Inheritance Tax Planning
Hardly anyone likes to deal with their own death. But those who donate during their lifetime or uses wills, marriage and inheritance contracts skilfully can ensure that their heirs have to pay much less inheritance tax and that more wealth remains in the family. Who likes to make a donation to the tax office? In addition, skilful planning can avoid or reduce inheritance disputes after death. What is the point of legal succession if only one of your children has an entrepreneurial spirit and can continue the business? What would your old spouse do with 50% of the company if he or she is inexperienced in business?
Our services in the field of inheritance tax planning:
We not only prepare gift tax returns and inheritance tax returns and determine the necessary values according to inheritance tax principles, but also prepare expert opinions on inheritance tax and anticipated succession. This includes, for example, the tax structuring of wills / gifts and family arrangements or the establishment of foundations.
Our consulting approach primarily aims at implementing your individual ideas as to who should receive what and when. In the second place, it is a matter of saving inheritance tax. If you are in disagreement with your children, there are ways and means of reducing their inheritance. If you have no heirs, a foundation or a will in favour of an association that you want to support might be a good option. If you are a child or partner of a wealthy elderly person, you may want to avoid the tax office receiving a lot of money.
In addition to preparing gift tax and inheritance tax returns, we determine the asset values according to the principles of the inheritance tax. We also provide expert opinions on inheritance tax and on the anticipated inheritance. This includes tax planning for wills/ gifts, tax planning within the family, or the establishment of foundations.
The “normal” consultation process
Step 1: Evaluating the inheritance tax burden on the basis of the status quo
Furnish the particulars of your family relations and your wealth and leave the will or contract of inheritance – if available – to us. We will determine the inheritance tax burden, which would arise post your demise.
Step 2: Evaluating tax-favorable alternatives
We work out various alternatives for you on the basis of your individual wishes, how your “last will” can be implemented and also aim at reducing the actual inheritance tax burden among other things. In our expert opinion, you will be able to find out how much inheritance tax you or your heirs may be able to save and you will also get detailed calculations and detailed opinions on other tax impacts of the respective alternatives.
Step 3: Contractual implementation
You can decide at peace on an alternative and discuss the result with the “family council”, using our help if you wish to do so. The last will optimized in this way will be implemented into a will, inheritance or gift contract in cooperation with a lawyer or notary.
Contact us for a consultation now!
Oliver Biernat is an expert for inheritance and gift tax