Livingthedream
Registered User
- Messages
- 6
How liquid are your assets? Specifically do you have a lot of cash savings and would you be willing to part with them already?want to share property & assets equally (total value approx half million)
@huskerdu many thanks!You do need to get legal advice. There is no point in writing an unenforceable will or put in provisions that Revenue would see through as tax avoidance measures.
Are you really considering leaving money to your son John but putting a line that says " John must also leave money to his daughter Mary in his will". For this to be enforceable, John cant touch the money, so you havent really left it to him. Whose going to enforce that when John dies in many years time ?
As it stands, your €500K will be split 3 ways.
This will leave each of your grandhildren with a CAT bill of €3K.
(500K/3) = 166.67K / 4 = €41.6K. The tax free allowance of CAT B is 33000.
41.6K - 32.5K = 9166K *0.33 = 3K
If it bothers you that much, Give them €3K each now and then leave them 32000 in your will.
@NoRegretsCoyote I have one deceased child, let's call him John (with 2 children), John's entire share should go to his children. I also have two other living children, one of whom is going through a divorce, let's call her Mary. Mary has two children and I'd like to split her share 50% to her and 50% split between her two kids. From what I gather grandchildren (unlike offsprings) are liable to inheritance tax. And this is what I'm trying to get around.@Livingthedream
Do you have one deceased child and two living? Or one deceased and three living.
It looks like the former but not fully sure from your posts.
If they are under 18 when benefactor passes away they are Category A though as the child of the benefactor is deceased.Grandchildren can inherit up to €33,500 tax-free and pay 33% on any excess over that.
Yes, but the OP has already stated that they are adult children, so it doesn't apply here.If they are under 18 when benefactor passes away they are Category A though as the child of the benefactor is deceased.
No tax in these circumstances.
If they are under 18 when benefactor passes away they are Category A though as the child of the benefactor is deceased.
oooops....hadn't noticed this.Yes, but the OP has already stated that they are adult children, so it doesn't apply here.
Even though it doesn't apply here, I hadn't realised that.
The daughter-in-law gets the €335k Group A Threshold
Exactly, what ideally I'd like to do. Thanks
All very interesting and useful, thank you to everyone for all for solid advice. I'd originally intented for my deceased son's entire share to go directly to J1 & J2 but may rethink this. Giving €16,500 to taxman is ! M1 & M2 are currently under 18 but I still have a few years left in me!Yes, and the ‘connected gifts’ / ‘gift splitting’ rules obviously wouldn’t apply to inheritances.
i.e. the anti-avoidance whereby a gift from one person to a second person which is then onward gifted to a third person within three years is deemed to be a gift from the first person to the third person.
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