Regularly mentioned, inheritance tax reform should finally not take place as long as it is inflammable. However, with the evolution of family structures, the aging of the population and the valuation of heritages due to the soaring price of stone, the inheritance becomes more complex to manage. Here are some questions to ask yourself when you are about to inherit.
Has succession been organized upstream?
On the death of a person, it is important to know if the person took, during his lifetime, special arrangements to organize the transmission of his assets, including to protect his spouse or foster a loved one. These specific measures will have taken the form of donations of all kinds, a change of marriage contract and a will.
In general, it is the notary in charge of the estate who carries out these steps. If, in the past, this professional did not take care himself to perform these acts on behalf of his client, he questions the central file provisions of last will commonly called wills file. "From these legal choices follows a precise organization of the succession with civil and fiscal consequences", says Jean-François Desbuquois, associate lawyer at Fidal.
On the other hand, if nothing has been prepared, "It is the legal devolution that will apply to the distribution of the patrimony", says Catherine Costa, director of the wealth solutions division at Natixis Wealth Management. In this case, "There is little room for maneuver for the heirs", summarizes Jean-François Delsol, lawyer.
What is the inheritance tax?
It is a tax paid to the State on the part of the person who inherits. As such, France is European champion in inheritance taxation.
The amount of these rights varies from 5% to 45%. Depending on the quality of the heir, discounts reduce the amount of these levies. Ascendants and children have an allowance of 100,000 euros (one of the lowest in Europe); brothers and sisters of 15,932 euros, nephews and nieces of 7,967 euros and grandchildren of 1,594 euros.
How long does it take to settle these fees?
In practice, many inheritances do not give rise to the payment of fees. However, a declaration of succession must be filed six months from the date of death. "We think we have time, but in fact this time passes quickly, specifies Arlette Darmon, notary in Paris within the Monassier network. Because it takes several weeks to collect all the papers and documents of the deceased, identify the heirs, have time to go back and forth with the bank and insurance companies in case of existence of life insurance contracts . In view of the net estate assets, it will be necessary to know whether the heirs are in agreement to initiate the transfer of real estate assets likely to help in the settlement of the rights ". To note, that"There is a solidarity between the heirs when these rights are paid", She adds.