Disclaiming inheritance

S

Sonny1

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My daughter has disclaimed her inheritance of 1/3 of the estate in my favour.(my wife died intestate). Am I liable for CAT on
the portion she would have been entitled to as it passes to me? Her share which she is disclaiming is €329,000.
 
Sonny1 said:
My daughter has disclaimed her inheritance of 1/3 of the estate in my favour.(my wife died intestate). Am I liable for CAT on
the portion she would have been entitled to as it passes to me? Her share which she is disclaiming is €329,000.
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Post in thread 'Solicitors cost for wills.' https://www.askaboutmoney.com/threads/solicitors-cost-for-wills.226680/post-1763321

OP posted not so long ago that he and his wife made wills. OP, this forum is for real people with genuine questions. If you have an academic question, why not just say so.
 
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T McGibney said:
That would mean his first wife was alive in March 2022, and in the past 7 months she has died and he has since both remarried and had his second wife die.

Hmmm......
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Sorry, I didn't go as far as to investigate the original poster's posting history. I have better things to be doing myself.
 
Does it really matter if the OP is posing a fictional question and pretending it to be a factual scenario? Who cares. Its a question nonetheless.
 
Broad rule of thumb…if you disclaim in favour of someone, the benefit is deemed to come from you and is taxed accordingly.

It tends to be better to simply disclaim so your inheritance goes back into the pot, IF it then goes to the person you want it to go to…on the basis that then it’s deemed to come from the deceased.
 
You cannot disclaim in favour of someone.

Your inheritence is put back in the estate and disposed of according to the will or rules of intestacy
 
No, but that is as if the first person accepted the inheritance and paid the CAT due, if any, and then gifted it to a third person, who then paid the CAT due on a gift from the first person. So, two CAT taxes may be due
 
Essentially disclaiming in favour of a named person is treated as you taking the inheritance and gifting it to that person.

So in reality, you are not disclaiming it.
 
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Gordon Gekko said:
Broad rule of thumb…if you disclaim in favour of someone, the benefit is deemed to come from you and is taxed accordingly.

It tends to be better to simply disclaim so your inheritance goes back into the pot, IF it then goes to the person you want it to go to…on the basis that then it’s deemed to come from the deceased.
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That has been most helpful. Thank you so much for your advice.
 
Gordon Gekko said:
Broad rule of thumb…if you disclaim in favour of someone, the benefit is deemed to come from you and is taxed accordingly.

It tends to be better to simply disclaim so your inheritance goes back into the pot, IF it then goes to the person you want it to go to…on the basis that then it’s deemed to come from the deceased.
Click to expand...
Thank you so much
 
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