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Who’s going to get your dosh? Wills & Inheritance Discussion

13

Comments

  • Registered Users Posts: 529 ✭✭✭ Oscar Madison


    bubblypop wrote: »
    Yep, I agree, anyone who inherits money should be happy to get some, and pay the bit of tax.

    It was already taxed!


  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    It was already taxed!

    I'm aware of that, I'm the one who was taxed on it!
    Point is, if you are lucky enough to get/inherit unearned money, then a bit of tax shouldn't bother you.
    It wouldn't bother me if I inherited something.

    Anyway, I guess I've repeated myself a few times now, so I'll leave the conversation without me butting in all the time! :)


  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    all money has been taxed at some point. the fact that it was already taxed is moot.


  • Registered Users Posts: 529 ✭✭✭ Oscar Madison


    If it ever comes to a point where I will be in a position to leave anything

    to my children they will be getting it WELL in advance!


  • Posts: 8,860 ✭✭✭ Jamari Salty Mall


    Nody wrote: »
    I guess we're going to be an odd one out here but I'm planning to leave behind a sizable fortune behind when we die. .

    MAMMY/DADDY! :D

    I'm heading into serious retirement planning myself over the next year once a few financial commitments end in early 2022 but with a certain level of pension planning already in place, thankfully. (Considering the forum we're in, probably couldn't have done it had I had kids)

    I'm looking forward to learning more about the various investment instruments available so I'll be stalking forums like business and finance and Investments and Markets very soon :p

    Best wishes for your retirement plans - hope all goes well and you make a good point around state pension- by the time I retire, the qualifying age will probably be 99 :D


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  • Registered Users Posts: 11,429 ✭✭✭✭ Geuze


    PMBC wrote: »
    I wont be making a will. I saw the colossal charges on my mother's estate and said f*** that.

    There is no obligation to use a sol to do probate.

    It is possible to do probate yourself, and avoid the high fees charged by sol in Ireland.


  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    If it ever comes to a point where I will be in a position to leave anything

    to my children they will be getting it WELL in advance!
    just in case this is a reference to inheritance tax, inheritance tax is not just levied after the donor dies.
    if you give your son €50k now, that counts towards his lifetime inheritance tax free quota of €335k. you'll just be lowering what you can leave tax free to him on your death.


  • Registered Users Posts: 529 ✭✭✭ Oscar Madison


    just in case this is a reference to inheritance tax, inheritance tax is not just levied after the donor dies.
    if you give your son €50k now, that counts towards his lifetime inheritance tax free quota of €335k. you'll just be lowering what you can leave tax free to him on your death.


    Thanks M' but I'm aware of all that anyway but there's ways around everything!


  • Closed Accounts Posts: 118 ✭✭ bunny_mac


    I volunteered with a very small charity once upon a time and part of my 'job' was trying to find potential funding sources. There are lots of fairly small trusts out there that make a modest income from property or whatever and then invite funding applications from charities once a year. They usually have a certain leaning (like animals, environment, education) and a limit to how much you can apply for. I'd like to set up something like that, something where smaller charities can benefit. Have no clue how I'd go about it though, but hopefully I won't have to worry about that for a long time.

    If I found out I was going to die soon I'd leave everything to my friends. I have siblings but they're also childfree, so no nieces or nephews to consider.


  • Registered Users Posts: 11,835 ✭✭✭✭ markodaly


    because they enjoy tax free status?

    So, 'just cause'?

    Not really an answer now is it? The family farm can be passed on, tax-free, but you think that isn't right, because its unearned income, yet a charity can 'earn' income via donations and not pay tax.


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  • Registered Users Posts: 11,835 ✭✭✭✭ markodaly


    also, if properly regulated, a charity *does* earn its income.

    Can you explain how they earn the income when they are just given money when someone dies?
    In the context of this discussion, it's inheritance and wills.

    On one hand, you say all money left to a son, daughter, niece, nephew. etc.. is unearned so should be taxed.
    Yet money left in the same way to a charity is earned, so is exempt from tax.

    This doesn't make sense to me. Either it's all taxed, or there is tax-free status given to certain circumstances like there is now.
    A charity has tax free status and a relative can inherit an amount tax-free up to a threshold.

