The niece who got the land will have a whopping €500,000 tax bill. She will most likely have to sell some of the land and the fees in doing that will dwarf the €2250 fees you are paying for the gift your aunt is leaving youit looks like the easiest way for the Solicitor to get paid since the money is there to cover the fees, but the person who got the land has been asked to pay no fees
Why are you assuming that?The niece who got the land will have a whopping €500,000 tax bill. She will most likely have to sell some of the land
This sounds eminently unfair. Is the solicitor favouring the new landowner in the hope of benefiting from a future sale of the land? That would be most unethical on their part.My aunt left a will which left land worth 1.5m to a niece and the rest of money was left between eight others. the query I have is the Solicitor is charging fees of €18000 to administer the will, however much of the fees have arisen from searches and valuation of the land. The fees are been charged to the eight people who received the money and the person who received the land has not been asked to pay any of the fees. This seems unfair to me, is their anything I can do about it.?
Value of inheritance | € 1,500,000 |
Category A threshold (Disponer to niece) | € 335,000 |
Taxable inheritance | € 1,165,000 |
Tax due @ 33% | € 384,450 |
Value of inheritance | € 1,500,000 |
Category B threshold (Disponer to niece) | € 32,500 |
Taxable inheritance | € 1,467,500 |
Tax due @ 33% | € 484,275 |
My point precisely.
Of course, the niece may be eligible for Agricultural Relief or Business Relief but we don't know if that is the case
1.5m valuation and being a niece - even if taking advantage of favoured niece/nephew option, the tax bill will be close to €400,000. Assuming the €1.5m valuation the OP gave is correctWhy are you assuming that?
No suggestion that favourite niece relief is available here. It only applies in a vanishingly rare set of circumstances.1.5m valuation and being a niece - even if taking advantage of favoured niece/nephew option, the tax bill will be close to €400,000. Assuming the €1.5m valuation the OP gave is correct
Given your millions Gordon, there'd still be plenty left over for me, Brendan and Tommy. We might even splash out on a big casket for you.Is it not similar to me leaving my house to Sarenco with the residue then split equally between Brendan Burgess, Tommy McGibney, and Steven Barrett?
The residue includes my cash so it’s used to pay my estate’s legal fees, to pay for my funeral, and to pay for the monumental knees-up.
Is this not the equivalent of the three guys tapping-up Sarenco to pay a share of the bar bill?
Nothing to do with 'easiest way'. Or at least it shouldn't be. There are rules.it looks like the easiest way for the Solicitor to get paid since the money is there to cover the fees, but the person who got the land has been asked to pay no fees
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