We look beyond the figures

Estate planning

Many people associate estate planning with saving inheritance tax. Although this is certainly an important aspect, we at PKF Wallast take a more comprehensive view. Estate planning is based primarily on civil law, in particular on matrimonial property law and inheritance law, and on succession law. These three legal areas determine the size and composition of an estate. They also affect each other, which often complicates the matter. On top of that, there is tax law: income tax, gift and inheritance tax, and transfer tax.

Another important – if not the most important –question is what you want to do with your estate. Which persons or organisations should inherit your assets? Once these questions have been answered, the legal and tax aspects can be addressed. This is why we always take a comprehensive approach towards estate planning.

We are also mindful of the company’s interests. How will the company continue? How has control been arranged? In addition to estate planning upon death, we also increasingly advise our clients on what to do in the event of other emergencies. This is important especially for the continuity of the company.

Another important – if not the most important –question is what you want to do with your estate. Which persons or organisations should inherit your assets? Once these questions have been answered, the legal and tax aspects can be addressed. This is why we always take a comprehensive approach towards estate planning.

We are also mindful of the company’s interests. How will the company continue? How has control been arranged? In addition to estate planning upon death, we also increasingly advise our clients on what to do in the event of other emergencies. This is important especially for the continuity of the company.

The PKF Wallast estate planning experts can help you with

  • Continuity of the company in case of emergencies

  • Transfer tax

  • Gift tax

  • Inheritance tax and estates

  • Will

  • Financial planning

  • Pension

Business succession

Every entrepreneur with a successful business will one day face the subject of business succession or business takeover. Various motives may play a part here, such as changing market conditions that may prompt you to give up independence, a wish to share the entrepreneurial risk with others, or a wish to retire after a life of work and enjoy the fruits of this work.

As an entrepreneur, you focus on the present and on the company’s development. Succession does not always receive the attention it deserves. This may have unpleasant consequences at the time when the succession must be arranged straight away. Indeed, the company’s continued existence may be jeopardised if a suitable successor is not found in time. A hurried process may also put pressure on relations between stakeholders. By arranging business succession in good time, you will create clarity and tranquillity for the future.

From a tax perspective, too, it is advisable to consider this well in advance, because as a rule the benefits of (re)structuring processes only manifest themselves after a number of years.

In the event of business succession within the family, the tax authorities demand that the shares should be sold at an arm’s length price. To this end, a solid valuation report is indispensable. Our advisors can assist you throughout the business succession process. They can draw up a business succession plan (how and when), prepare the valuation, hold discussions with the tax authorities and set up an optimum financing structure.

Every entrepreneur with a successful business will one day face the subject of business succession or business takeover. Various motives may play a part here, such as changing market conditions that may prompt you to give up independence, a wish to share the entrepreneurial risk with others, or a wish to retire after a life of work and enjoy the fruits of this work.

As an entrepreneur, you focus on the present and on the company’s development. Succession does not always receive the attention it deserves. This may have unpleasant consequences at the time when the succession must be arranged straight away. Indeed, the company’s continued existence may be jeopardised if a suitable successor is not found in time. A hurried process may also put pressure on relations between stakeholders. By arranging business succession in good time, you will create clarity and tranquillity for the future.

Gift tax

Gift tax is owed on gifts and donations. However, a number of exemptions apply. It may be interesting to gift assets during your lifetime, for example to the beneficiaries of your will. Capping the tax rate and using the annual gift tax exemptions are attractive options. If your assets are substantial, it may be advantageous to make gifts to children during your lifetime, in such a way as to prevent the acquisitions after death from falling in the 20% bracket while keeping the gifts within the 10% bracket. Our advisors will be happy to explore the options with you.

Inheritance tax and estates

The final element of estate planning, after identifying the assets and sorting out the will, is the preparation of the inheritance tax return. Depending on the level of complexity, it may be advisable to submit a separate letter to the Tax and Customs Administration in addition to the tax return, which contains little room for explanation. In practice, we often see that proper consultation with the Tax and Customs Authorities produces a satisfactory outcome. Our advisors will be happy to help you identify the assets and prepare the inheritance tax return.


Continuity of the company in case of emergencies

Who is a suitable successor? Who can replace the entrepreneur temporarily at times of long-term illness or another emergency? These are important questions, which have a direct impact on the company’s continuity. Our advisors and corporate lawyers will be happy to help you find the answers.

Transfer tax

In principle, the transfer of immovable property is liable to transfer tax. However, various property transfer transactions are exempt from transfer tax. Examples include the restructuring of a group of companies involving immovable property, the distribution of a matrimonial property or acquisition under succession law. Our advisors will be happy to explore the options with you.

Ron Henzen

Advisor

Ron Henzen has been an advisor at PKF Wallast since 2018. Ron has extensive experience with estate planning. Ron also specialises in restructuring, business succession and tax litigation.

Lianne Vermeulen-Boelm

Legal counsel

Lianne Vermeulen-Boelm has been a corporate lawyer at PKF Wallast since 2019. Lianne advises (family) companies and their shareholders, in particular in the areas of business law and family law. She also supervises legal (re)structuring processes and takeovers. In addition, she draws up and reviews agreements of various kinds and reviews notarial deeds.

