Most people consider having money in the bank as the most effective way to create wealth. Little do they know that the banks give very little return to its customers for a high amount of investment they can make at their expense.

In this episode of Everlake, hosts John McNicholas and Marc Westlake explore the limited control individuals have over their bank deposits and the hidden costs associated with state savings.

The conversation emphasizes the importance of financial education and transparency, highlighting the disparity between bank profit motives and depositor returns. They discuss the missed opportunities in the Irish financial sector due to misallocated savings, the cultural tendencies towards cash savings and property investment, and the need for professional financial advice.

Through historical and contemporary contexts, the hosts advocate for a balanced approach to saving and spending, stressing the role of investments in personal and societal growth.

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Thanks so much for listening to this episode of the Everlake podcast!

If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation.

If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.

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The Irish Finance Bill for this year (2024) has included a number of recommendations in the lead up to the election.

In this episode, Marc Westlake delves into the key changes and implications of the Bill. He explores how the recent budget adjustments affect financial planning specifically in Ireland, highlighting significant updates such as the increase in the standard fund threshold and the nuanced impacts on pension contributions.

He also discusses the implications for business owners and senior executives, changes to inheritance tax rules, and potential future adjustments in the taxation of investment funds and stock options. This episode provides crucial insights for navigating Ireland's updated financial landscape and emphasizes the importance of tailored financial advice.

Topics Covered:

Changes in the Standard Fund Threshold:

• Incremental increases from 2026 onwards
• Implications on pension lump sum taxation

Pension Funding Strategies:

• Advice on continuing pension contributions near the standard fund threshold
• Differences between PRSA and occupational schemes for senior executives and business owners

Inheritance Tax Adjustments:

• Increased parent-to-child allowance
• Utilization of intra-family loans for tax efficiency

Potential Future Developments:

• Department of Finance's ongoing reviews on stock options taxation and investment funds taxation

Implications for Financial Planning:

• Emphasis on the necessity of personalized, timely financial planning
• Overview of the challenges introduced by the Finance Bill 2024 for high-income clients

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Thanks so much for listening to this episode of the Everlake podcast!

If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation.

If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.

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Trust is a big issue in the financial sector. The fact is, if you don't trust your advisor, you won't act on the advice. Even worse, Ireland is perhaps the most difficult jurisdiction on the planet to invest your life savings! Listen in as John McNicolas and Marc Westlake discuss the issue of trust.

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Thanks so much for listening to this episode of the Everlake podcast!

If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation.

If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.

LinkedIn || YouTube || X (Twitter)