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28-09-2019, 19:07   #16
BDI
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Buy good property during the recession and sell it during the boom. Rent it out in between. That’s how old money works.

New money buys gold chains during the boom and sells them when they broke during a recession to old money types in cash for gold shops.
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28-09-2019, 19:10   #17
Leg End Reject
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You'd need more than a million to stop working.
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28-09-2019, 19:12   #18
Permabear II
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Buy good property during the recession and sell it during the boom. Rent it out in between. That’s how old money works.

New money buys gold chains during the boom and sells them when they broke during a recession to old money types in cash for gold shops.
"Be fearful when others are greedy. Be greedy when others are fearful." -- Warren Buffett
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28-09-2019, 19:27   #19
Rows Grower
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You'd need more than a million to stop working.
I know one particular chap who never did an honest days work in his life even though there is nothing physically wrong with him. He qualified for the pension recently which is an actual increase in state benefits every week for him.

He has his own council house, free medical care and every other hand out you can think of. The council totally renovated the house as well about three years ago.
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28-09-2019, 19:29   #20
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I know one particular chap who never did an honest days work in his life even though there is nothing physically wrong with him. He qualified for the pension recently which is an actual increase in state benefits every week for him.

He has his own council house, free medical care and every other hand out you can think of. The council totally renovated the house as well about three years ago.
This is one messed up place. Ridiculous cases like this up and down the country.
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28-09-2019, 19:30   #21
Leg End Reject
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I know one particular chap who never did an honest days work in his life even though there is nothing physically wrong with him. He qualified for the pension recently which is an actual increase in state benefits every week for him.

He has his own council house, free medical care and every other hand out you can think of. The council totally renovated the house as well about three years ago.
Unfortunately I work, so don't get any of that. By the time I'd pay off debts and pay CGT I'd have a nice nest egg, not enough to live off for the rest of my life.
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28-09-2019, 19:37   #22
Hobosan
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Set 900k on fire. The remaining 100k will rise in value.
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28-09-2019, 19:40   #23
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If your great-aunt left you the money, the first €32,500 would be tax-free, and then you would pay Capital Acquisitions Tax of 33% on the remainder. So your million euro would be down to €680,725 straightaway.

One of the implications of the current Irish taxation system.
How will the state ‘know’ of your windfall ? Genuine question.
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28-09-2019, 19:43   #24
marieholmfan
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I know one particular chap who never did an honest days work in his life even though there is nothing physically wrong with him. He qualified for the pension recently which is an actual increase in state benefits every week for him.

He has his own council house, free medical care and every other hand out you can think of. The council totally renovated the house as well about three years ago.
Fair play to him. Sounds like he has it sussed. No point not taking what you're owed.
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28-09-2019, 19:43   #25
Leg End Reject
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How will the state ‘know’ of your windfall ? Genuine question.
Solicitor and probate. You wouldn't just be handed an envelope of cash.
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28-09-2019, 19:49   #26
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Solicitor and probate. You wouldn't just be handed an envelope of cash.
biscuit tin
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28-09-2019, 19:54   #27
Strumms
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Solicitor and probate. You wouldn't just be handed an envelope of cash.
Sounds like a complete rip off on the behalf of the state. Majority of that money earned by the deceased will be what they earned after tax, now its being taxed again...

If I had a relative who pulled me aside and said.... “ look, you know I’ve not been in brilliant health, well things are going to get worse and I’ve been given 6-9 months... I’ve no kids, here is a cheque, dosh is yours 50,000, going to keep a few grand back for incidentals here and what’s left of that I’ll give to charity...

Could the state come after you for their claim of the 50,000, is there a legal onus on you or your solicitor to disclose ?
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28-09-2019, 19:56   #28
Leg End Reject
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Sounds like a complete rip off on the behalf of the state. Majority of that money earned by the deceased will be what they earned after tax, now its being taxed again...

If I had a relative who pulled me aside and said.... “ look, you know I’ve not been in brilliant health, well things are going to get worse and I’ve been given 6-9 months... I’ve no kids, here is a cheque, dosh is yours 50,000, going to keep a few grand back for incidentals here and what’s left of that I’ll give to charity...

Could the state come after you for their claim of the 50,000 or how would they know ?
You'll have to lodge that cheque and the bank will ask questions and alert revenue.

Edit: Yes, the solicitor must disclose the transfer of assets to revenue. One of the first things you'll be asked for is proof of identity and PPS number.

Last edited by Leg End Reject; 28-09-2019 at 20:00.
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28-09-2019, 19:58   #29
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I know one particular chap who never did an honest days work in his life even though there is nothing physically wrong with him. He qualified for the pension recently which is an actual increase in state benefits every week for him.

He has his own council house, free medical care and every other hand out you can think of. The council totally renovated the house as well about three years ago.
He must be a close friend. I wouldn't tell that sort of information to strangers.
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28-09-2019, 20:02   #30
Strumms
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You'll have to lodge that cheque and the bank will ask questions and alert revenue.
That’s mad, so if I go to my bank on Monday, a cheque for 50,000 to be lodged they are entitled to ask where I came by the dosh and if not altogether satisfied then go and ring the revenue ?
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