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Professio iuris and trusts in estate planning

Writer's picture: Avv. Giovanni BabinoAvv. Giovanni Babino


Although Italy has the sad record of having the highest tax burden on citizens in the European Union, it will be surprising to know that, at least to date, inheritance tax is among the least burdensome in the European Union countries.


In fact, applying the current legislation in force in Italy, if the heirs are the spouse or children, they enjoy an exemption of up to €1 million (per share) and for what exceeds the value of €1 million (per share) of a taxation at 4%.


This also makes it appropriate for Italians residing abroad to plan their succession.


We remind Italians not resident in Italy, but resident in EU countries, of the need to choose Italian law as the applicable law in their will, otherwise the inheritance would be regulated by the country of residence.


It seems that in the near future the rules on inheritance may change with a tightening of taxes.


Some caution is therefore appropriate and the solution is to establish a trust in Italy and transfer the assets to the trust, thus obtaining, at the time of the transfer of assets into the trust, the exemption of up to €1 million per beneficiary of the trust.


It is not known if, and when, the feared increase in inheritance tax will take place and when, however prudence consists in anticipating the storm, and the trust can take on a decisive role in succession planning.

 

Milano, October 29th 2019.

Avv. Giovanni Babino

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