    Note, that many countries don't have any inheritance tax, Sweden for example has gotten rid of it.

    simply taking money from my dead parents because they have 300k to give me does not mean i have 'earned' it.

    Likewise to a charity.


  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    it's because a charity is legally obliged to put that money into causes of public interest. they're not allowed keep it, or spend it on 'themselves'. there are actually rules preventing charities building up too much cash; which can actually cause problems for some charities.

    anyway, if you don't agree that there's a qualititative difference between giving money to charity, and giving money to a niece or nephew (say for them to buy a car, or a house), i suspect we're not going to see eye to eye.


  • Registered Users Posts: 715 ✭✭✭ Stihl waters


    I plan to die penniless having spent all my money on frivolous stuff, right on schedule so far


  • Registered Users Posts: 11,835 ✭✭✭✭ markodaly


    it's because a charity is legally obliged to put that money into causes of public interest. they're not allowed keep it, or spend it on 'themselves'. there are actually rules preventing charities building up too much cash; which can actually cause problems for some charities.

    anyway, if you don't agree that there's a qualititative difference between giving money to charity, and giving money to a niece or nephew (say for them to buy a car, or a house), i suspect we're not going to see eye to eye.

    You didn't answer my question though.

    You never explained how charities earned their income when someone gives them an inheritance, as opposed to a close relative. How is it 'earned' in one case and not in the other?

    As to the laws protecting money given to Charities. We have had years and years of revelations to show us that it's either not the case, or these laws are summarily ignored. It is seen commonly now, that charities are just another scam for those who run them in the higher ups.
    Just this week.
    https://www.thejournal.ie/bothar-ceo-david-moloney-high-court-5404560-Apr2021/?utm_source=shortlink

    But this is not really the point of this thread.

    I guess in summary, I find it hard to reconcile how a nameless charity or the government is more entitled to your money than a niece or nephew or a son/daughter.


  • Moderators, Society & Culture Moderators Posts: 6,392 Mod ✭✭✭✭ pinkypinky


    A related query which came up in the genealogy forum.

    If your parents and siblings are dead, are niblings of a single childless person the defacto next of kin?

    Genealogy Forum Mod



  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    you mean in terms of inheritance if you die intestate? or in terms of inheritance tax?

    this is the order of succession, in terms of distributing the estate; this is not tax relevant though AFAIK:
    If a single person (without children) dies without making a Will, leaving siblings, they will inherit equally. If there are any siblings that died before the recently deceased brother/sister (predeceased them), leaving children, those nieces and nephews take the share that their parents would otherwise have taken.
    https://www.stonesolicitors.ie/ten-things-successioninheritance-may-know/

    (note: that dates from 2014 and there's been at least one change to inheritance tax bands since)


  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    i have just learned of the concept of 'favourite niece' or 'favourite nephew' where you can nominate one nibling, and this effectively bumps them into the same status as a son or daughter for inheritance tax purposes.
    i suspect there's been a few family feuds created by that...


  • Moderators, Society & Culture Moderators Posts: 6,392 Mod ✭✭✭✭ pinkypinky


    No, I actually mean in a medical decisions capacity - sorry I should have been clearer. If, for example, someone is in a coma, cannot make their own decision, but has no spouse, parents or siblings alive, but has niblings, and is not a ward of court.

    I understand the order of succession for intestacy or wills.

    Genealogy Forum Mod



  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    just googled that, this was one of the first ones to come up:
    Family members and Advance Healthcare Directives
    If a healthcare issue arises and the patient is incapable of making a decision, it is the practice to consult with close family members. It is not clear what legal basis there is for this, as family members have no general right to make decisions on behalf of adults.

    https://www.citizensinformation.ie/en/health/legal_matters_and_health/advance_care_directives.html


  • Registered Users Posts: 1,034 ✭✭✭ secondrowgal


    i have just learned of the concept of 'favourite niece' or 'favourite nephew' where you can nominate one nibling, and this effectively bumps them into the same status as a son or daughter for inheritance tax purposes.
    i suspect there's been a few family feuds created by that...
    That's very interesting! Is it only one? Or one of each (one niece and one nephew) do you know?


