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Cohabiting couples often assume they are treated the same as married couples. They are not. In this case, a woman inherited money from a joint account after her partner died. Because they were not married, Revenue treated it as a taxable inheritance. The cost was €50,000. This is a real and common inheritance tax trap for cohabitants. Don’t let lack of planning leave your family exposed. For advice on inheritance tax and estate planning, visit the link in my bio or go to taxunwrapped.ie. #taxtip
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