Family Home Inheritance / Tax Implications

K

Kevjob

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Hi,

My parents are deceased and the family home is left to the remaining children. I am the youngest of 5 and my brothers and sisters all have their own homes and are happy for me to inherit the family home.

I understand that they can wave their right to their share of the family home and have is left to myself.

My questions are:

1) Can my brothers and sisters wave their right to the family home so that I am the sole beneficiary?

2) What are the tax implications of this for myself as well as my Brothers and Sisters? I should point out that I am currently not resident in Ireland as I am working abroad. (I was born in Ireland and lived here most of my life, I am an Irish Citizen).

3) Being non-resident are there any different tax implications?

I would really appreciate any information or guidance.

Kev
 
What does your solicitor say?

Your siblings can disclaim their share and then it goes into the residue and if you are the sole beneficiary then you will inherit the estate.

They can't disclaim in your favour, only disclaim.

Group A threshold will apply to your inheritance. If your siblings disclaim and have no inheritance so no CAT payable.
 
Hi Ircoha,

Thanks for the link and information.

Hi Joe,

I appreciate the information. As I am living and working abroad, the Brother is dealing with the solicitor. He mentioned that as I am non-resident I may have to engage my own solicitor, which is why I want to check is there any liability or aspect I am missing.

Kev
 
If all is that is at issue here is you as a beneficiary, then I don't see the need to engage a solicitor as the guy here will do the probate work and send u the paperwork showing you as sole beneficiary or what ever.
As you are non res, follow this thread
http://www.askaboutmoney.com/showthread.php?t=188421
 
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