€1 million+ to leave behind

If you're inclined, you could begin to share some of your wealth with your relatives on an annual basis, tax free. You may gift up to 3,000e p.a. to anyone with no tax implications for either party.

Whether that is a good idea or not is obviously a matter for you and you alone to decide.

I'd echo give an annual gift up to 3000 to those you want to benefit. While there would be tax implications over the 32000 inheritance, they can still benefit from the balance of a bigger bequest once tax is paid: Unless you have some fundamental objection to any tax being paid. I'll be, hopefully, leaving over the current tax free limits to my children but I've no problem with some tax being deducted , as they'll still benefit by receiving more than the threshold.

Realise that a decade in a nursing home could easily cost a million.

Who would disproportionately benefit from the money?

Youve got some good advice above.

Just to add it would be a good idea for you to have a think about who is going to look after you when you do get old. Even if you go into a nursing home you still need someone looking after your affairs and property - this is an important point that's often not planned for. If you don't need nursing home you may still need someone looking out for you. Let this person know that you want them to be your carer or representative should you ever need it and make sure they are willing to assume the role. Make sure you look after this person well in your will.

Ive seen it several times that those who have assumed the role of carers to elderly relatives get nothing and those that done no care get everything!

Choose carefully! Also enjoy your own life now so that you don't have that much to leave - spend and treat yourself😀

I agree with that. Early 60's is not old. Enjoy as much of it while you are completely mobile on your feet. Go on cruises, fly first class to far flung places and enjoy the fruits of your hard work. See the world before old age finally catches up with you.

These are the best words ever written.

How much of a private pension have you?

I would find ways of spending that money pretty easily now.

1.5 million will not go far if you go into a nursing home. it was costing close to 90k a year for an uncle recently. But you could use the money to pay for a live in carer etc.

The other option is to have no money, so The System and Fair Deal pay for everything.

At least you are thinking about who to leave it to. Another relative left everything to her closest relative, a niece in America. The various cousins who looked after her for years did not get a penny.

Don’t overthink it. Just live the life you want which is a luxury already.

Check with an accountant what you could do. You can do yearly gifts as said above, buy land, etc It all depends of what you like to do and how you want to share with your friends and family once you are gone.

If you know young families struggling financially around you and you think they deserve it, you could give them an anonymous cash gift.

As mentioned above, 3k a year into an account for anyone you wish

Not the same amount, but decent enough. Absolutely no wish for first class travel. Healthy and hitting 60. Wife has good pension too.

I've 3 wonderful god children. Unrelated. I started putting money into an account for them opened by their mum. They don't know about it yet. (Eldest is 13)

There are conditions (obviously not enforceable).

It can be used for 3rd level education, (or equivalent) or towards purchase of a property.

But if used for any other purposes, I will stop contributing. (Golden handcuffs)

Without planning ahead with annual tax free gifts you can't just jump in at a point and cover education costs.

The best gift you can give to your nieces and nephews is to avoid destroying the planet that they are inheriting by taking unnecessary flights.

You need to talk to a well recommended financial and tax advisor, who can help you protect your hard earned money and assets.

They will also advise on the most tax efficient way of passing on what you wish to, to your younger relatives of the next generation.

For example, while yes, passing on 3k a year now, tax free, is a good idea, you can also specify that these young people use it only for school and college, educational travel, housing and accommodation, sport or the arts etc., not for discretionary frivolities.

Importantly, you should also, between your financial advisor and solicitor, make provision for your protection and power of attorney in your later years, to provide for medical care, residential care, living will instructions and anything connected to your wishes for late and end of life, including of course, a comprehensive will.

If you wish to include any trusted family members to make decisions on your behalf, when it becomes necessary, they can do that too, but as you want for no material things now, peace of mind will become more and more valuable as you get older.

I would prioritize yourself OP. Get financial advice with regards to your future, care, nursing home if needed etc.

Also enjoy what you have now, while you can. Do whatever makes you happy.

Hopefully you will have another 30 years to live, you might find there will be less to leave then you think.

In relation to inheritance tax, it may be controversial, but I see no issue with it. If I was left a sum of money, I would have no problem paying whatever tax was due. People should be grateful for whatever they get.