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Will Your Children Have A Tax Liability When You Die?

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Did you know...

  • Your children can only inherit €335,000* from you tax free.

  • Anything in excess of this, per child, is taxable at 33%.

  • Leaving assets to your children may result in them having to pay Inheritance Tax.

Source: Capital Acquisitions Tax Consolidation Act 2003 (as updated).  *Group 1 Threshold available from 9th October 2019


Is this something you need to consider?


Example

Mr. and Mrs. Foley have an estate valued at €4,000,000. They have three children (two sons and a daughter). They plan on leaving the family home to their daughter. Their sons will inherit the remainder of the estate equally.


Family Assets as follows:

Family Home €2,000,000

Apartment €600,000

Life Cover €500,000

Savings €400,000

Pensions €500,000


Each Sons Tax Liability

Inheritance €1,000,000

Tax Free Threshold €335,000

Taxable inheritance €665,000

Inheritance Tax @ 33% €219,450


Daughter’s Tax Liability

Inheritance €2,000,000

Tax Free Threshold €335,000

Taxable inheritance €1,665,000

Inheritance Tax @ 33% €549,450


Total inheritance tax bill of €988,350 or almost 25% of estate taken in tax.


The example included is for guidance purposes only and is not based on any real individual circumstances and should not be constituted as advice in any particular instance.

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