How can my father divide up some shares among his children?

N

Noreen T

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Please direct this post to the correct thread..Im new to all of this and neeed advice please?
My father wants to devide up his Kerry group shares to myself and my siblings..How do we go about this and also how do i find a reputable broker?
Any advice would be greatly appreciated.
 
Campbell O'Connor would probably be the best for this.

Are you sure that it is a good idea?

He will probably pay a lot of Capital Gains Tax on the disposal of the shares.

If he leaves them to you on his death, the CGT disappears.

Brendan
 
Hi Brendan,
Thanks for your reply..
To be honest we are in a right mess..my father never claimed the shares in his pension and his solicitor advised him to divide the shares or the lot could end up being "clawed back"
His advise was its better to pay some in CGT or loose the lot!! I dont know whats the best option.

Noreen
 
Can he not gift them to you?
This wouldn't involve CGT for himself but, depending on the amount could involve gift tax for you and your siblings.
|If going down this road, I don't think you would need to go to a broker, just contact the Company Secretary and see what they advise.
 
Hi ,thanks for your advice.. i was actually talking to a company Secretary today, and she advised that he will have to pay CGT, no matter what he does..
 
I'm assuming it's a non-contributory pension?
I'm sure you're aware of Welfare rules, and giving away the shares doesn't change anything in terms of their means test, if the gift was in order to qualify for the pension. I'd hate to think someone might have innocently advised your father to commit a fraud, without understanding the full circumstances.

"If you or your spouse, civil partner or co-habitant deprive yourselves of an income or property (including money) to qualify for State Pension (Non-Contributory) or to qualify for this pension at a higher rate, we will include that income or property in the means test."

http://www.welfare.ie/en/Pages/State-Pension-Non-Contributory---Frequently-Asked-Question.aspx
 
Hi Brendan,
You mentioned a person named Campbell O' Connor in your first post.How do i contact this person please?
 
Hi redOnion..
I seriously doubt his lawyer would be that innocent, and advise him to commit fraud..
 
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