Hi-I'm a first time poster here.
My mother is a widow in her eighties. She worked all her life and paid tax and she also paid into a pension. She now receives her pension and again has to pay tax on it. It upsets her to think that when she dies, a third lot of tax will have to be paid on the same money! Her estate will be divided in three, one-third to my brother, one-third to myself and one-third divided between my two nieces (who will receive my deceased sister's share). My brother and myself, as her children will not have to pay inheritance tax as our inheritance would fall under the allowance for children of the deceased, however my nieces, as her grandchildren will as their allowance is only around €30,000 each. This seems unfair - they are receiving their mothers share and if she were still alive, she would not have to pay inheritance tax. Is there any way around this? If my mother were to set up two joint accounts, one in each of my nieces name with my mother as the second accountee, and put some cash in to these accounts, are my nieces (as the second person named in the joint account) ok to access this money further down the road - this seems far too simple a solution so i'm sure it won't work! Any help would be appreciated
My mother is a widow in her eighties. She worked all her life and paid tax and she also paid into a pension. She now receives her pension and again has to pay tax on it. It upsets her to think that when she dies, a third lot of tax will have to be paid on the same money! Her estate will be divided in three, one-third to my brother, one-third to myself and one-third divided between my two nieces (who will receive my deceased sister's share). My brother and myself, as her children will not have to pay inheritance tax as our inheritance would fall under the allowance for children of the deceased, however my nieces, as her grandchildren will as their allowance is only around €30,000 each. This seems unfair - they are receiving their mothers share and if she were still alive, she would not have to pay inheritance tax. Is there any way around this? If my mother were to set up two joint accounts, one in each of my nieces name with my mother as the second accountee, and put some cash in to these accounts, are my nieces (as the second person named in the joint account) ok to access this money further down the road - this seems far too simple a solution so i'm sure it won't work! Any help would be appreciated