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How to pass on your wealth to your adult children – should you choose to
Inheritance planning
Until the Celtic Tiger, setting aside an inheritance for your children was firmly categorised as a Rich People’s Problem. Or one faced by families in the UK, the US, and continental Europe, where a longer history of wealth meant a greater tradition of transferring wealth from one middle-class generation to the next.
But, as the song goes, Mo Money Mo Problems. The Irish baby boomers who grew up in poverty in the 1940s, 1950s and 1960s are aging and many have accumulated significant wealth that they could leave to the next generation. Indeed, plenty of them are passing it on: Central Bank figures released in January showed that one third of households had received an inheritance or gift by 2020, with these transfers amounting to a combined value of €97bn. But we’re still not doing it right.
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