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In order to avoid inheritance disputes, some property owners decide to organize their inheritance during their lifetime. A gift can, on the one hand, reduce the tax burden and, on the other hand, reduce the entitlement to a compulsory portion. What needs to be taken into account?

An inheritance, such as real estate or other assets, can be transferred from the owner to another person through a gift. If the recipient of the gift is the person who would have inherited the assets anyway, this is called an anticipated inheritance. A common example of this is when an owner transfers his property to his child during his lifetime.

The donation agreement

A notarized donation agreement is required for the donation to be legally valid. In addition to the object of the donation, any considerations are recorded there.

These considerations include, for example, that the donor can demand a right to reclaim. This means that if the recipient gets into financial difficulties, they can demand the property back. This means that the property is protected if there are financial claims against the recipient.

Remain living with right of residence or usufruct

In the case of a donation, it is also possible for a right of residence or usufruct to be agreed upon. The donor is therefore protected and can continue to live in the property. Another counterpoint would be that care in old age is included in the gift agreement.

How high is the tax allowance?

The amount of the tax allowance depends on the degree of relationship. For spouses this is 500,000 euros and for children it is 400,000 euros. If the value of the property exceeds this allowance, taxes must be paid. The allowances for more distant relatives are correspondingly lower.

It is therefore interesting to see how taxes can be avoided. No tax is due under the following condition: If only parts of the property are given away within ten years and their value remains below the exemption amounts.

What is the value of the property?

In order to know how high the tax will be, you have to know the value of the property, because the amount depends on that. In order to determine this precisely, a quality broker with local and market knowledge should be consulted. Thanks to his many years of experience and know-how, he can best assess your property and knows exactly what to look out for.

Do you want to have your propertyprofessionally valued? Contact us! We will be happy to advise you.

Note

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are expressly included to the extent necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please have the facts in your specific individual case clarified by a lawyer and/or tax advisor.

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