement to retire. Criteria to claim the relief includes age bands, type of asset, relationships and lifetimes limits.
Stamp Duty
Where stamp duty applies on the transfer of property, land or shares it is important to ensure all exemptions and reliefs are used
Retirement Planning
Executive and Personal Pension Plans are attractive tax efficient methods of extracting g wealth from the business.
Business Structure
Reviewing structure for succession planning is also an opportunity to consider tax advantages of one structure versus another.
Inheritance Tax
Last will and testament of a business owner should facilitate inheritance without risk to the business trading.
Wealth & Asset Management
Ensure succession planning takes advantage of these tax advantages and takes note of future wealth creation & asset management.
Succession Planning+
Gilroy Gannon offers Succession Planning as a stand-alone service. It is also strategically combined with other Legal, Tax, Consulting, Financial and Business Advisory services all of which we are happy to discuss at your convenience.
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