If you gift or leave your children anything, it will be subject to a lifetime limit of €335k from Capital Acquisitions Tax.
So if you leave them a property worth less than that, they will pay no Capital Acquistions TAx.
If you sell or gift a property while you are alive, you will be liable to Capital Gains Tax on any gain.
When you die, your capital gains disappear.
And to add one further complication, you can't be taxed twice on the save event.
So if you give your kid €400k cash, you will use up their CAT allowance.
If you then gift them a property worth €200k on which you pay €30k CGT.
They will pay CAT at 33% on the €200k , but they will be able to set the CGT paid against the CAT.
You probably need to talk to an accountant.
Brendan