Estate planning - wills .

D

dubinamerica

Guest
Right now we're living in the U.S. and own two properties in Ireland (well one is in progress but it's signed for) . Also have a decent life insurance policy here. Planning on return to Ireland next year. Anyone have any info about taxes that child would have to pay if we both died - is there some advantage to setting up a trust or some such thing ? Looking for any pointers on this before I look for a financial adviser so I'll be well armed with info. We did write a will before leaving but that was basically typed of and we signed it - we didn't discuss any tax implications. Any info around this area would be great.
 
When you die, your estate will pass either by intestacy ( no will) or by your will. If your kids are small, ordinarily the form of will you would draw up would be for the appointment of executors, trustees and guardians with the estate left in trust to the trustees for the benefit of the children.
There are pros and cons with putting property in trust - the cons primarily being tying assets up.

Do take proper tax advice before doing anything like this.

sally
 
USA

Because the properties are situated in ireland they will be subject to Irish CAT regardless of your residence.
A US insurance policy would not suffer cat becuase you are not irish resident and your daughter is not irish resident.

Whether you would be subject to US estate taxes depends on whether you are a resident alien for us tax purposes. US estate taxes are higher than irish rates also where the surviving spouse is a non citizen the estate they receive is taxed .
I would guess that only your usa assets would be subject to US estate tax currently but you obviously need usa tax advice.
 
US Ireland taxes

Hi - thanks both for your replies on this. We did draw up a will in Ireland before leaving . I hadn't really thought of the consequences regarding property and whether this would necessarily be tied up for a few years or could be sold - executors may not want to have to look after tenants and so on and any issues that weren't looked after could leave the estate open to be sued I guess .. I'l look into this some more. Also - regarding the CAT - I hadn't thought of that regarding paying that tax here if something were to happen or if it might apply to our houses in Ireland. We don't own a property in the U.S. so I hadn't considered this at all.. Also - we are on a non-permanent visa (so not citizens) but would be considered resident for tax purposes now and possibly for some time when we return. Plenty of food for thought - thanks for the info.
 
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