TESTIMONIALS – While between 10% and 25% of French people pay inheritance tax, the amount to be paid sometimes poses a problem for heirs, even to the point of hesitating to accept the inheritance.
Patrick is approaching sixty. With two friends, they had bought in 2005 a commercial premises in Paris to transform it into a restaurant. Nearly fifteen years later, one of his associates died and bequeathed his shares to them by will. “ With inheritance tax reaching 120,000 euros each, my remaining partner and I had to take out a loan to settle them. But it was not financially sustainable», he says, bitterly. Indeed, the shares of the deceased partner were estimated at 400,000 euros or 200,000 euros which went to Patrick. With inheritance rights of around 60% since they had no family ties, the amount then reached 120,000 euros. Patrick and his remaining partner did not manage to get by financially with the loan contracted and finally opted to resell the restaurant, reluctantly.
Patrick’s case is far from unique. The payment of inheritance tax affects between 10% and 25% of French people, according to…