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Cross Border Estate Planning An Italian Perspective London – 22 June 2010 Avv. Vincenzo Sinisi Sinisi Ceschini Mancini & Partners Law Offices Via Pasquale Stanislao Mancini 2 – Rome Phone +39 06 3221485 Fax +39 06 3613266 e-mail vsinisi@scm-partners.it ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Law applicable under Italian conflict of law rules  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Law Applicable to Inheritance Rights ,[object Object],[object Object]
Inheritance Rights and Choice of Law ,[object Object],[object Object],[object Object],[object Object]
Division of inheritance ,[object Object],[object Object],[object Object],[object Object]
Legal capacity to make a testament and  law applicable to form  ,[object Object],[object Object],[object Object],[object Object],[object Object]
Jurisdiction  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Italian inheritance law and  forced heirship rules  Entitled parties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Determining  the assets of the Estate for forced heirship purposes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Shares of entitlement Family relationhip Entitlement Spouse only with no children. 1/2 to the spouse.  Spouse and  one child  1/3  to the spouse  1/3 to the child Spouse and 2 or more children 1/ 3 to the spouse 1/ 3 to the children  Spouse and parents. No children 1/2 to the spouse 1/4 to the parents 1 child with no surviving spouse 1/2 to the child 2 or more children with no surving spouse 2/3 divided in equal shares Only parent(s) and /or progenitors 1/3 to the parents/progenitors
Challenging violation of forced heirship rules  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
Voiding dispositions in violation of  forced heirship rules  ,[object Object],[object Object],[object Object]
An alternative approach Family Agreements (Patti di famiglia)
Introduction to death duties in Italy  ,[object Object],[object Object],[object Object]
Determining the value of assets   ,[object Object],[object Object],[object Object],[object Object]
Tax Burden: Spouse and children Type of asset Inheritance tax Cadastral tax Registration tax Real estate  4%  1% 2% Other properties 4% ------ -------- Exemptions 1.000.000 EUR ------ -------
Tax Burden:  Brothers and Sisters Type of asset Inheritance tax Cadastral tax Registration tax Real estate  6%  1% 2% Other properties 6% ------ -------- Exemptions 100.000 EUR ------ -------
Tax Burden:   Other relatives up to 4° degree and  relatives in law up to 3° degree  Type of asset Inheritance tax Cadastral tax Registration tax Real estate  6%  1% 2% Other properties 6% ------ -------- Exemptions ---------- ------ -------
Tax Burden: Unrelated heirs Type of asset Inheritance tax Cadastral tax Registration tax Real estate  8%  1% 2% Other properties 8% ------ -------- Exemptions --------- ------ -------
Tax Burden: Special Exemptions Ground for exemption Exemption Heir with Handicap No inheritance tax for first 1,5 million Residence Home for one of the heirs Cadastral and recording tax 168 Eur Only Family Agreements Not subject to taxation Government bonds Not subject to taxation
Avoiding double taxation ,[object Object],[object Object],[object Object],[object Object]
International conventions on inheritance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Main Treaty provisions (Italy /UK)  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Determining Domicile (Italy/UK) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Determining Situs (Italy/UK) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Avoiding Double Taxation(Italy/UK) ,[object Object],[object Object]
Use of Trust ,[object Object],[object Object],[object Object],[object Object],[object Object]
Use of Trust (transfer taxes) ,[object Object],[object Object],[object Object]

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Estate Planning

  • 1.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10. Shares of entitlement Family relationhip Entitlement Spouse only with no children. 1/2 to the spouse. Spouse and one child 1/3 to the spouse 1/3 to the child Spouse and 2 or more children 1/ 3 to the spouse 1/ 3 to the children Spouse and parents. No children 1/2 to the spouse 1/4 to the parents 1 child with no surviving spouse 1/2 to the child 2 or more children with no surving spouse 2/3 divided in equal shares Only parent(s) and /or progenitors 1/3 to the parents/progenitors
  • 11.
  • 12.
  • 13.
  • 14. An alternative approach Family Agreements (Patti di famiglia)
  • 15.
  • 16.
  • 17. Tax Burden: Spouse and children Type of asset Inheritance tax Cadastral tax Registration tax Real estate 4% 1% 2% Other properties 4% ------ -------- Exemptions 1.000.000 EUR ------ -------
  • 18. Tax Burden: Brothers and Sisters Type of asset Inheritance tax Cadastral tax Registration tax Real estate 6% 1% 2% Other properties 6% ------ -------- Exemptions 100.000 EUR ------ -------
  • 19. Tax Burden: Other relatives up to 4° degree and relatives in law up to 3° degree Type of asset Inheritance tax Cadastral tax Registration tax Real estate 6% 1% 2% Other properties 6% ------ -------- Exemptions ---------- ------ -------
  • 20. Tax Burden: Unrelated heirs Type of asset Inheritance tax Cadastral tax Registration tax Real estate 8% 1% 2% Other properties 8% ------ -------- Exemptions --------- ------ -------
  • 21. Tax Burden: Special Exemptions Ground for exemption Exemption Heir with Handicap No inheritance tax for first 1,5 million Residence Home for one of the heirs Cadastral and recording tax 168 Eur Only Family Agreements Not subject to taxation Government bonds Not subject to taxation
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29.