Pension

One day, you will stop working and start drawing a pension. We recommend that you analyse in good time whether you have sufficient resources to receive an adequate pension. If this is done well in advance, there will still be time to take steps in the event that there is a discrepancy. This, too, is part of estate planning: when do you wish to retire, and will you have the financial resources to do so? Our advisors will be happy to perform this analysis for you and to explore the options with you.


Will

If your assets are substantial, we recommend that you make a will. In this way, you clearly indicate your wishes in respect of your estate. In case of complex estates (in terms of assets, private limited companies or immovable property, but also where there is a blended family), it often helps the beneficiaries if the division of the estate has been arranged. Your will may also contain provisions on matters such as custody over underage children, administration, etc. These are important matters. You must also bear in mind that a will is not a static document. Your circumstances change over the years. We recommend that you check every few years whether your will requires adjustment. This has the added advantage that you can examine, together with our advisors, how your wishes can be realised in the most tax-efficient manner.

Living wills are also becoming increasingly popular. A living will is different from an “ordinary” will, in which you specify what should happen to your assets after your death. The living will is in force during your life and sets out who will look after your financial, medical and personal affairs if you should no longer be able to do so yourself.

If your assets are substantial, we recommend that you make a will. In this way, you clearly indicate your wishes in respect of your estate. In case of complex estates (in terms of assets, private limited companies or immovable property, but also where there is a blended family), it often helps the beneficiaries if the division of the estate has been arranged. Your will may also contain provisions on matters such as custody over underage children, administration, etc. These are important matters. You must also bear in mind that a will is not a static document. Your circumstances change over the years. We recommend that you check every few years whether your will requires adjustment. This has the added advantage that you can examine, together with our advisors, how your wishes can be realised in the most tax-efficient manner.

Financial planning

The world and the future may not be as secure as we always assumed it to be. Recent economic and social developments have brought about great uncertainty. We also see austerity measures in all kinds of areas, such as old-age provisions (private and state pensions), social security, deduction of mortgage interest, etc. In addition, you may have a range of wishes yourself: retire at 55, make a trip around the world, or enable your children to study abroad, to name just a few examples. Proper financial planning will provide you with insight into your income and assets in different situations. It may identify the risks and opportunities and help you make important decisions, both with regard to your business (investments, business expansion, scenario analyses) and in your private life (purchase of a home, children’s education, when to retire, etc.). Financial planning will help you map out your wishes and objectives and decide whether these are feasible, and what steps are required in order to make them feasible. The tax lawyers, business economists, valuators and other experts at PKF Wallast will be happy to assist you in drawing up a carefully considered financial plan.

The world and the future may not be as secure as we always assumed it to be. Recent economic and social developments have brought about great uncertainty. We also see austerity measures in all kinds of areas, such as old-age provisions (private and state pensions), social security, deduction of mortgage interest, etc. Financial planning will help you map out your wishes and objectives and decide whether these are feasible, and what steps are required in order to make them feasible. The tax lawyers, business economists, valuators and other experts at PKF Wallast will be happy to assist you in drawing up a carefully considered financial plan.


Marriage contracts, partnership agreements, cohabitation agreements

The size of your estate depends, among other things, on what you have agreed with your spouse or partner in a marriage contract, partnership agreement or cohabitation agreement. Advice on your will must therefore always be given on the basis of these agreements.

The content of your marriage contract, partnership agreement or cohabitation agreement also determines what you will be required to share with your spouse or partner in case of divorce or separation. One major point of concern in this regard is the continuity of your business.

The advisers at PKF Wallast will discuss the consequences of your marriage contract, partnership agreement or will with you in the event of your death or divorce. Where necessary, they are able to advise you on amending these documents, with a specific focus on tax optimization.

The size of your estate depends, among other things, on what you have agreed with your spouse or partner in a marriage contract, partnership agreement or cohabitation agreement. Advice on your will must therefore always be given on the basis of these agreements.

The advisers at PKF Wallast will discuss the consequences of your marriage contract, partnership agreement or will with you in the event of your death or divorce. Where necessary, they are able to advise you on amending these documents, with a specific focus on tax optimization.

Tailor-made advice from PKF Wallast estate planning professionals?

Would you like to receive advice from the PKF Wallast professionals or require further information on transaction services? Then please contact us for a no-obligation introductory meeting.


    Amsterdam

    Beechavenue 78-80
    1119 PW Schiphol-Rijk

    Postal adress
    Postbus 74681
    1070 BR Amsterdam

    020 653 18 12

    Amsterdam@pkfwallast.nl

    Delft

    Delftechpark 40
    2628 XH Delft

    Postal adress
    Postbus 332
    2600 AH Delft

    015 261 31 21

    Delft@pkfwallast.nl

    Rotterdam

    Schaardijk 372
    2909 LA Capelle aan den IJssel

    Postal adress
    Postbus 84030
    3009 CA Rotterdam

    010 450 40 20

    Rotterdam@pkfwallast.nl

    Woerden

    Pompmolenlaan 9
    3447 GK Woerden

    Postal adress
    Postbus 533
    3440 AM Woerden

    0348 416 262

    Woerden@pkfwallast.nl

    Alphen aan den Rijn

    Europaplein 10F
    2408 GX Alphen aan den Rijn

    Postal adress
    Postbus 533
    3440 AM Woerden

    0172 748 218

    AlphenaandenRijn@pkfwallast.nl

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