Preservation, management and distribution represent the keywords about how an individual’s asset will be treated after the death or incapacitation event. Within the asset, we may include houses, cars, stocks, paintings, life insurance, pensions, and debt.
Setting up an estate planning represents an effective tool to preserve family wealth, providing for surviving spouse and children, funding children’s education etc. The most basic estate-planning tool involves writing an Italian will. However, other estate-planning schemes may include:
1. Trust agreement with the purpose of limiting estate taxes; 2. Appointment of an executor of the estate; 2. Implementing life insurance plans for beneficiaries; 3. Establishing annual gifting to a qualified charitable and non-profit organisation with the purpose of limiting the taxable estate.
State or Regional taxes applied on an estate may considerably reduce its value before asset distribution is made to beneficiaries. Then, there are several remedies that individuals and a married couple can implement with the purpose of limit the impact of the aforementioned taxes.
For instance, a married couple can set up an AB Trust that split into two after the death of the first spouse. Again, it is possible to encourage children’s education by transferring assets to an entity for this purpose.
Another strategy to reduce taxation impact would be a spontaneous donation to charitable organisations. In this last case, gifting reduces the financial size of the estate limiting the estate tax bill. In such situation, competent estate planners will be able to formulate strategies that emphasize the effect of those donations.
Under these circumstances, it appears paramount to contact specialised Italian lawyers/tax advisor with robust expertise on Estate Planning. VGS lawyers are experts in estate planning strategies capable of tailoring the best estate protection approach in relation to the Italian estate value and its structure.
For further information please contact info@vgslawyers.com or leave your contact details in the Contact Form and you will be contacted within 24 hours.