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€1 million+ to leave behind

13

Comments

  • #62
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 11,022 ✭✭✭✭Jim_Hodge


    A lot of back and forth on the principle of taxation of inheritance but that's not what the OP asked.

    The OP hasn't been back to comment on the suggestions to date, so perhaps they got what they needed.



  • #63
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,213 ✭✭✭✭AndrewJRenko


    https://www.boards.ie/discussion/comment/122495673#Comment_122495673

    Sorry to hear that the idea of not destroying out planet makes you sick.



  • #64
    ledwithhedwith
    Registered Users Posts: 369 ✭✭ledwithhedwith


    https://www.boards.ie/discussion/comment/122498140#Comment_122498140

    it does, Eugh.



  • #65
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 49,834 CMod ✭✭✭✭magicbastarder


    Is there any 'investment' you can make in a relative that would not be counted as a gift?

    E.g. if I paid for my niece to return to college to do a masters, I assume that qualifies as taxable in a way it might not with a daughter?



  • #66
    greenpilot
    Registered Users, Registered Users 2 Posts: 1,689 ✭✭✭greenpilot


    It's funny how the mind works, but there is one particular post in this thread and, upon reading it, your mind automatically manifests an image of what that individual looks like, how the poster behaves etc.

    Purely by reading the words in the post.



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  • #67
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,213 ✭✭✭✭AndrewJRenko


    https://www.boards.ie/discussion/comment/122498162#Comment_122498162

    Nothing to worry about I suppose

    https://twitter.com/pgdynes/status/1823315069008011704?s=46&t=3l1OhjvjsuAh4w9RMjlH8g



  • #68
    ledwithhedwith
    Registered Users Posts: 369 ✭✭ledwithhedwith


    https://www.boards.ie/discussion/comment/122498553#Comment_122498553

    not in my lifetime and I’m early 30s



  • #69
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,213 ✭✭✭✭AndrewJRenko


    https://www.boards.ie/discussion/comment/122500648#Comment_122500648

    Are you sure?

    https://www.thejournal.ie/climate-change-fuelled-deadly-india-landslides-6462877-Aug2024/



  • #70
    Iseedeadpixels
    Registered Users, Registered Users 2 Posts: 4,491 ✭✭✭Iseedeadpixels


    Lads take it to PM its nothing to do with the OP's question.



  • #71
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 11,022 ✭✭✭✭Jim_Hodge


    https://www.boards.ie/discussion/comment/122501354#Comment_122501354

    I'm sure the OP has their own priorities. Give him, and the rest of us a break.



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  • #72
    XsApollo
    Registered Users, Registered Users 2 Posts: 2,486 ✭✭✭XsApollo


    https://www.boards.ie/discussion/comment/122498553#Comment_122498553

    You are posting on this thread from your tent in the Amazon I suppose?

    You have a post on another thread of ordering a Lenovo thinkpad from a German seller, but it came with a Swedish keyboard. So you ordered an English keyboard from “China “

    Did your seller deliver the laptop from Germany by Canoe? Did the English keyboard you ordered from a sweatshop in “China “ get delivered by one of those Chinese balloons that have been in the news recently?

    Get a grip.



  • #73
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭lawred2


    https://www.boards.ie/discussion/comment/122489451#Comment_122489451

    oh how pious of you



  • #74
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,213 ✭✭✭✭AndrewJRenko


    https://www.boards.ie/discussion/comment/122501517#Comment_122501517

    That's the problem - that his priorities (or the priorities that others are recommending to him) impact the rest of us.

    https://www.boards.ie/discussion/comment/122501590#Comment_122501590

    You did notice that it's a refurbished second hand machine, which avoids the environmental cost of manufacturing and transporting a new machine, right?



  • #75
    Iseedeadpixels
    Registered Users, Registered Users 2 Posts: 4,491 ✭✭✭Iseedeadpixels


    Yawn….That was a nice interesting thread we had…..



  • #76
    XsApollo
    Registered Users, Registered Users 2 Posts: 2,486 ✭✭✭XsApollo


    which part are you referring to, the key board shipped from china or the laptop shipped from Germany?



  • #77
    Hooked
    Registered Users, Registered Users 2 Posts: 2,814 ✭✭✭Hooked


    Spend it while you're here! After all - you've earned it!



  • #78
    mickdw
    Registered Users, Registered Users 2 Posts: 23,399 ✭✭✭✭mickdw


    https://www.boards.ie/discussion/2058363751/1-million-to-leave-behind

    Put your assets out of reach come your old age. Im all for paying a fair share in home etc but with that kind of money, you would get completely robbed if in home for a few years.

    Seek advice of a financial professional on how best to achieve it.

    It would be wise to start giving out the small gift amount each year no doubt. You could tell your relatives that you are giving out 3k to them each year for the next 5 years. If they are young, it would be a huge boost. They could save for college or buy their first car etc. In 5 years, you could review matters.

    Id certainly do everything possible to ensure there was no tax payable.



