I am thinking of aquiring a usufruit to my children. Will I pay tax?
I suspect that you’ll need to be a bit more specific on what you intend to do but, whatever it is, gift tax might come into play depending on the value.
Hello, thank-you for your response.
I am a widow and i am resident in France, (18 year’s). I own my property which is mortgage free.
I have one child and one grandchild both male, who also live in France.
I have done an English will which is 50/50 of my estate and my assets. Still under French law, they will still be liable for inheritance tax on my death.
I would like to avoid this, hence i thought about a usufruit.
I am 77 years old.
Do you have any advise on this subject?
Regards
Under 80 you can still do a donation, and poss something with property - talk to a notaire.
The sex of the child and grandchild makes no difference.
Wait, you’re acquiring the right to the use of your children ? (tongue firmly in cheek)
You would really need to engage with a notaire or a tax advisor to understand all the ins and outs and any tax advantages / disadvantages.
According to the table provided in that link, the child and grandchild would have to pay 70% of the nu-propriété value of the property(ies), as this varies according to the age at which the donation is made.