Will and Inheritance Tax

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A friend of mine has a dilemma. Her widowed father died recently leaving the family home to out 2 of 4 grown up children. He wrote his will when the 2 beneficiaries were still living at home and never changed it when they left. These 2 have now agreed that the proceeds of the sale (€500,000) of the family home should be split evenly between the 4 of them giving each €125,000. However this seems to mean that the 2 children not mentioned in the will will be receiving a gift from the other 2 children thus incurring gift tax of €15,437 as it is above the threshold for gift tax of €47,815. Is it possible for the 2 beneficiaries to disclaim the inheritance and allow the estate to be treated as being intestate. Would this mean that the estate could then be evenly ditributed between the 4 children as an inheritance and as the threshold for inheritance form a parent is €478,155, no CAT is due?

Is this just wishful thinking? Or is there a better way to distrubute the proceeds without incurring CAT.
 
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