Inheritance Tax
Inheritance tax is, essentially, a tax levied on income resulting from the acceptance of three taxable events, which we will detail below:
Transfer upon death: cause
This refers to levies or inheritances. Of course, these two concepts are different, but this is a legal distinction that we will not delve into here.
If you would like more details on any of the points discussed below, please contact our law firm in Barcelona, and we will be happy to offer you personalized advice.
Inter vivos transfer
An inter vivos transfer will, in most cases, be a donation. However, it is also possible that we may encounter the forgiveness of a debt with the intention of making a gift, in which case, as is obvious, it would also have to be taxed.
Payment of life insurance proceeds
This is the third taxable event subject to inheritance tax. In this case, the tax will only apply if the policyholder and the beneficiary are different people and there is a death.
In all three cases described, the person liable for inheritance tax will be the beneficiary of the transfer. Thus, in the first case, the taxpayers will be the heir or legatee; in the second, the donee; and in the third, the life insurance beneficiary.
It should be noted, however, that in the case of donations, it is an essential requirement for the donation to be valid that both the donor and the donee agree to the transfer.
Legal services in inheritance matters: How can we help you?
- Probate proceedings: including for intestate estates that rightfully belong to us after the person’s death. Acceptance of intestate and testate inheritances.
- Tax advice: not only can Inheritance and Gift Tax be levied on this transfer of assets, but also municipal capital gains tax. We guide you so you don’t overpay.
- Wealth management and estate planning: another essential aspect that will determine the characteristics of an estate. Proper estate management, supported by a legal service specializing in inheritance law, can help optimize the benefits for the heirs or successors.
- Legal proceedings related to estates and inheritances. We protect your assets and rights before a judge.
- Legal advice for wills, declarations of heirs, last wishes…
Regarding the accrual date, or in other words, the moment when the obligation to pay the inheritance tax arises, it occurs on the day of the death of the person who caused the debt in the case of inheritances, bequests, and life insurance payouts, or, in the case of donations, when the beneficiary accepts the donation.
In itself, inheritance tax is not a complicated procedure. However, the need for the intervention and advice of an expert inheritance tax lawyer arises because the law allows each autonomous community to exercise a series of regulatory powers over this tax, which affects its entire territory. This is what makes this tax a real headache for many of our clients and what motivates them to seek our help.
Legal Advice on Inheritance and Estates
At Bombí & Ripoll, our Barcelona law firm, we are intimately familiar with the intricacies of inheritance tax not only in Catalonia, but also in the other Autonomous Communities of Spain. This comprehensive knowledge is essential to guaranteeing the protection of our clients’ interests and their rights.
Our inheritance lawyers are aware of all the applicable tax deductions: potential charges, debts, or expenses on inherited or donated property; whether it involves a family business; whether taxes have already been paid abroad on inherited property; and whether the requirements are met to pay this tax in an Autonomous Community with a lower rate.
Furthermore, our inheritance and estate lawyers in Barcelona are supported by specialists in banking and tax law. All of this is done with the utmost professionalism, diligence, and efficiency that come from years of experience and training. It’s no wonder we are one of the most highly regarded law firms in the province of Barcelona. Request any information you need regarding our fees or any questions about our legal services as probate lawyers.