Cian Carroll

Yeah, I suppose it's a pretty divisive topic.

And what I've learned over my years in this industry is that people, we don't like talking about money.

We don't like talking about death and we don't like talking about what happens.

when the inevitable comes along and I suppose the message really is to plan early and you don't need to become a tax expert, I'm not, but it's, you know, it's about taking advice, taking legal advice in terms of setting up the will appropriately, nice and early.

It's about understanding the tax implications of what you determine your wishes to be within your will.

And then it's making a financial plan to provision for different considerations that come when a tax, an inheritance tax liability does arise.

Yeah, and property prices have probably really driven this and it's become very much like almost an everybody problem.

Certainly you talk about

if you own a house in Dublin there's a very good chance you know depending on the size of your family and how many kids you might have like it's almost certainly no longer just a wealthy problem and and so yeah like I mean if you consider you know a single child household and you you know your parents that have a house that's worth six hundred thousand straight away and that's not that's not a crazy that's a modest three-bed semi-detached house in Dublin these days and

You know, you're talking about that child having a fairly substantial consideration and having to make maybe decisions that they don't want to have in terms of selling of a house.

And that's assuming that they haven't received any early inheritance or gifts over the years as well, right?

Yeah, so assuming that there's been no previous gift or early inheritance, then anything over the 400,000.

So they have a 33% capital acquisition tax liability on that 200,000.

So it's not insignificant.

Yeah, so if the inheritance happens in 2026, you have a pretty tight deadline until the following October 2027 to get that settled.

And so you've decisions to make.

And so if it's a case that there's no, I suppose, cash that's been inherited within the estate and let's say, and if you're kind of a normal working class family yourself and you don't necessarily have the savings to pay it yourself,

You know, you might be left with a difficult decision to sell the house to pay that liability.

And look, there's emotional attachments with family homes, et cetera, as well.

You might have grown up there and, you know, there's lots of good reasons why you might not want to have to sell, particularly at a time of emotional distress as well.