FAQ

Why can’t i seem to get any updates on my pension ever since i took it out – or advice on an ongoing basis? Paul, Kildare.

We at Pro Wealth pride ourselves on service and, as part of that, we would update you whenever you request it, or give you an update or advice at least once a year. Some of our clients sit down with Pro Wealth every couple of months if need be.

I run my own company as an owner-director but my accountant doesn’t add any extra value as regards how I should plan to exit the business, what would your company do to facilitate my move? Dermot, Ballsbridge.

Your situation is common to us and some accountants do provide a service around this, although a lot don’t. First of all, we would sit down with you to get a business financial snapshot and your personal snapshot. Let’s then decide goals, how you can achieve them and how Pro Wealth could facilitate this. We would more than likely, offer you a free hour to sit down with our tax partners and look at your tax position, estate management etc – that’s just a few things but usually we find that no two customers are the same!

Every one of my business circles that owns their own company or runs their own business find themselves increasingly worried that they haven’t put a buy/sell partnership agreement in place. Would you advise this? Derek, Artane.

In a word YES. The buy/sell agreement allows your partners and you to control the business, setting the rules for dealing with estate beneficiaries. Pro Wealth can look after putting the financial systems in place for you to see through your promises in this agreement. Business Protection is a wide area and a full business factfind with you and you partners is advised initially.

I recently gifted a lump sum to a friend. Do I need to do anything as regards the revenue?

First of all our tax partners would need to advise you on this as we are not tax advisors – however we are aware that it is prudent to pay any CAT due to revenue before the gift is given. If the beneficiary of the gift does not make a tax return and is found to have spent the money then you, the disponer, could be liable to pay the CAT due – which in large cases could be very substantial. However you need to speak to a tax advisor to confirm this and hear your situation.