Family Home - Inheritance

L

Lambchops

Registered User
Messages
96
Hi,

I was wondering if someone could help answer the following question:

I am an only child and my both parents are alive. I don't live at home but they both still live in the family home. They have made out their will and it basically states:

If dad passes away before mum that it goes to mum and if she passes away before my dad then it goes to him. On both their deaths it goes to me.

They also have a summer home (and some land) and this is set up the exact same way.

One question for you - Am I liable for inheritence on either/both homes even though I am named in the will and the only sibling?

We had this conversation last night and I think that I am but my mum is convinced that Im not as Im named in her will.

She has asked me to find out and I dunno who to ask - hence this mail.

Thanks for your help

ps - I have already had to pay inheritence tax after my partner passed away - I'm not sure if this is relevant?

Kind Regards
 
You are right.

Being named in the will makes no difference to the way Capital Acquisitions Tax (CAT) operates. However, the first €330k of your inheritance from your parents (provided you haven't received substantial gifts from them while they are alive) will be tax free and after that the value of your inheritance is taxed at 25%.

There is a relief for the inheritance of a house but certain conditions must be met which include you having to have lived in that house for 3 years prior to the inheritance and you can't have a share in any other residential property.
 
You will have used up some of the threshold from previous inheritance as Nige said there.

What are the approximate values?

Depending on this, have the parents any ability to borrow against the property?

There is a bit of thinking to be done here but you have given very limited information
 
inheritance, paying back money borrowed

I need some advice on paying back inheritance money that I borrowed from my dad several years ago. I borrowed 15K from my inheritance that I promised my brother and sister that I would pay back after our Dad passed away. My Dad recently passed away and I want to take care of this when we get our inheritance. What is the proper way of repaying this money? I would appreciate any help you can offer.
 
I presume that there is an executor or an administrator. That person should record the €15k as a debt owing by you to the estate. When the final distribution is made, your payout should be €15k less than your siblings get.
 
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