refuse inheritance

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noproblem

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Hello,
I'm about to inherit an old unoccupied house and about 2 acres of land attached, it's in the west of Ireland and I'm living abroad with my family and won't be in any position, financially, to return, or to pay fees and everything else that goes with it. My brother was very good to my parent who left me the place and lives in the west of Irl. I would like to let him have the place, free of charge. How would I go about letting him have the place and with the least amount for him to pay. I've spoken to him and he's willing to accept it, he will also pay all that goes with the cost. Hoping that someone can help me with this
 
You can disclaim your inheritance and the property will revert to your parent's estate. It will then be distributed according to the will. For example, if the residue is to go to the Cats and Dogs home, then that is where your house will go. If your brother is the only other beneficiary, he will get it.

If there are other beneficiaries whom you don't want to get it, you will have to accept it and then gift it to your brother.

A solicitor should advise you on all these issues.
 
Thanks Brendan,
yes, there are other siblings, but I really want my brother (only) to have it. For one reason only because he deserves it. Is it possible that when all the costs of me inheriting it are added up, lets say they add up to X, then my brother pays me that figure X for the place. I then pay whatever is involved with that money to the solicitor and i've also sold it to him now for that X figure. Hope this is not mithering people, but would this be a possible way to transact the conundrum?
 
Isn't it lovely to hear such comments about inheritance compared to the usual quarreling that goes on amongst families whenever theres a few bob to be had.Good Luck noproblem, you sound like a lovely person :)
 
You don't say what total value of your inheritance from your parent.
If it's only an old house in a rural part of Western Ireland I can't imagine it'll pass the 225k threshold so you won't pay tax.

So, no costs involved in you getting it.

If you then give it to your brother he'll pay tax on the value of the property (what Revenue thinks is a reasonable value- in the same way they'll estimate it for the property tax) above his 30k CAT threshold. (i.e. siblings must pay tax on value above 30,150 on gifts/inheritance).

Obviously the best thing is if every beneficiary of parents will agree that he should have it.
 
Thanks everyone for your kind words. I suppose the place is worth around €100k or maybe a bit more, the bills may be in the region of aprox €15k. I know you'll tell me to sell it and give a sum, or whatever, to my brother. He's been looking after both my parent + the homestead for years, paying all expenses and all that, i'm not going to come home, so it's only proper he has it and if he sells it, he'll only be getting what is due to him.

Thank you Oldnick for the advice, I know there will be no tax for me on the inheritance, I just don't want it, this is the way I would like to do it. All my brothers and sisters, including this brother, always knew that I would have the place. For no reason, other than my own wishes, I don't want to tell them what i'm doing, it's the easiest way. Any other thoughts on what I might be able to do, please advice me, I really do appreciate it. My own wife and family want it this way as well.
 
If you gift your brother property to the value of €100,000, the CAT will be calculated as follows:

Gift |€100k
Exemption|€33,500
Taxable|€66,500
Tax @33% |€22,000
Your brother could formally "dispute" the will claiming that he had not been properly provided for.
You could reach a settlement with him, whereby you agree that he gets it.
Inheritances received under such settlements are treated as bequests from the father to the son and so would be exempt from CAT.

Although I have no first hand experience of this, I understand that it is done quite commonly and is not considered to be tax evasion. Again, your solicitor should be able to advise on this.

Brendan
 
Thank you Brendan. Just wondering could I do what your post says without being in Ireland? Would my brother have to initiate proceedings contesting the will and how drawn out are these things? If for example, I don't contest his argument/s, would that be seen as trying to do something wrong, or worse?
 
Old unoccupied house and 2 acres - €100k, how old is the house? Is this the value on the date of death.

You refer to the homestead could part of this gift refer to agricultural land which might qualify for agricultural relief.
 
Built in the early 1900's Joe and there's none of it agricultural, in that it's not being used for any animals or anything. My dad always had a pony or two, but i'm afraid there's none of that now. We weren't ever a rich family or well off, just ordinary people. The house itself is not one of those big farmhouses or anything, just an ordinary 3bdroom det 2 storey from that long ago time. Heat is put on now and again, but it's hardly worth the trouble, or cost, to tell you the truth. No, i'm not trying to hide anything, just looking for the best and cheapest way to do this, that's all. Thanks everyone for all your encouragement and the advice.
 
noproblem said:
Thank you Brendan. Just wondering could I do what your post says without being in Ireland? Would my brother have to initiate proceedings contesting the will and how drawn out are these things? If for example, I don't contest his argument/s, would that be seen as trying to do something wrong, or worse?
Click to expand...

Again, something for your solicitor. I don't know the process or how long it takes, but I imagine that it's pretty quick. I don't see why it should matter that you are not in Ireland.

Brendan
 
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