Estate Inheritance and Tax

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Benjamin Franklin’s oft quoted line about “nothing can be said to be certain, except death and taxes” is one we all are too aware of.  The spectre of both haunt us constantly through our adult lives and it seems the older we get, the more familiar we become with both burdens.

However, Franklin never knew the difficulties of the relationship between death and taxes when you add another country or two into the mix!  Like most of us here in Spain, we all have someone who is either back in our home country or has assets in another country that can muddy the waters when it comes to inheritance after a death.  If you think that in a country like Spain, each region has their own inheritance rules, how more complicated does it get when you add another country into the mix, or more than one…

When dealing with this sensitive issue, preparation can take a lot of the hassle out of the situation for the people dealing with matters after you’re gone.  Losing a loved one is hard enough on anyone, having to deal with the added stress of remaining assets and investments is not something they should have to battle with.

We have dealt with clients who have had hit brick walls dealing with banks, investment companies, siblings and the tax men in both the UK and Spain, all the while just trying to cope with the loss of a loved one and it’s not a situation that anybody wants to find themselves in.

Knowing how to address a situation can often be half the battle and by having an informal chat with us we can guide you in preparing for the event and show you how you and your loved ones can benefit from all the options available to ease the passing and not get caught up in tax worries.

Working together, we can look at your situation, your needs and the implications of Inheritance Tax specifically to you and look at ways to lessen the blow and make sure no charges are taken without being known about.  We can help explain Domicile situation versus residency and how it affects you and your situation, see if you are liable for Inheritance tax, calculate what you may have to pay and look at ways to disperse your assets now to lessen the impact later on.

Estimates put the amount of people who could be liable to pay Inheritance Tax on worldwide assets and are prepared for it at as low as 27% of people.  If you are an expat, if you have enjoyed a successful life, if you want to enjoy your retirement and look after your loved ones, it pays to have a (free no obligation) discussion about your situation to see where you stand.

Pennick Blackwell, with our strategic partnership with Neofin Asesores, can assist you when it comes to pre planning for the inheritance and distribution of assets or assist and advise you how to plan for this eventuality and take the stress out of the situation for those who have to deal with it.

By speaking to someone who is in a position to help and knows the pitfalls and problems that can arise, you can avail of all the advantages possible in order to help you plan your wealth and prepare for whatever eventuality.  If you live in Spain, but are not Spanish and have holdings elsewhere do you know your tax liability both in Spain and back home?

A famous play (and more famous saying) says that “You can’t take it with you”, however, with thought, consideration and planning, you can decide where it goes and who gets it when you leave.

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)

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