Joint Tenancy with Aunt and Inheritance

Discussion in 'Wills, inheritances and gifts' started by admc2017, Apr 20, 2017 at 4:24 PM.

  1. admc2017

    admc2017 New Member

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    My aunt recently went in to a nursing home due to dementia and its fallen to me as her only nephew (and power of attorney) to make her house and paper work secure. Among her files was the deeds to her cottage, on which I am named as Joint owner -news to me! The house was bought about 20 yrs ago when I was 10. How is this going to pan out with inheritance tax when the time comes, I've never lived in the house fulltime except to care for my aunt when she was sick. Im sure she has a will but dont know contents
     
  2. Vanilla

    Vanilla Frequent Poster

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    When she put it in your joint names, that was a gift of half the value to you. If you are registered as joint tenants, you will automatically inherit her half share when she dies, regardless of what is in her will. If as tenants in common, then it will depend on her will or next of kin if she dies without a will. If she relies on the fair deals scheme for nursing home care her half share of the house may be charged in favour of the hse, and you will have a year after she dies to pay it off. As a nephew, you are only entitled to a group B threshold,so currently 32500 from an aunt without paying CAT, but of course the prior gift will be taken into account and will reduce that threshold. Favourite nephew relief really only applies to a business/farm.
     
  3. SirMille

    SirMille Frequent Poster

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    That seems quite unfair.
     
  4. dereko1969

    dereko1969 Frequent Poster

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    2,476
    Well, poor normal folk don't have IBEC/IFA lobbying Government on their behalf, though perhaps our TDs should be doing that!
     
    SirMille likes this.