roytheboyo
Registered User
- Messages
- 97
Hello All,
Please consider the following.
Parent makes will, leaving farm to son.
In order to avail of agricultural relief (which reduces the value of the farm by 90%) the son has to be a 'farmer', which is defined as the son having more than 80% of his assets after transfer in agricultural assets (i.e. non-agricultural assets less than 20% of total assets, after transfer). Therefore need to keep non-agricultural assets to minimum.
Son lives with wife and kids in house (away from farm), which is in wifes name (she purchased prior to marriage, and son and wife have since paid off mortgage, so fully owned).
Question is, is sons assets deemed to include half the house, even though in wifes name.
Thanks...
Please consider the following.
Parent makes will, leaving farm to son.
In order to avail of agricultural relief (which reduces the value of the farm by 90%) the son has to be a 'farmer', which is defined as the son having more than 80% of his assets after transfer in agricultural assets (i.e. non-agricultural assets less than 20% of total assets, after transfer). Therefore need to keep non-agricultural assets to minimum.
Son lives with wife and kids in house (away from farm), which is in wifes name (she purchased prior to marriage, and son and wife have since paid off mortgage, so fully owned).
Question is, is sons assets deemed to include half the house, even though in wifes name.
Thanks...