Inheritance


Perhaps you should read the thread fully before jumping in and calling people idiots. The reference to the small gift exemption was in fact correct and you made a very lame attempt at apologising.
 
dazza21ie said:
Perhaps you should read the thread fully before jumping in and calling people idiots. The reference to the small gift exemption was in fact correct and you made a very lame attempt at apologising.
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Dazza,

I so so sorry!! You have to love father Jack!
 
Hello, I would really appreciate some advice thanks. An elderly relation wants to leave his house to be jointly shared between myself and my daughter (now aged 13) when he dies. While it is the nicest thing anyone can do for you, I'm sick with worry. He wants to include a clause in the will stating that we cannot sell the property until my daughter is aged 21. The reason I am so worried is that, combined with my own house, I will have what will effectively be a second mortgage because of the scale of inheritance tax I will have to pay and won't be able to afford this. Does anyone have any suggestions where it could work out ok. I'm in a position where I am going to have to refuse his offer if it comes to that.
 

You could rent the house out until daughter reaches 21. The rental income will be subject to Income Tax although I don't think any will be due from your daughter.

The rental fund could pay for the Inheritance tax over 5 years on a statutory instalment arrangement with Revenue. Or you could take out a mortgage over a few years, with the rental income more or less covering the cost.
 
Thank you 4th estate. for the advice. Yes I suppose that that would be the best and possibly my only option, just I am currently a one income household that is managing just fine, I worry about how another mortgage would impact my life and my daughters if I were eg. to lose my job!
 
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