Preparing for difficult times
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Preparing for difficult times
To avoid losing out because of inheritance tax, we gave all our property to the kids years ago. This was done via a notary and while the property was of lower value due to incomplete renovation, which allowed a very low hand over inheritance tax. We now live in the property as usufruct and continue renovation as if nothing has changed. It gets messy when some official document needs signing by the owner(s) as one is in Tokyo and the other in some war zone (that could be anywhere and everywhere in the world). When we go clog popping, we will be far from worried how these two coexist with their share and we would have spent any remaining cash on the renovation.
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Preparing for difficult times
Problems with that approach could arise if any of one's children pre-deceases one.Polarengineer wrote: ↑Sat Apr 13, 2024 6:27 am To avoid losing out because of inheritance tax, we gave all our property to the kids years ago. This was done via a notary and while the property was of lower value due to incomplete renovation, which allowed a very low hand over inheritance tax. We now live in the property as usufruct and continue renovation as if nothing has changed. It gets messy when some official document needs signing by the owner(s) as one is in Tokyo and the other in some war zone (that could be anywhere and everywhere in the world). When we go clog popping, we will be far from worried how these two coexist with their share and we would have spent any remaining cash on the renovation.
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Preparing for difficult times
True. There always seems to be a catch to any work around idea.
I'm not really worried about what happens when we both die. What we want to be clear on is what happens to the surviving spouse if one of us dies. And, this mostly applies if husband dies first as he has the largest assets. Our U.S. Will states very clearly that all assets would go to me and upon my death would go to our children/grandchildren. According to our Notaire, in order for that to happen, we will prepare a document here with those details. Knowing clearly that the children will have to pay French taxes upon receipt of any assets held in France.
We will have a second appointment with the Notaire once the required documents have been drawn up. I can update here, if anyone is interested, as to what/how the documents are written.
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Preparing for difficult times
I've been discussing our wills with a French but UK based notaire.
He suggested that so each child gets more or less an equal share, I disinherit our daughter so my assets are left to my children.
When I challenged him that this is illegal in France I believe, he got very sh**y with me for questioning him.
Alarm bells also rang when he wanted us to pay before even drawing up the wills.
He suggested that so each child gets more or less an equal share, I disinherit our daughter so my assets are left to my children.
When I challenged him that this is illegal in France I believe, he got very sh**y with me for questioning him.
Alarm bells also rang when he wanted us to pay before even drawing up the wills.
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Preparing for difficult times
No problem. The deceased’s share goes equally to those remaining and the remaining parent’s share is then given to the remaining child(ren) minus the inheritance tax then due on that part.
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Preparing for difficult times
At least one snag with that is that inheritance tax is due in France, and maybe also in whatever country the deceased child was resident, on the value of their share of the property, and someone has to pay it.Polarengineer wrote: ↑Sat Apr 13, 2024 10:06 amNo problem. The deceased’s share goes equally to those remaining and the remaining parent’s share is then given to the remaining child(ren) minus the inheritance tax then due on that part.
It bears considering the possibility and how it could be dealt with.
- Hotrodder
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Preparing for difficult times
Easier option = die poor.
Humanity landed on the moon over fifty years ago but it seems too much to ask for a reliable telephone/internet service in rural France.