In the case of a wealth/salary gap between spouses, the property settlement swing offers the possibility of transferring assets to the ‘poorer’ spouse independently of the gift tax allowance (500,000 EUR). If gifts have been made between the spouses without their knowledge in the past (e.g. by making payments into a joint account),
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When it comes to long-term planning for the transfer and protection of family wealth, many families face an important decision: should a family-managed company or a family foundation be set up?
Both legal forms offer advantages in terms of asset succession, protection and management,
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The media often report on adult adoptions, most recently on that of Erwin Müller, founder of the Müller drugstore chain. After a rift between him and his son, he had three hunting friends adopt him. The “coffee king” Albert Darboven, on the other hand, failed with the adoption of Andreas Jacobs,
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German inheritance law treats unmarried couples like strangers – regardless of whether the relationship has existed for weeks, months or decades or whether the couple is even engaged. That is why unmarried couples – with or without children – should organise their estate in such a way that their partner is considered and protected in the event of death.
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Recently, more and more reports about the inheritance dispute between Reinhold Messner and his children have appeared in the press. Although he had already transferred the majority of his assets to them several years ago, massive conflicts and mutual accusations have now arisen.
This prominent example shows how important it is to carefully plan the transfer of assets and property during one’s lifetime.
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Young people tend to suppress the topic of death and all other related issues. This is especially true when it comes to wills. But at the latest when it comes to getting married and starting a family, young couples should consider the topic of wills and make individual arrangements.
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If several people become heirs and want to divide the estate among themselves, a “division of the estate” must take place. This often leads to disputes. Especially if the testator has left a property. This is because real estate usually has a value that is difficult to estimate. The inheritance settlement agreement to be concluded between the heirs must take into account both the legal and tax aspects of the division of the property.
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When it comes to transferring assets to the next generation, there is always the issue of gift tax. If securities accounts are transferred by way of anticipated succession, a so-called usufructuary account reduces the gift tax for the person receiving the gift.
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Are you aware that there is a duty of disclosure for gifts and acquisitions by reason of death in accordance with Section 30 of the Inheritance Tax and Gift Tax Act (ErbStG)?
This duty of disclosure is an essential aspect of the tax treatment of inheritances and gifts and must be made within a certain period of time.
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Owning a home often plays a central role in the lives of many families. Whether for their own use or as an investment, their own four walls should also offer their descendants stability and security.
To ensure that this also works in reality, the issue of transferring a property should be addressed at an early stage.
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Did your parents or grandparents once fulfill their dream of owning their own property in Italy? Whether it was a vacation apartment on Lake Garda or a house in Tuscany, it is possible that this property will be included in the estate.
But what do you do with the property then?
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Claiming the compulsory portion is often necessary after a disinheritance if heirs do not want to fulfill the compulsory portion claim or want to pay out too small a share of the value of the estate.
But who is entitled to the compulsory portion? Who can sue for the compulsory portion?
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Wills are always a cause of dispute and anger among relatives of a deceased person. And it is not uncommon for relatives to want to contest a will. The motives for contesting a will are then very different.
However, it is not always possible and/or sensible for a relative to contest a will.
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An inheritance – despite all the personal tragedy – is often a financial blessing for the heirs. Never before has so much wealth been inherited in Germany as at present. However, there is also the other case: the testator or the testatrix – e.g. one’s own parents or spouse –
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