5 Steps to Peace of Mind

Back to Succession Planning

Step 1 | Establish your current financial position

Statement of Affairs 

A key concern for most people is whether or not they will have enough money themselves to cover their lifestyle both now and until their death. The preparation of an accurate current Statement of Affairs sets out your assets (what you own) and your liabilities (what you owe) and begins the process of focusing on the potential beneficiaries (those who will inherit from you).

Step 2 | Ascertain future financial requirements

Cash-Flow Planning

Cash-flow planning provides a forecast of your income and expenditure for the future.

The BK Succession Team will help you evaluate the Statement of Affairs and Cash Flow Plan which together should provide you with a clear picture as to whether or not your desired life expenditure is likely to be matched by your available financial resources.



The objective of the Buckley Kiely Succession team is to help you reach a point of financial clarity and certainty, to ensure you are in a fully informed position before making any key decisions on when, how and to whom your wealth is to transfer.

Step 3 | Develop tax efficient strategies

Gift now or Inheritance later?

A question often asked regarding the timing of the wealth transfer i.e. should it happen by gift now or is it better to wait until after I have passed away to transfer my wealth by inheritance? The answer is often “both”, but it depends on;

  1. Financial independence of the giver
  2. Suitability, life-stage and status of the beneficiary – age, responsibility, need etc.

Stages of Life

It is never too early to pass to the next generation once the above requirements are met and capital tax liabilities can be kept to a minimum (or exemptions/reliefs can be achieved). A lifetime transfer of assets or gift involves considering Capital Gains Tax (CGT) for the person making the gift and the Capital Acquisitions Tax (CAT) and Stamp Duty which are the considerations for the beneficiary.


Step 4 | Create a Financial Plan

The difficult part is done – now create the final plan

Step 5 | Review Annually

Review your succession plan annually for any changes in circumstances, for both you and your beneficiaries.

Back to Succession Planning



What clients say?