If someone dies without having a will and their next of kin is their mother, what are the tax implications for inheritance? Does the full inheritance go to the mother by default who can inherit up to €325,000 tax free? There is no wife or children of the deceased in this case, and the deceased has only one parent (mother).
Tax implications / no will
- Thread starter guerngirl
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The Group A threshold of €335,000 should apply to the inheritance taken by the mother in this instance.
However, the threshold is a lifetime threshold and prior benefits received within the same Group on or after 5 December 1991 are aggregated.
The parent would need to assess how much of the threshold they have available to them (for instance, if they took an inheritance from their own parent).
www.citizensinformation.ie
It would be advisable for the child to put a will in place.
It is possible for an inheritance to be taken by a parent completely free of Capital Acquisitions Tax (CAT) in certain instances.
For example, if the parent gave a non-exempt gift of cash of €5,000 to the child in the period of 5 years immediately prior to the date of the death of the child, if the child's estate was valued at €1m, the inheritance of €1m taken by the parent should be exempt (section 79 CATCA 2003). Needless to say, it would be worth getting tax advice on this.
However, the threshold is a lifetime threshold and prior benefits received within the same Group on or after 5 December 1991 are aggregated.
The parent would need to assess how much of the threshold they have available to them (for instance, if they took an inheritance from their own parent).
What happens to a deceased person's money and possessions?
How to get access to the deceased person's money and property, the rights of family members under wills and how property is distributed.
It would be advisable for the child to put a will in place.
It is possible for an inheritance to be taken by a parent completely free of Capital Acquisitions Tax (CAT) in certain instances.
For example, if the parent gave a non-exempt gift of cash of €5,000 to the child in the period of 5 years immediately prior to the date of the death of the child, if the child's estate was valued at €1m, the inheritance of €1m taken by the parent should be exempt (section 79 CATCA 2003). Needless to say, it would be worth getting tax advice on this.
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