Inheritance Tax Questions

L

longway

Guest
Hello

Just registered and looking for some advice on Inheritance Tax (only child)

My father is still alive but we have a joint account with the intention that the money passes to me upon his death. In this case, are the funds in the account liable for CAT?

Also, i own my own property. The family home is jointly owned by my mother and father. Both have wills that if one dies the other spouse receives the home (which should be exempt from CAT from what i understand?) When both are no longer alive the wills specify that i will inherit the family home. I assume then i will be liable for CAT on value above the threshold

I plan to speak to my solicitor but just looking for some advice / info before i do

Thanks
 
Last edited by a moderator:
You would be exempt on any inheritances for the first €521,208 (current threshold). You will be taxed on the full joint account if you are not contributing to it.
 
Thanks dazza21ie

Is it right to say then, that if i contributed in some part to the account (which i have) then the portion i didn't contribute to is open for CAT?
 
Last edited by a moderator:
You would be better off contacting CAT section in CRIO Office in o'connell street, very helpful
 
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