This approach might avert some problematic scenarios but is just as likely to cause others. For example, there's nothing to stop a disgruntled joint beneficiary from frustrating or undermining the sale of a family home or other holding by letting potential bidders know that they are not welcome to bid. Another possibility would the nightmare scenario of the forced sale of a bequeathed property in the midst of a previously unanticipated property price slump.The second thing is to be specific in your will that the house be sold and after expenses estate be split equally. This way the child will have cash assets to pay the inheritance tax bill. Otherwise they might not sell, one might move in, declare they want to buy the other out but not be able to raise a loan, anything really. But if you say sell it, then they have to follow what is stated in the will and are less likely to end up in a horrible row.
Bear in mind too that this concession is also at the mercy of any future government, and even any TD.In essence they are at the mercy of whatever limit is set by the government at the time of our passing, currently 335k. I’ll look into the 3k annual award for each child so that’s 6k a year tax free into an account in their names.
It would absolutely be opposed.Bear in mind too that this concession is also at the mercy of any future government, and even any TD.
For example in the current political environment, I would think that if eg a PB4P backbencher were to propose a Finance Bill amendment to enable annual annuity-type monetary gifts to become CAT-assessable, I doubt if the Finance Minister of the day would even bother to oppose it.
There are what are known as "Section 72" policies where you can basically buy insurance which will basically pay your kids' CAT bills when the time comes. There are previous AAM threads on this and I've never been fully convinced of the merits.I tried looking this up but couldn't get clarity, kids can inherit 335000 from a parent tax free. I assume that each parent?
I have my doubts, particularly if the Shinners and either RTE or the Irish Times started bleating about *tax avoidance".It would absolutely be opposed.
Personally I think the €3k is safe. Otherwise, things like birthday presents or gestures between friends or family members would start getting captured.
That depends whether Rob is short for Robert or Roberta.Hey Gordon, wanna hang out and get to know one another better?
P.S. my birthday is in June.
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