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Inheritance question

  • 16-09-2013 7:57pm
    #1
    Aka Ishur
    Registered Users, Registered Users 2 Posts: 740 ✭✭✭


    Hi all,

    Hypothetical-

    Mother (widow) of the family died (totally hypothetical :))
    There are 5 brothers. One brother spent most of his life living at home. He has no income, but an unoccupied house elsewhere.

    Estate, worth approx 200K is left ''to be divided between the 5''. 4 of the brothers decide they would like to decline their inheritance and leave it all to the lad living at home.

    Question - Does the 'gift' of 80% of the estate expose that brother to acquistions taxes?


Comments

  • #2
    camphor
    Banned (with Prison Access) Posts: 202 ✭✭camphor


    Aka Ishur wrote: »
    Hi all,

    Hypothetical-

    Mother (widow) of the family died (totally hypothetical :))
    There are 5 brothers. One brother spent most of his life living at home. He has no income, but an unoccupied house elsewhere.

    Estate, worth approx 200K is left ''to be divided between the 5''. 4 of the brothers decide they would like to decline their inheritance and leave it all to the lad living at home.

    Question - Does the 'gift' of 80% of the estate expose that brother to acquistions taxes?
    If there was no previous gift from the mother and the waiver is properly drafted there should be no inheritance tax.


  • #3
    Aka Ishur
    Registered Users, Registered Users 2 Posts: 740 ✭✭✭Aka Ishur


    camphor wrote: »
    If there was no previous gift from the mother and the waiver is properly drafted there should be no inheritance tax.

    Great. Well wont be put in practice for a long time hopefully.:D


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