Disclaiming the same will more than once

T

Tennyson

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Hi

My parents were divorced and it seems my father made his will following the divorce and made my mother the sole beneficiary (crazy but true!)

My mother wishes to disclaim this inheritance for a consideration of 15,000 Euros. I believe my sibling and I will then be the beneficiaries......but I have already received a gift of land worth 125,000 Euros in 2008. The estate is valued at 350,000 Euros ish.

Could I disclaim my inheritance (even though my mother will have already disclaimed?) for a consideration of say 110,000 Euros? Would the residue then pass to my sibling or would it go elsewhere.

I am trying to minimize the tax burden and ensure fairness for my sibling.

Thanks
 
Not sure if I´m understanding you correctly but are you saying that your mother (and potential you) want to disclaim your inheritance in return for consideration of a certain amount? If this is the case then you are not actually disclaiming anything but are selling your inheritance for said amounts so it doesn´t count as a disclaimation.
 
Is your Father still alive. If he is then a visit to a tax accountant to redesign his will to make it more tax efficient would be my advice.
 
My father is deceased. Our solicitor has said that my mother can disclaim for a consideration. 15,000 Euros is her tax free Group C threshold amount. I am unsure whether I do can disclaim?
 
I think what he is trying to do is partially disclaim to the amount equal to the zero inheritence tax threshold. Very much doubt one can do that.

Other solutions for say the mother. Her 15K. Her children can give her 3K annually tax free as a gift. Tennyson needs to talk to good inheritence tax expert though to see all his options.
 
The father willed his estate to his ex wife. This does not qualify for the inter spousal exemption unless it's on foot of a court order.

So mother has been informed of this and does not want the inheritance.

If she disclaims it will pass to the children under intestacy rules.

So each gets half OP disclaims his half share for consideration and the remainder goes into to residue so he may have to disclaim that as well. Your solicitor will be best placed to advise and if not get someone who is.
 
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