Farm relief /solicitor probate fees/tax advisor fees

landmania

Good evening all,

My story.

1. I met with accountant and told to meet a tax advisor.

2. I met with a tax advisor and told to get a valuation , I asked what valuation high or low , only to be told the auctioneer will decide. I also asked if we qualified for ag relief to be told that will be decided if we employ him and he fills out the forms. I asked his fees but said he would need the valuation?

3. I asked an auctioneer to visit and the first question he asked what kind of valuation did tax advisor recommend. I said whatever he the auctioneer advised.

4 I provided the tax advisor the valuation and asked what were his fees only to be told that he would need a statement of assets from a solicitor.

5. I then asked family solicitor their probate fees for the farm 100 acres valued at 20000 per acre and was quoted 40000 euro plus vat at 23%. We already paid 35000 euros probate fees when my father died 15 years ago on his half share of 5o acres

I am going around in circles, I don't know if my sibling and I qualify for ag relief and now a 49000 euro bill before we start plus whatever tax advisor's bill will be, plus cat at 33 %.

May I asked what other people experiences have been?

Good night

Lime Tree Farm

.Sin a bhfuil (Will)

tabby aspreme

You can carry out probate yourself if the Will is straightforward and not being contested, take a look at the Courts.ie website for information and give them a call

caddy16

https://www.boards.ie/discussion/2058351575/farm-relief-solicitor-probate-fees-tax-advisor-fees

Solicitor seems to be basing his fee of a % of value. Shop around, most will do for a fixed fee, which would be substantially less than that.

A good solicitor will point you in the right direction after that in my experience.

148multi

As above courts service are brilliant at helping with probate, as regards agi-relief, what is the value of your non agricultural assets and what are your plans for the land going forward ( do you intend to sell it).

893bet

Value of the farm is 2milion. So I assume you are inheriting 1million each.

This means from a non- farm asset you can have max 250k in assets (your own house, car shares etc. be careful here, if there is a mortgage on the house you only own the part that is paid off, equally if it’s a joint mortgage you only own half that etc.).

This is to meet the 80 percent rule which is the key for agri relief. You should be able to estimate if you are meeting it or close. If close it’s easy adjust valuations up and down in your favour as valuation are subjective.

grass10

I know of someone with a similar story in the past all the so called professional advisors are very good at bluffing their way along with very little advice other than information that's publicly available but the sad thing is that most people can't see through them and I find that many people seem to want to keep the professional charges a secret for some reason

Solicitor fee being quoted seems very high and your so called tax advisor that doesn't want to inform you of what should be a flat fee just get someone else also you have an accountant if he is qualified he should be able to provide you with tax advice and if he cannot you need to move on this is what you employ an accountant for people need to get more assertive with the so called professionals

50HX

You need a tax advisor to work with you not just for you.

They should have laid out the situation with regards to high/lower land valuation.

You then need an Auctioneer to work with you same as above.

I'd be changing both & shop around. An Auctioneer working for themselves ie no big overheads of offices etc might be a good start.

Keep in mind all figures need to be realistic but there is leeway.

It's about tax avoidance rather than tax evasion.

A good tax advisor will save you thousands in the long run

Bass Reeves

https://www.boards.ie/discussion/2058351575/farm-relief-solicitor-probate-fees-tax-advisor-fees

As others pointed out you should be getting flat fees. 10k Inc vat should sort any legal fees. I say the solicitor sees you as a soft touch if he got 35k the last time. There will be extra yes such as land registry and serch fees etc.

On the tax advisor again it shoukd be a flat fee. F@@k the waiting for valuation. Tell the accountant you need a better tax advisor and if he cannot sort it he be the next for the chop.

Tileman

https://www.boards.ie/discussion/comment/122158398#Comment_122158398

100% agree with this post .sorry op they appear to be taking yiu for a ride. Plenty of lads out there will do it for a flat fee.

grass10

When you train as an accountant you do tax exams every year you cannot qualify as an accountant without passing tax exams this idea that you employ an accountant and then a separate tax advisor is only jobs for the boys if an accountant doesn't know tax law I'd run a mile from him