Transferring assets during your lifetime
Lifetime succession planning allows you to transfer assets to your children or other people while you are still alive. The family home is a common example. Such transfers require careful consideration of both legal and tax implications.
One important issue is protecting the recipients against possible compulsory share claims arising from the transfer.
This includes considering the position of siblings who are not receiving the assets. Gift tax and inheritance tax must also be taken into account. Assessing the tax consequences carefully can help avoid unnecessary costs. We work closely with your own tax adviser.
Another consideration is the possibility of claims by public authorities if you later become unable to support yourself. In certain circumstances, authorities may seek to recover the value of gifted assets to meet social assistance costs. Careful planning can help reduce these risks and put the transfer on a sound legal footing.
Our firm provides individual advice on lifetime succession planning. We help you structure the transfer to reflect your long-term wishes and address potential risks.
As regards costs, a transfer of German real estate must be notarised. Advice on that transaction is included in the notarial fee. If you decide to proceed with advice only, a consultation fee applies instead.
The precise costs depend on several factors, which we will discuss with you at your first appointment.