Inheritance Tax protection is a life assurance policy designed to provide a lump sum to meet an Inheritance Tax liability. The policy, also known as a Section 72 policy, is not intended to increase the value of an estate but to cover any Inheritance Tax liability incurred by the beneficiary of an inheritance, usually a child on the death of a parent.
Inheritance Tax is calculated on the total net value of a deceased’s estate. This means that the total assets of the deceased are taken into account e.g. family home, bank deposits, shares etc. The value of an estate and hence, the tax liability can be substantial. A Section 72 policy should, therefore, form part of an overall estate/inheritance tax plan.
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O’Sullivan Insurances, 39 Mitchel Street, Clonmel, Co. Tipperary