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  • Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Regional North West Moderators Posts: 6,840 Mod ✭✭✭✭ Cherry Blossom


    i have just learned of the concept of 'favourite niece' or 'favourite nephew' where you can nominate one nibling, and this effectively bumps them into the same status as a son or daughter for inheritance tax purposes.
    i suspect there's been a few family feuds created by that...

    This only applies to business assets and the favourite niece/nephew has to have worked for the deceased for at least 5 years prior to their death. It doesn’t apply to any personal assets or cash.


  • Registered Users Posts: 18,503 ✭✭✭✭ Also Starring LeVar Burton


    Until this thread, I wrongly assumed being single and childless that as next of kin everything (not that I've a huge amount of assets, but some substantial savings all the same) would just go to my Mam if anything were to happen to me unexpectedly tomorrow, but didn't realise that since he's still living that my father would be entitled by law to half (and I don't owe him jacksh*t), so rectifying that and going to go make a will that will ensure it all goes to my Mam.

    Can then update it when necessary to include Siblings and Niblings if I outlive my Mam, but appreciate this thread for bringing to my attention that I need something in place.


  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    Until this thread, I wrongly assumed being single and childless that as next of kin everything (not that I've a huge amount of assets, but some substantial savings all the same) would just go to my Mam if anything were to happen to me unexpectedly tomorrow, but didn't realise that since he's still living that my father would be entitled by law to half (and I don't owe him jacksh*t), so rectifying that and going to go make a will that will ensure it all goes to my Mam.

    Can then update it when necessary to include Siblings and Niblings if I outlive my Mam, but appreciate this thread for bringing to my attention that I need something in place.

    Yep, I realised the same thing when I bought my own house, will was made where mam gets it and the other lad gets zero ;)


  • Registered Users Posts: 614 ✭✭✭ notsoyoungwan


    I made my will aged 40, and am 41 now so it’s still current!
    I have a lot of niblings, some of whom I’m very close to and others I’m not at all close to and only see at weddings/funerals.

    I’ve left a significant portion to a charity very close to my heart and I’m very happy with that decision. I have left my house to be split between my two godchildren (both niblings). I know about the tax implications, but I can’t avoid it and I’m of the same opinion as another poster who says that even after paying the inheritance tax, they’ll still be a good bit better off than they were. I’m leaving the rest between the niblings I’m close to, and two dear friends. I’ve a letter of wishes done up for jewellery, art and some other collectibles.

    It’s as future-proof as I could make it. It has accounted for any of the niblings dying before me and leaving kids behind etc. I had good legal advice at the time and I’m pleased with it.

    Separately, I have also set up an enduring power of attorney, and have nominated 2 attorneys, my sister and my closest friend, whom I trust to act in accordance with my pre-existing wishes if I’m incapable of doing so. We have enough morbid conversations for them to know what my wishes are!


  • Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 43,969 CMod ✭✭✭✭ magicbastarder


    i think you need the legal issues forum - this is the 'childfree by choice' forum.



  • Registered Users Posts: 6,825 ✭✭✭ Flinty997


    You'd have to challenge it. No idea the success rate of that.

    "...How can the Probate process be contested when there is no Will?.."



  • Registered Users Posts: 1,504 ✭✭✭ wench


    You would need to find out if it is held as Joint Tenants, or Tenants in Common.

    For a Joint Tenancy, the house would pass directly to the surviving son, and not form part of the estate at all.

    For a Tenancy in Common, the son owns 1/3, and the parent's 2/3s would form part of the estate.



  • Posts: 8,860 ✭✭✭ Jamari Salty Mall


    What a nightmare. I wonder how he managed to get on to the deeds without anyone else knowing in the family ie siblings



  • Registered Users Posts: 6,825 ✭✭✭ Flinty997


    Might be the parents thinking he'd be the last at home.



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  • Registered Users Posts: 11,835 ✭✭✭✭ markodaly


    Seems like he has just inherited a house for himself, but he will have to pay tax on the bit if the house is worth that much. Can he afford a 100k+ tax bill?

    What else does the will say?



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