You are correct and I got the wrong end of the stick. In fact, I might have grabbed an entirely different stick.
Poorly judged snark redacted.
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Here is the official page about succession tax rates.
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Taxable share
“Heirs will be able to benefit from a personal abatement (which will depend on their relationship with the deceased and their personal situation) provided that they have not used it in the 15 years prior to death.
Taxable share = taxable inheritance assets - personal abatement
This abate is:
- €100,000 for a child, father or mother;
- €15,932 for a brother or sister;
- €7,967 for a nephew or niece;
- €1,594 in the absence of another applicable abatement.”
I’m reading that as a biological child hier of the deceased is given an allowance of €100,000.
Which you have read correctly, but STEP children only get 1594€ before tax.
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I see how I’ve made a huge Brexit of this…
I’m referring to biological child hiers of the deceased as step-children when they are only step-children to the surviving spouse.
It’s good job I didn’t get stroppy or I’d have even sillier.
Apologies to all.
(In my defence, I was left unsupervised with an iPad within reach..)
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Narrator: “It was at this point that NotaLot realised how he’d ****ed up..”
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Very good. Now please edit your comment with the word “pal” at the end as that was just unnecessarily snarky and not what we expect on SF.
I’d also appreciate if if you’d edit your original comment regarding incorrect advice. People reading the thread at a later date may well not continue to read on and as it stands, your comment is a slur on another member’s professional capabilities.
Thanks.
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Done.
I have been in France for 26 years, and I can tell you that until the French decide to alter the Inheritance Laws, there is no way you can avoid them. It’s a no brainer as it keeps the notaires in clover! When I bought my place in 1999, there was something called Tontine Law, of which we were never told! I don’t know if it still exists. Go figure.
It does.
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Indeed, ‘tontine’ still exists and is effective for protecting the surviving spouse or partner when it comes to property inheritance, but must be requested at the time of purchasing the property. (It cannot be added after the event). Fortunately there are other planning strategies that may achieve a similar effect (e.g. change of marriage regime).