Strategy discussion: A family foundation can have various advantages.
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Wealthy people and entrepreneurs can keep their assets together over the long term through a family foundation. But even those who do not set up a foundation themselves can do good and save on inheritance tax.
MIt is such a thing with inheritance. You have set up a small business, bought real estate or accumulated wealth over the course of your life. At some point you should think about who should inherit all this after death. But that is sometimes difficult: there is the unloved daughter-in-law or the son who cannot even begin to handle money. And if the allowances have been exhausted, part of the inheritance goes to the state in the form of inheritance tax. Even if the testator does not mention certain people in his will, at least the close relatives are entitled to a compulsory portion. That does not have to be that way. And the inheritance tax can also be minimized.
If cohesion and the preservation of assets are important to you, you can think about setting up a family foundation. This variant is particularly interesting for entrepreneurs and owners of real estate who have profitable assets. In this case, part or all of the assets are transferred to the foundation. Unlike charitable foundations, the family foundation exclusively serves the financial interests of the family. This is to be secured over the long term via the foundation. When founding, the name and purpose of the foundation must be formulated and organs defined. The founder decides who belongs to the beneficiaries. “In the case of family foundations, these may only be family members,” says attorney Elmar Uricher from Konstanz. These so-called beneficiaries receive income from the foundation capital, such as capital gains, rents or company profits.
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