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Without divulging amounts etc. My father has written his will and split everything 50/50 between myself and my brother. Depending on when he dies..... this could amount to a substantial sum.

My husband is if the opinion that, we are not expecting anything and anything we do receive is a bonus as such. He would like our 50% to be divided again, so that my father gives our two daughters 25% each and we have the remaining 5o% of the 50%!

It makes sense as we will have to pay inheritance tax here on anything we are left, and I'm loathe, if I'm honest to give the Spanish government more than I have too. We would always have given the girls a lump sum, so it makes sense to divide it this way

Does this make sense, is there something I've not thought about?
 

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You might not have to pay any inheritance tax in Spain, though of course you do have to declare the inheritance. I inherited half of my mother's property in the UK last year and because the total value was less than €250,000 (the current threshold in Andalucia) I didn't have to pay any tax. You need to find out the threshold for Extremadura, as each region has different laws.
 

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You might not have to pay any inheritance tax in Spain, though of course you do have to declare the inheritance. I inherited half of my mother's property in the UK last year and because the total value was less than €250,000 (the current threshold in Andalucia) I didn't have to pay any tax. You need to find out the threshold for Extremadura, as each region has different laws.
Thanks. I'll try and find out....
 

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Without divulging amounts etc. My father has written his will and split everything 50/50 between myself and my brother. Depending on when he dies..... this could amount to a substantial sum.

My husband is if the opinion that, we are not expecting anything and anything we do receive is a bonus as such. He would like our 50% to be divided again, so that my father gives our two daughters 25% each and we have the remaining 5o% of the 50%!

It makes sense as we will have to pay inheritance tax here on anything we are left, and I'm loathe, if I'm honest to give the Spanish government more than I have too. We would always have given the girls a lump sum, so it makes sense to divide it this way

Does this make sense, is there something I've not thought about?
As Alca says, you may not have to do it but I can't see anything wrong with that plan if if it turns out that's what you have to do.
 

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If it is a substantial amount of money, then perhaps your father should look at setting up a trust. That would be the easiest ans simplest way of doing all the things you want and not have to worry about declaring anything in Spain.
 

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There is nothing secretive about it at all. It really depends on where you live and what the banks there have to offer. Mine was created in the US by my father. When he died, living trust was passed to my mother. No inheritance tax, nothing. The trust is a "real person" when it comes to taxes and it pays taxes on the investments, profits, dividends and interest it generates. Albeit at a much lower tax rate.

When my mother died, the trust was broken into 3 equal parts (myself and 2 sisters), but the wording can be any division at all. I elected to keep the trust going and contributed funds to it. I purchased a house in the UK and the mortgage was from the trust...think rent. When the house was sold, the proceed were put back in the trust. I could, if I needed to get a monthly income from the trust (don't need it) or I could dissolve the trust ( don't need to). When I die, my wife gets it but it is passed along to our children. If she dies before me, the trust stays as is and goes to my kids when I kick the bucket!

There is no magic to it. Remember, Google is your friend!!
 

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Alternatively, he could share it around various members of the forum.. :D:D
Or perhaps a token donation to the David Davis, 'Please give generously to the EU Exit fund'. As you never know ( if the Brexit
minister secures enough funds ) it could make the difference between a Hard or a Soft Brexit.

:rolleyes:
 

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If it is a substantial amount of money, then perhaps your father should look at setting up a trust. That would be the easiest and simplest way of doing all the things you want and not have to worry about declaring anything in Spain.
We did this, no dementia tax for us:) or inheritence.
 

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Or perhaps a token donation to the David Davis, 'Please give generously to the EU Exit fund'. As you never know ( if the Brexit
minister secures enough funds ) it could make the difference between a Hard or a Soft Brexit.

:rolleyes:
That is the nice thing about being an Irish Citizen, I don't have to worry about that. My 3 kids live in the UK and they are all seriously considering leaving. Right after Brexit, we started planning to move to Spain. Haven't looked back since.

Plus I have my own fund I donate to.
 
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