Inheritance tax in Spain can swallow-up a huge percentage of any inheritance, so how can liability for probate tax in Spain be reduced?
The term relates to organising an individual’s assets in such a way that their distribution can be carried out in the most financially advantageous manner possible. Of course it depends upon a number of factors:
- The make-up of the estate – is it made up of property, businesses, chattels or most likely a mixture of all three
- The way the estate is to be distributed
- To whom the owner wishes to distribute the assets.
It is impossible of course to cover the whole array of possibilities that exist and so this can only be managed on an individual basis with an expert in the field.
It is however worthwhile making general suggestions regarding methods that can be used to minimise taxation liability.
The most important considerations to make and the greatest financial benefits that may be obtained when carrying out Estate Planning relate to the most important asset held by most people – property.