Farm and house-Intestate-Tax

R

roytheboyo

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Hi,
Please consider the following: (im trying to get an idea of taxes due on death-no will).
Dad (70) Wife (68) 4 kids (in 20s). Dad dies intestate, agricultural land (600k), house (100k)-man lives there with wife)

All assets go according to succession act (wife 66% kids33%). CGT not payable by man (500k limit, no gain), CAT tax not payable (exempt between spouses, kids 225k limit), stamp duty not payable (exempt to spouse).

Also in reality how does this happen (who owns house and land, wife? (majority owner), kids register interest?) joint ownership?
Is there anything else to be aware of?
 
I'm a bit confused.

Are you talking about your dad 70 and his wife (your mother) 68, or are you talking about your dad 70 and your wife 68?
Who is the 'man' living in the house? Is this the main dwelling house of your dad, shared with his/your wife and another man? What is this man's relationship to your dad?

If we could clarify these points, we might be able to go tp paragraph 2 of your query.
 
Has this actually happened or is it a theoretical question? Who is the man in the house? Is it the Dad?

There is no CGT on a death, so ignore that for a start. There is probably no stamp duty either ( unless certain appropriations).

Then factor in appropriation of the family home for the spouse, if that is what she wants.

If it hasnt happened, then please tell the dad to seek legal advice and get a will made asap. If it has happened, please seek legal advice, lots of possibilities here, depending on the circumstances, disclaimers, family arrangements, agri relief, dwellinghouse relief= really tax advice is very particular to personal circumstances.
 
Op here. Sorry, dad and mom living in house on farm, 4 kids, 1 of whom lives (doesn't work) in own house (site) on farm. Dad alive and will not make a will, should legal advice be sought, or any point as succession act applies, so just see how goes.
 
Dad won't make a will! Mum should insist that all property is transferred into joint ownership as joint tenants so if he dies she has the security of getting the assets.

If she wants to make a will then she should. Nothing worse than multiple ownership of assets cos dad does not want to deal with a will.
 
Well if your dad doesn't want to make a will I don't think there is much you can do, seems strange to me that he doesn't.
I don't see what any legal advise would be of use to you at this point, except for the sibling who has a site, do they own the site?
As far as I know your mother can legally have the house as part of her share
 
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