Experts give advice on succession
MEMBERS of the business and farming community from across the Enniscorthy district gathered at The Riverside Park Hotel recently as a group of local experts held a seminar offering a legal perspective on succession planning.
While it’s not something that anyone, business owners, farmers or the man in the street, likes to think about too much, leaving plans for what would happen to your business and assets in the event of your passing is vital and poor planning to this end has caused major difficulties for those inheriting in the past.
On the night, master of ceremonies PJ Fielding welcomed those in attendance, among them representatives from Enniscorthy & District Chamber and Minister Paul Kehoe, before introducing the experts. Solicitor John Burke O’Leary spoke on the importance of wills, enduring power of attorney and lifetime transfers of businesses and farms. Accountant Eugene Doyle gave a brief presentation on inheritance tax and tax reliefs that are available on the transfer of assets. Myles Roban of Roban Financial looked at how inheritance tax can be provided for through insurance policies and also touched on life insurance and pensions with an emphasis on how to maximise the benefits for surviving spouses and children.
Finally, special guest Jim Power, Chief Economist with Friends Fist, gave his forecast for where we are heading and challenges facing our economy, not least of all Brexit. The speakers wished to thank those who came along on the night and encouraged anyone with any questions to contact them at their offices in town.