We must be careful and pay special attention with everything that involves succession, for both an individual person, or a Company.
The law for succession is varied, it suffers many changes depending on the autonomous community we live in as it´s not the same to live in Marbella than to live in Madrid, and even though we can help our clients within the national sphere, it´s possible to have different planning for the same inheritance. Even the civil code has some modifications in some territories.
The work of our economists and lawyers, specialized in this area, must be carried out jointly, as the writing of a testament must include, on one side, the preparing of the shares of the inheritance following the instructions of the testator, trying to grant our clients wishes for when they are not with us, paying special attention at the tax, for which we must present an ideal and rentable inheritance and donations tax declaration, trying to reduce the tax as much as possible.
The legal and tax issues involved within both family and company inheritance, must be planed and covered since the planning moment of the testament. For this our team works together. For the companies it´s necessary to prepare a family protocol, a planning of the company succession, pacts between partners which will regulate their inheritances, and of course all these aspects must be updated according to the company´s evolution.
The inheritance and donation tax declaration is included in the donations declarations, that’s why they are both studied together taking into account the legal possibilities offered to reduce as much as possible the tax payments, this is done during the people’s life and once these have passed away.