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Hi, In the Will the son has been left the house and all the contents. The next line in the Will states that his sister has been left all the televisions, radios, phones, cameras and laptops in the house. Both say they have been bequeathed the televisions and radios. Who is right? Thanks

€500

If someone entering the Fair Deal Scheme has a second property rented out but the rental generated is €500 per month rather than the market value of €1,000 per month, do the Fair Deal regard the €500 or €1,000 as the income? Thanks

If someone is left a property in a Will but they wish to disclaim the bequest, can they then receive a percentage of the property through the residue of the Estate? Thanks,

Hi, If an Estate is valued at €175K at date of death, and the nursing home Fair Deal Scheme is owed €75K from the Estate, is inheritance tax payable at 33% on the €175K or €100K ? No spouse involved. CAT thresholds have been previously exceeded Thanks,

Hi, What happens at year 14 in the Fair Deal Scheme when over 100% of a land asset (which does not qualify for the 3 year land cap) has contributed to the cost of care? Is the land revaluated so that say if it has increased in valued from €400K at initial valuation in year 1 to €500K in year...

So for property valuation with respect to land for which there is no 3 year cap, I assume that after 5 or 10 years the land would be revalued and the 7.5% based on the latest valuation?

Thank you, So the calculation is: Year 1 400K * 7.5 % = 30K Year 2 (400K - 30K ) * 7.5% = 20.25K Year 3 (400K - 30K - 20.25K ) * 7.5% = 26.23K Year 4 NIL Total contribution = 76.48K

Thank you

Hi, For a single person entering a nursing home, is this the correct calculation for their house, assuming house value increases by say 10K per annum? Year 1 400K * 7.5 % = 30K Year 2 (410K - 30K ) * 7.5% = 28.5K Year 3 (420K - 30K - 28.5K ) * 7.5% = 27.1K Year 4 NIL Total contribution =...

The Fair Deal says the first €36000 is excluded from assessment for a single person. Does this mean that once the person's savings say €60,000 start depleting by 7.5% per year, once the person reaches 36,000 the Fair Deal won't take any more savings from them? Thanks

Hi, When completing the IT38, is the taxable value of the gift the market value minus the value of a burden that is registered on the property? Thanks

It is a share of the property after the mortgage has been cleared.

Hi I am due to inherit about €5,000 from my uncle. I have already reached my CAT Category B threshold so I will pay CAT @33% on the full €5,000. There is no problem there. The problem is that the solicitor overestimated the value of the property at date of death and as a result informed the...

Hi, Our uncle died last year and divided his estate between his nephews and nieces. One of his nieces has already exceeded her category B CAT allowance of €32,500. She wants to do a Deed of Family Arrangement whereby all the beneficiaries agree to amend the terms of the Will so that her father...

My understanding is that the Bank of Ireland Life Loan (designed to release equity on property to those aged over 65) was at a fixed rate compounded at about 6.9% for 15 years. These loans were first issued in 2001. Does anyone know the new rate (fixed or variable) since 2016? Edit: I know the...

Hi, By 'equity release' I mean the property owners were able to secure about €100k from the bank about 20 years ago on the agreement that when the owners died, the bank would be repaid through the sale of the property. The debt owed at date of death was about €300k due to compounded interest...

When someone dies who had availed of equity release on their house, does the interest stop compounding when the person dies or does the debt keep growing until the house has been sold and the bank repaid? Thanks

Just to update. No documentation has been sent to the Probate Office. Seems strange to use the phrase 'Probate is being extracted' when nothing has been done.