Estate planning and family-owned businesses

Everyone has questions regarding planning his or her estate. Those questions are not answered solely on the basis of knowledge and rationale, but also on the basis of family values and emotions. Only then estate planning can bring peace of mind.

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Peace of mind and discretion

How to invest your funds in a tax efficient manner? How to secure your possessions when you (re-)marry? Should you acquire real estate through your (management) company? Do you want to invest in a holiday home or do you wish to permanently move abroad? You wish to leave your family business? You want to give your (grand)children something extra without jeopardizing your own financial situation? Is it possible to disinherit someone?

The tax lawyers of Mythra have the expertise required to efficiently and effectively assist you with these types of questions. At the same time, their status as a lawyer offers you much needed discretion and independence. In addition, our ample experience allows us to consider your interpersonal and family dynamics to the highest extend. Mythra thinks together with you, not for you, and can offer you tailor-made and personalized tax solutions.

Once your tax strategy has been determined, Mythra will also ensure the effective implementation thereof. We maintain excellent working relationships with a variety of other service providers such as notaries and accountants, whilst always maintaining our independence. As a result, Mythra can help you build the right connections and offer integrated solutions, but will always put your best interest first.

You can also count on Mythra for following up on your estate planning solutions. After all, estate planning is non-static. Your family situation and aspirations may alter over time indeed.

Advance ruling in tax matters

Peace of mind also entails certainty. Certainty can be achieved through an advance ruling with the Belgian Ruling Commission. Via the advance ruling process, taxpayers can discuss the tax consequences of future decisions or projects with the tax administration prior to their implementation. The end result – the ruling – is binding upon the tax authorities. Consequently, you are certain of the tax consequences of your envisaged decisions and projects so that any unpleasant surprises further down the road can be avoided. Mythra has ample experience in applying for advance rulings.

Favorable regime for the transfer of family-owned businesses

Flanders is a strong supporter of entrepreneurship. As a result, the Flemish Region has created a special, favorable regime for the transfer of family-owned businesses, whether unincorporated or incorporated, with an aim to facilitate the transfer of such businesses to future generations.

More specifically, family-owned businesses can be gifted in a tax-free manner and, when family-owned businesses are bequeathed, beneficial inheritance tax rates may apply.

In order to benefit from these preferential regimes, several conditions must be met. Some of these conditions must be complied with during a longer period of time. Hence, making use of these regimes require careful planning and periodical follow-up, so to mitigate any situation that may jeopardize these favorable regimes.

Voluntary disclosure

As from 1 August 2016 it is again possible for individuals and companies to file for voluntary disclosure with the Contact Point for Regularizations. As from 2017 it would also be possible to regularize inheritance tax (estate tax) on the level of the Flemish tax administration. Mythra will assist you with the voluntary disclosure of inter alia (foreign) private estates and so-called foreign or offshore structures.

Contact

Please do not hesitate to contact us if you have any question or would like more information.

Contact us