Inheritance Advice

rocky2

Hello,

I am looking for some advice.

My fathers mother died in 2000 and he was left her assets which included a property and some land. My father has never finalised the proceedings of the will, in other words he has never taken ownership of the inheritance and the assets have never been put into his name.

The house has not been lived in since 2000 and requires extensive work to become habitable.

My father has no interest in the property or the land and would like me to take ownership.

My father receives a non contributory pension and my mother receives a contributory pension - they are concerned that if they put the property into my fathers name, they could lose their pensions and medical cards. 

They are also concerned that they will end up with a large tax bill. 

Can anyone please advise on what options are available to my father, is it possible for the assets to put directly into my name?

Many thanks!

 

Marcusm

If your father had not received any other inheritances then the group A threshold (parent to child) in 2000 was €380,000. If the value of the inheritance was less than that, no CAT liability would have arisen. As he only has a non-contributory pension I would guess the inheritance was not that valuable as he would otherwise have cashed it in to support himself and/or family.

Ownership of capital assets can give rise to a reduction in non-contrib pension. It assumes a certain level of income based on a formula rather than actual income. MABS may be able to provide some guidance for your parents.

TooTired123

https://www.boards.ie/discussion/2058286993/inheritance-advice

When your father applied for a non con pension the application form asked him if he owned any other property apart from his own home. If he was receiving the pension before the inheritance then he was obliged to inform the non con section if his “circumstances” changed.

So if you don’t know if he ever informed them then you’ll have to find out. Any transfer of ownership of the property now will alert Revenue who will in turn alert SW.

Geuze

What about possible NPPR and LPT on the house?

rocky2

I honestly don't know as the property has never been transferred into his name. i think I need to speak to a solicitor.

Claw Hammer

Who is the executor of your grandmother's will?