Dream, save, plan. These ideas are part of a financial journey that ranges from the household budget to investments and retirement. What little is said is how this type of care is when it comes to protecting what has been conquered throughout life in the face of an absence. A small or large heritage requires planning so that it is preserved and destined according to the will of those who built it.
The truth is that all the assets acquired during life will belong to someone when we are no longer here. Succession planning is nothing more than a way to facilitate the succession of assets so that it is less bureaucratic and financially advantageous. This agreement makes it possible to establish prior understandings between the beneficiaries and even demand roles and attributions so that the business or assets are managed in the best possible way.
This is the best alternative to reduce bureaucracy at a delicate time. Many inventories take years to be resolved, either due to legal issues between the heirs or due to difficulties in carrying out the division of assets and assignments. With a legal and effectively structured succession planning, these problems are reduced: assets and responsibilities are distributed in common agreement between those involved in the division and the owner of the assets.
How it works
Taxes accompany us from an early age and this does not change at the time of sharing goods. Tax life ends on average 12 months after death. During this period, the inventory is opened, the heirs are determined, the sharing of assets is presented, taxes are paid and, finally, the bank and, if necessary, other bodies such as Detran and Real Estate Registry Office ( this depends on the assets that the person owned) will be informed about the outcome of the probate. All this can be resolved in advance and with legal certainty.
According to the law, it is possible to leave half of the assets to whoever wants and half to necessary heirs (descendants, ascendants and spouse). These halves can be “Legitimate” or “Available”. The legitimate part, as the name implies, is the right of the necessary heirs. There is an order: first children, in competition with spouses, second parents in competition with spouses, third only the spouse, fourth collaterals (siblings, cousins and others) and finally the state.
One eliminates the other as these people do not exist. The “available” part can be left to whoever is indicated in the so-called “Testament”, duly formalized in accordance with the law. If you do not want to leave a part to someone who is not a necessary heir, the normal succession proceeds.
The inheritance that goes to probate is taxed by the ITCMD (transmission tax cause mortis and donation), state tax and can vary from 1% to 8% depending on the state. In order for the heirs to have access to the assets (car, property, financial investments, etc.), they must be listed in the inventory.
As the name of the tax already says, cause mortis and donation, it is possible to donate your heritage while still alive. In the donation, the donee pays the ITCMD, the good is transferred to the name of the donee and it is possible to define how and when the donee will use this good. Usually, the donee are the heirs. For example: an apartment can be donated to his heirs with a usufruct clause. These will only be able to use or dispose of the good after the donor's death.
About private pension
In addition to donation, a form of succession widely used today is private pension. Private pension plans, when transformed into a benefit, aim at supplementing retirement income. It is possible to hire them in different modalities and through a single contribution or monthly contributions, for example. It is also possible to make spontaneous contributions, according to the rules of each plan.
During the contribution period, or while it is not transformed into a benefit, in the absence of the contributor, the resource is released to the indicated beneficiaries, and normally, without passing through the inventory. Some States do not tax this payment with ITCMD and it is usually made within 30 days after delivery of all necessary documentation to the entity that administers the plan. This is a simple and easy way of planning that has been gaining ground over the years.
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