  • #79
    Anaki r2d2
    Registered Users, Registered Users 2 Posts: 993 ✭✭✭Anaki r2d2


    https://www.boards.ie/discussion/comment/122501791#Comment_122501791

    the only way is to report the off topic troll posts. Let the mods issue bans



  • #80
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,213 ✭✭✭✭AndrewJRenko


    https://www.boards.ie/discussion/comment/122502782#Comment_122502782

    Should we also report personal attack posts?

    image.png



  • #81
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,567 Mod ✭✭✭✭Robbo


    Moderation: I think this has run its course given that the OP has left the scene.



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  • #82
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,567 Mod ✭✭✭✭Robbo


    https://www.boards.ie/discussion/comment/122502921#Comment_122502921

    Moderation: The thread has now been re-opened at the OPs request. There has been a fair bit of disruptive posting and I will be looking at thread, and if neccessary, forum bans if this persists beyond this point. For clarification, this includes attacking a poster personally, bringing in vendattas from outside fora and dragging threads off topic.



  • #83
    onemillion
    Registered Users Posts: 6 ✭onemillion


    Hi,
    Some really good suggestions here, thanks everyone. To be honest I was expecting stupid "You can leave it to me!" type replies but most of the posts had really interesting, insightful points, so thanks for that.

    For example, it never occurred to me to leave the yearly tax-free amount to my nices/nephews. I'm going to set those accounts up on condition it's used for education or whatever, if possible (thanks @Larbre34).

    I survived meningitis when I was young. I see a number of Meningitis-based charities in Ireland however only one (Meningitis Research Foundation) seems to be on Revenue's Resident charities and approved bodies list (2350 charities in ireland - jeepers! 🤨) . Given the past scandals involving CEO pay and expenses of various charities, I'll check them out and start making donations/bequest if they pan out. https://www.revenue.ie/en/corporate/information-about-revenue/statistics/other-datasets/charities/resident-charities.aspx

    First time I've actually looked into the cost of nursing home care and I was shocked. Maybe I won't have as much to leave behind as I thought! 😅 I've heard horror stories of the Fair Deal scheme on the surviving family, from a solicitor. So yes, having no money is a better option there! While strictly speaking that wouldn't be my problem, I don't want to leave a mess behind. Looking at the cost of a private nursing home, it seems to be about €85k a year, probably €100k by the time I might need one. Selling the house and shares should pay for a few years. But I'll keep that cost in mind, thanks for bringing it up.

    Thanks @Deeec for the 'carer representative' suggestion. That's a harder one as being an introvert, I don't know many people outside immediate family, and even less that would be willing to look after an old fart, but I'll look into that.

    And finally, travel. Yes. There will come a day when even going to the shops will be an effort. I will make an effort to travel a bit more. Have some hobbies that I can start focusing more on too.

    Thanks for everyones thoughts. I'll keep checking this post every so often for anything new.



  • #84
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 49,834 CMod ✭✭✭✭magicbastarder


    Do your nieces or nephews have any hobbies they share with you?



  • #85
    onemillion
    Registered Users Posts: 6 ✭onemillion


    https://www.boards.ie/discussion/comment/122507542#Comment_122507542

    No?



  • #86
    howsshenow
    Registered Users Posts: 124 ✭✭howsshenow


    You need to be very careful with Generation entitlement and "well meaning" advice from some.

    Do not entertain the idea of giving someone an Annual gift for nothing, tax efficiency or not. Also be wary of falling for guilt traps or manipulation if they see you are a soft target. You will be the most popular choice for Godparent to everyone and there will be no end to the gravytrain.

    Definitely give good wedding presents and a generous gift when they buy a house and pay for an occasional meal out etc.

    Be careful with your money. You've got your own life, go and enjoy it and don't feel like you have to explain it to anyone.



  • #87
    onemillion
    Registered Users Posts: 6 ✭onemillion


    https://www.boards.ie/discussion/comment/122509945#Comment_122509945

    Yeah good point!



  • #88
    onemillion
    Registered Users Posts: 6 ✭onemillion


    Reviewed my pensions, from 2 jobs. Death benefit of one is €56k the other is €378k 😆 Have to look up the plan rules to see how it'll be paid out.



  • #89
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 11,022 ✭✭✭✭Jim_Hodge


    https://www.boards.ie/discussion/comment/122529899#Comment_122529899

    You should have already been asked , by both schemes, who you were nominating for those benefits. Also many Death benefits cease at a particular age.



  • #90
    onemillion
    Registered Users Posts: 6 ✭onemillion


    https://www.boards.ie/discussion/comment/122529947#Comment_122529947

    I think my older brother, but will have to check. I didn't know that about death benefit - you mean to say that if you die, say after 70, then no death benefit is paid? Though I suppose each pension scheme is different, will have to check. Thanks…



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  • #91
    backwards_man
    Registered Users Posts: 340 ✭✭backwards_man


    Why leave it behind? You are fortunate to have such wealth at your disposal. You are still young and if you are in good health spend it. All of it. On yourself and life experiences. Travel first class. See exotic locations. Live in another country. Eat wonderful food. If you have 15 more years of good health you are a lucky person. Live!!



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