Eddie Peters
Registered User
- Messages
- 56
It costs a lot less!what's the point in shelling out more on a life assurance policy to avoid inheritance tax
It costs a lot less!
re will cost - I'm not 100% certain of current cost, but at a rough guess I doubt it'd be more than €200.
Interesting, never heard of that way of reducing tax liabilities. Family are so importantThere's a thing called Favourite Nephew, niece.........which allows beneficiaries to be treated as though they were your children, subject to certain conditions.
As Thirsty says, with a bit of planning you can reduce tax liability very considerably. As far as possible, your executor should be a neutral party vis-à-vis of the beneficiaries. It's not a light undertaking and your solicitor will probably have good advice for you about the importance of choosing wisely.
There's a thing called '[broken link removed]' which allows beneficiaries to be treated as though they were your children, subject to certain conditions.
The relief applies to a niece or nephew who has worked substantially on a full-time basis for the disponer for the period of five years ending on the date the disponer ceases to have a beneficial interest in possession in the business. The relief will only apply to assets used in connection with the business. Note that farming is a business for the purposes of the relief. In order to qualify for the relief, the beneficiary must have worked a minimum number of hours in the disponer’s business, i.e.
- 15 hours per week in a small business, i.e. a business carried on exclusively by the disponer, the disponer’s spouse or civil partner and the nephew/niece.
- 24 hours per week in a larger business, i.e. where there are other employees.
If by 'living will' you mean a Do Not Resuscitate (DNR) then yes that is legal. It would normally only come up if you were in hospital and/or had a serious condition and you can complete a DNR and have it put on your file. At 50+ and assuming you are otherwise in good health, I personally wouldn't advise it.a living will is legal
Famous last words...
Oscar Wilde “This wallpaper and I are fighting a duel to the death. Either it goes or I do.
Spike Milligan: "I told you I was ill".
I have an appointment with a solicitor later in the week to make a will. Cost will be approx €70. Just doing a bit of forward planning... I assume that cremation is probably more financially beneficial. Not sure if it's of any environmental benefit though (as it doesn't allow maggots, worms etc to feast upon my rotting corpse). Another option is donation to science. Finally does anyone know if a living will is legal in Ireland?
Thanks for the feedback Bronte - the will is in draft form now. Deciding on executors was the difficult part but think it's in hand now. It was worth doing - but I'm still annoyed that after a lifetime of work and paying taxes year after year, Mr Noonan will still come out smilingIn fact I'm probably more valuable to the state now if I were six foot under..
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?