Perhaps the mostly commonly used vehicle for private clients and their families to invest are family partnerships.
The benefit of a family partnership is that it allows parents to transfer assets into the partnership that they believe will accumulate greater value into the future. Even though such a transfer may trigger some tax now, by carefully picking the appropriate assets and properly managing the set up, private clients can retain control over these assets, thereby limiting the exposure to gift or inheritance tax for their children in the future should the value of the assets grow in value.
A partnership agreement is created to regulate the running of the partnership. If any of the partners are minors, then their parents (trustees) normally enter into the partnership agreement on their behalf.
Please contact us for more information on the benefits of such a structure for you and your family moving forward.
Warren & Partners are a boutique Irish tax and business advisory firm based in Ballsbridge, Dublin. Our experienced-team of tax advisors will create unique tax solutions for your specific business needs.