Beachcomber
Registered User
- Messages
- 14
A work colleague and friend called me today to say he is terminally ill with less than 12 months life expectancy.
Apart from the devastating personal aspect he is very concerned about the financial implications for his family.
As an accountant he has asked me to assist him. However, I have no experience in this area so hopefully someone here can provide some advice.
He is a contractor (not an employee). His mortgage is circa €300k and he has life assurance to pay off the balance when he dies. As far as I am aware he has no other life assurance policy.
He has circa €50k in a pension scheme. He is 56 years old.
He had 2 kids, the youngest about 8 years old.
His main concern relates to a tax bill. He is on a repayment plan with Revenue for the last 12 months but still owes approximately €50k. His wife does not work but is in receipt of a disability allowance.
I understand that a tax bill stays with the estate on death. However, would Revenue force a house sale to cover the liability? What happens the pension when he dies? From a financial perspective is there anything he can do now to reduce the financial burden on his family when he dies? Can anyone recommend an advisor who could assist him?
Thanks all.
Apart from the devastating personal aspect he is very concerned about the financial implications for his family.
As an accountant he has asked me to assist him. However, I have no experience in this area so hopefully someone here can provide some advice.
He is a contractor (not an employee). His mortgage is circa €300k and he has life assurance to pay off the balance when he dies. As far as I am aware he has no other life assurance policy.
He has circa €50k in a pension scheme. He is 56 years old.
He had 2 kids, the youngest about 8 years old.
His main concern relates to a tax bill. He is on a repayment plan with Revenue for the last 12 months but still owes approximately €50k. His wife does not work but is in receipt of a disability allowance.
I understand that a tax bill stays with the estate on death. However, would Revenue force a house sale to cover the liability? What happens the pension when he dies? From a financial perspective is there anything he can do now to reduce the financial burden on his family when he dies? Can anyone recommend an advisor who could assist him?
Thanks all.