€1 million+ to leave behind

Ah no Renko is right. If OP sits on his couch, gets rid of his car, grows his own food, doesn't heat his home and avoids travel then his nieces and nephews will have a much nicer world to grow up in. 😂

I presume Renko had never taken an "unnecessary" flight?

I dont think it’s the beneficiary that usually moans about inheritance tax. They are on a win either way.

It’s the disponer. It sickening to work hard and save all your life and then have 33% of it swiped on your death bed.

@OP you are young so while good to have these conversations you could need significant and expensive end of life care so don’t get rid of it too fast.

And definately pick a favourite niece/nephew….. pick wisely though…..they will need to earn it.

Well, depending on the decisions made by the disponer, there is a lot of scope for the beneficiary to avoid paying much, if any, tax. The deceased is not taxed at all on it - i.e. it isn't taken from them.

From a philosophical point of view, it is probably the fairest form of taxation. In practice, I would admit that those who are most exposed to it are probably the best place to avoid it though.

If you're talking about Favourite Nephew Relief, this only applies to business assets, so is very unlikely to apply the OP from the information he provided.

You don't get to just nominate a favourite nephew or niece and leave more cash to them free of inheritance tax.

Eh, only if you want to actually fail to make a return - especially the envelopes of cash. You work in a regulated environment, don’t you? Maybe recognise that there are other regulated environments.

However, if you do wish to see Australia then a business class seat is more comfortable, first class might not be needed. You could say that the Revenue will pay one third of this since it reduces funds on which inheritance tax will be paid.

Best to do this when you can. Although owing to some luck I am broadly in a similar situation to the OP, and very interested in travel, at present a back problem (sore, but in no way life threatening) means that I would not choose to go on even a First Class flight to Australia.

Probably best not to spend too much time concerned with tax, leave money to those who deserve it, some tax may still be deducted but a lot will still be received.

Buy a good decent size of disadvantaged land in a part of the country you like, then see how to supplement the existing natural flora & fauna. Manage it back so that nature can thrive there. Then see about gifting it to a charity, local community group or the state when you die. That's a good investment and will leave the place in a little better state than otherwise.

Maybe because the money you've "created " into society is the first time this will be taxed-the money your wealthy parents created has also been taxed as they've earned it, having g to pay tax on that already taxed money, is nothing short of legal theft

At the rush of detailing the thread further....

How would you feel about birthday presents being taxed when you receive them?

You haven't done anything to earn it, so it's fair game right?

I think there are various ways the tax system can be changed to make things more fair. Perhaps some form of inheritance tax could be part of that, but in it's current shape most people resent it as a double taxation.

gift the max allowable tax free yearly sum to your nieces and nephews every year.

Open accounts in their name and keep lodging until they come of age.

As for your siblings if you’re not close then no need to leave them anything , just because they are, if you want to do that then maybe do something similar to the above.

if you want to donate, then make a wish Ireland, might sound interesting to you. Kids with life ending illnesses and other issues like that, might be quite rewarding for you to help people like that. A lot of times they aren’t big things either.

Disadvantaged children charity or something similar, especially around Christmas time , there are plenty of things like that, same as above a lot of times it simple things that gives them a little bit of joy.

You could leave an amount of money to all your first cousin's, for example €1,500 each which would give them a nice surprise