Thanks mf1, that's very clear.Luke has zero legal entitlement to anything.
Paul is likely to/possibly have a CGT liability on the sale.
The property needs to be valued now for CGT, CAT and stamp duty purposes.
Once that's been done, if there is money to spare and if either P or P want to give Luke a gift of some spare cash, let them do it.
Repeat: Luke has zero legal entitlement to anything.
mf
He received help to start a business some 12 - 15 years ago. The amount was unknown, perhaps between €50 - 75k and it was never repaid.Did Luke receive anything else to compensate, stayed at home for free, education.
Very good point, I doubt it.Would Luke be seeking a share if it was in negative equity.
What formula have you used for this calculation? Is there a easy calculator online - had a quick look, but can't find one.A rough calculation suggests 13,333 in 1984 is worth about 30,500 adjusting for inflation. This does not take into account any costs. A fair amount would be 15k but this could get really messy from a tax perspective quickly.
Recommendation
The father split €70k in two giving each person €35k
He should have split it in three, giving each person €23k in today's money.
The transaction at the time was recorded as €60k sale price and the remaining value of the property, €40k, was noted in the transaction as a 'pre-inheritance'.
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