Parents who have the resources can take out a policy to ensure their children pay no inheritance tax which can be useful especially where there is a valuable family property. Photograph: iStock
My elderly parents have a substantial estate that, if they were to pass away would (if divided equally among the children) exceed the amount allowed to be given tax free to a child. I have heard that there is a type of bond/ policy that can be taken out to cover this liability.
Could you advise if there is such an option? Also it is possible that one favourite child might be given a much larger portion of the estate so, if it is very expensive, it might not be worth it.
Thank you
Ms A.D.
Everyone moans about inheritance tax, everyone thinks it is unfair, most especially as the point where they see thousands of euro disappearing from the inheritance they have had the good fortune to receive to pay a Revenue bill.
The reality, of course, as Central Statistics Office figures show us is that, for the vast majority of us, it will never be a factor. The data, which relates to 2020, show that just over one-third of households (36 per cent) had rece
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