Inheritance and gift tax
Hardly anyone deals with his/her own death willingly. But, someone who makes generous gifts and cleverly designs his/her own will or marriage and inheritance contracts may be able to cut down the inheritance tax payable by his/her heirs so that a large part of the wealth stays within the family. Who will happily make a present to the tax authorities? Besides, with ingenious planning, inheritance disputes can be avoided or reduced after the demise. Where is the benefit of the legal succession, when only one of your children is gifted with an entrepreneurial spirit and can successfully carry on with the business? What is your spouse supposed to do with 50 % of the business at an old age, when he/she lacks the entrepreneurial experience? Our consulting approach primarily aims at implementing your individual wishes on who should get what. To cut down inheritance tax is only secondary. If there is a disagreement between yourself and your children, there are ways and means to reduce their inheritance. If you do not have any heirs, you may want to consider setting up a foundation, or include a foundation or organization you would like to support in your will. Are you the child or the partner of a wealthy old person who wants to avoid paying taxes to the authorities as much as legally possible?
If you know the value of the assets and your proportional right to the inheritance, you can easily determine on basis of the table below whether and how much inheritance tax would be incurred. However, the evaluation for purposes of the inheritance taxation sometimes deviates from the market value. Furthermore, besides any personal tax exempt amounts German inheritance law also has exemptions for certain assets, e.g. for the transfer of company assets
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