Hi everyone,
I plan to seek professional advice in the coming months with my uncle but would like some thoughts on the following scenario.
Uncle aged 71.
Generally good health.
Home owner no mortgage.
No sons/daughters or spouse
One sister aged 69
Three nephews aged 30-35 all married/engaged and all homeowners with mortgages and settled in decent jobs.
Uncle has cash/deposits of c. €300k and unencumbered home worth €100k.
He also has public and private pensions of €500+ a week.
Minimal outgoings other than usual esb etc. Does have very comprehensive health insurance.
Pension income considerably exceeds weekly outgoings.
His stated intention is that anything he has will be left to his 3 nephews in generally equal measure.
While careful with his money he would not be financially savvy. He has made a will a few years ago and made myself executor of it.
We very much encouraged him to make a will but had no involvement with the process, last week however he showed me a copy of it.
It seemed a very short document but perhaps that is how these things work. It simply stated that we nephews inherit all his assets in equal measure.
The above is all fine but in hindsight I wonder if my uncle should have sought tax advice in the first instance.
Any time I explain to him that there will be tax implications he gets annoyed and it is difficult getting the point across to him that there are reasonably low thresholds above which I and my brothers will have to pay a decent whack of tax, regardless of whether this is tomorrow or 20 years time. As far as he is concerned the tax man can go and take a jump but obviously that is not how these things work!
What is the most efficient way to approach and disbursement whether now or in the future?
To be clear, while I obviously want to mitigate the level of tax paid I am only looking for advice/suggestions that are above board. I guess if you were in my uncles shoes what steps would you take from here?
I plan to seek professional advice in the coming months with my uncle but would like some thoughts on the following scenario.
Uncle aged 71.
Generally good health.
Home owner no mortgage.
No sons/daughters or spouse
One sister aged 69
Three nephews aged 30-35 all married/engaged and all homeowners with mortgages and settled in decent jobs.
Uncle has cash/deposits of c. €300k and unencumbered home worth €100k.
He also has public and private pensions of €500+ a week.
Minimal outgoings other than usual esb etc. Does have very comprehensive health insurance.
Pension income considerably exceeds weekly outgoings.
His stated intention is that anything he has will be left to his 3 nephews in generally equal measure.
While careful with his money he would not be financially savvy. He has made a will a few years ago and made myself executor of it.
We very much encouraged him to make a will but had no involvement with the process, last week however he showed me a copy of it.
It seemed a very short document but perhaps that is how these things work. It simply stated that we nephews inherit all his assets in equal measure.
The above is all fine but in hindsight I wonder if my uncle should have sought tax advice in the first instance.
Any time I explain to him that there will be tax implications he gets annoyed and it is difficult getting the point across to him that there are reasonably low thresholds above which I and my brothers will have to pay a decent whack of tax, regardless of whether this is tomorrow or 20 years time. As far as he is concerned the tax man can go and take a jump but obviously that is not how these things work!
What is the most efficient way to approach and disbursement whether now or in the future?
To be clear, while I obviously want to mitigate the level of tax paid I am only looking for advice/suggestions that are above board. I guess if you were in my uncles shoes what steps would you take from here?