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niece doesn't want 100% of inheritance

  • 08-01-2009 5:01pm
    #1
    pathway33
    Registered Users, Registered Users 2 Posts: 2,229 ✭✭✭


    My friends unmarried uncle who is quite elderly has 4 nephews and nieces. He has left a 50 acre farm worth €500,000 to one niece. This niece doesn't want all the inheritance to herself. She believes they should get an equal share each and has asked her uncle to change his will to reflect this but he doesn't like the other three and so is refusing to budge. She has explained to him that double tax will have to be paid on his death. Firstly inheritance tax on the whole lot and secondly gift tax when she transfers equal shares to her 3 cousins. What can be done? Can she ask them to contest the will before it is executed in her benefit so she doesn't have to pay all the inheritance tax on money she isn't even going to keep?


Comments

  • #2
    Oldtree
    Registered Users, Registered Users 2 Posts: 8,109 ✭✭✭Oldtree


    In the first place I believe that you should accept the uncle's wishes, it is his farm after all and it is his to leave to whom he wishes. I think that it is unfair to try to further upset him by trying to force him to change his will by threatening him with the niece's desired outcome and additional tax payments, regardless of his wishes. If you keep that up he may leave the farm to someone else.

    If the farm is left to the niece, it is then her's to decide what to do with, following the payment of inheritance tax, not before then.

    If she decides to go the route of contesting the will on behalf of the others then a lot of money will go to the lawyers.

    There is no real way of not paying the gift tax in some form or another.


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