Tax advice for establishing a trust

[Curly Wurly]

Hello,

Wife and I are Irish and live abroad in the middle east. We have two young children (both under 10).
Should we die we would leave an inheritance for our children valued at approximately 5 million euro. The children would be raised by a family member in Ireland and we would like to leave instructions to set up a trust in Ireland.

The sources of money for the 5 million euro are mostly not based in the middle east. For example, death in service benefit from our employers would be paid directly to the guardian in Ireland, and life insurance payouts can also be paid to an Irish account.

We are currently finalizing a will, and as part of this our solicitor recommended we speak with a Big4 expert about tax issues etc. The bill for this expert may be upwards of 4,000 euro.

My question is: Do we really need to engage a Big4 expert now? We have no assets in the middle east, no property or business for example. I am thinking it would be better to simply leave behind a solid will, a well documented list of funds, policies and details of how claim, and a letter of wishes recommending a firm which can help with establishing the trust, and basically let the executors take care of engaging the Big4 at the time.

Thoughts?

 

[Brendan Burgess]

If you are both young and healthy and don't engage in dangerous pursuits together, the chances of both of you dying simultaneously before the children reach the age of 18 are very small.

Presumably you have reciprocal wills? You leave everything to your wife and she leaves everything to you.

In which case, I don't think you need to do any planning unless and until one of you dies suddenly. Then the relict should take advice on how to best look after the children if they are still <18.

There may be some advantage in leaving pension funds or ARFs to children <18 rather than to the relict, so check that out and incorporate that in your will.

But someone here will be able to answer that question.

Brendan

 

[Horatio]

Hi @Curly Wurly , from 1st hand experience I would not engage a big 4 firm for such a matter. I have no confidence in their ability to comprehensively cover international personal matters like the one you describe.

You'll probably be assigned a top dollar associate with zero relevant experience who will build up a crummy model for you based on google research & hearsay.