Legal advice

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Ppolly
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Re: Legal advice

#16 Post by Ppolly »

RDR wrote:
Ppolly wrote:Thanks for all the replies - they have been very helpful.
Based on replies and what I have read since, if children of deceased siblings have a share in the estate, then it is possible/likely (?) that the farm would have to be sold to give everyone their share. I think my dad would hate to see this happen...you know the way the irish are about the land!
Is it possible for them to own it jointly? Though that's assuming no-one wants the value of it and all want it to stay together. Though it would be inevitable that at some stage someone who inherits down the line will want their money out. Or would there be one who could afford to buy out the others? You have to assume the owner didn't mind if it was split up or they'd have passed it on to one person.
All good questions RDR! Perhaps joint ownership would work, but yes, I can see how someone might want their cut of the inheritance at some point if not immediately. I will pass on the info to my dad and he can discuss with a solicitor.
Thanks

NellyNoggin
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Re: Legal advice

#17 Post by NellyNoggin »

Ppolly wrote:
RDR wrote:
Ppolly wrote:Thanks for all the replies - they have been very helpful.
Based on replies and what I have read since, if children of deceased siblings have a share in the estate, then it is possible/likely (?) that the farm would have to be sold to give everyone their share. I think my dad would hate to see this happen...you know the way the irish are about the land!
Is it possible for them to own it jointly? Though that's assuming no-one wants the value of it and all want it to stay together. Though it would be inevitable that at some stage someone who inherits down the line will want their money out. Or would there be one who could afford to buy out the others? You have to assume the owner didn't mind if it was split up or they'd have passed it on to one person.
All good questions RDR! Perhaps joint ownership would work, but yes, I can see how someone might want their cut of the inheritance at some point if not immediately. I will pass on the info to my dad and he can discuss with a solicitor.
Thanks
Or they might need to sell to pay the inheritance tax bill?
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RDR
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Re: Legal advice

#18 Post by RDR »

Good point. The thresholds are here - for group B it is 32,500 which won't go far with property and land I'd imagine.
https://www.citizensinformation.ie/en/m ... s_tax.html

NellyNoggin
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Re: Legal advice

#19 Post by NellyNoggin »

RDR wrote:Good point. The thresholds are here - for group B it is 32,500 which won't go far with property and land I'd imagine.
https://www.citizensinformation.ie/en/m ... s_tax.html
Unless he worked on the farm, then he'd be in group A which is €345,000. And from memory, if he lived in the property rent free for a number of years, he'd have a claim on it which might be tax free.

A solicitor would be able to determine thresholds and advise on how to proceed.
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