Did you know....?

Did you know... after the recent budget many people will now get full access to their Approved Minimum Retirement Fund (AMRF). This is the case when their annual state pension is over €12,700 per year.

Did you know... the inheritance threshold for children is now €320,000 before tax is due. This means that they can inherit up to €320,000 from your estate but everything over this amount is subject to Capital Gains Tax of 33%. This tax will accrue interest very quickly if not paid when it falls due.

Did you know... both parents can avail of an annual gift exemption for their child up to €3,000 per year without it counting as inheritance. Parents can setup an annual savings plan of up to €3,000 per year (paid monthly if desired) with their child as the benefactor which can be a way of utilising the annual exemption over a long period of time.

Did you know... most life assurance companies are treating vape smokers as full smokers. This can potentially double the cost of all assurances. There is still currently one company that doesn’t charge smokers the full extra cost.

Did you know... most people take out life assurance (mortgage protection), when they take out a mortgage. In some cases this is directly through the mortgage provider who cannot offer the most competitive cover or the best benefits.

Did you know... not all life assurance is the same. Some life companies have extra benefits for free on their life cover plans. For example, some companies have an extra benefit which allows you, your children and your parents’ access to a second opinion professional service.

Did you know... some companies have more life cover and serious illness coverage for children. One company in particular offers up to €25,000 serious illness cover for children, hospital cash payments and overseas children’s cover.

Did you know... in most cases these extra benefits do not cost anymore because the life companies will price match with their nearest competitor. What frequently happens is that it is easier for people to take out life assurance with the mortgage so many people are losing out on benefits because they have not reviewed what they were covered for initially.

Did you know... many people I meet for the first time are not aware of their pension entitlements at retirement. Most people know that they should save into a pension for retirement but they may not understand what they will be getting from their pension at retirement. As a rule of thumb you are normally entitled to a tax free lump sum from your pension and the remainder of it is income subject to income tax.