PEOPLE expecting an inheritance should delay the transfer if they are heavily in debt, a leading tax adviser has warned.
If they do inherit, they run the risk that the bank will gobble up every cent.
Huge swathes of those aged between 30 and 50 are deeply in debt.
But their parents are often asset-rich, according to tax and probate specialist Cathal Lawlor.
"The older generation generally leave their assets to their children. But if the child is in trouble with the banks, then the receipt of an inheritance could put them in a worse position whereby the bank takes the inheritance," he warned.
Mr Lawlor, of Dublin-based Lawlor Partners, said any plans to pass on a farm, a business or a property to a child could be delayed if the parent has not died.
A way of avoiding the bank taking the asset is to put it in a trust.
Another option is to transfer a life interest in the asset to the child, with the remainder going to the grandchild of the people leaving the bequest.