Inheritance Tax - Page 2

ColinCarter · #11 (**permalink**) 27th February 2008, 08:06 PM

Quote:

Originally Posted by Big Pete

I intend to spend spend spend so there is hardly anything left

Yes, I agree. I also expect to die in bed at around 100 with nothing in the bank and my property pre-sold.

But my wife is much younger and if I had a sudden accident (my hobby is mountaineering) she would be up Mierda Creek without a paddle. See what I mean? Under Spanish law I think she gets 50% of my property and the rest goes to my offspring. I can envisage a lot of complicated scenarios.
Colin

Big Pete · #12 (**permalink**) 27th February 2008, 08:39 PM

Quote:

Originally Posted by ColinCarter

Yes, I agree. I also expect to die in bed at around 100 with nothing in the bank and my property pre-sold.

But my wife is much younger and if I had a sudden accident (my hobby is mountaineering) she would be up Mierda Creek without a paddle. See what I mean? Under Spanish law I think she gets 50% of my property and the rest goes to my offspring. I can envisage a lot of complicated scenarios.
Colin

I see your point Colin , But thats easy peasy to solve

You just get a Insurance Policy on yourself so should you be hit by the worst scenario like a Rock landing on your head whilst climbing ,or something like getting electricuted whilst wiring that secondhand telly you brought etc etc..

Then the little lady can cash in and run of into the sunset with money in her purse and a toy boy on her arm ..

Goldberg · #13 (**permalink**) 27th February 2008, 09:09 PM

The simpliest way is to get a mortgage on your property and not have assets in Spain. That is the legal and simpliest way. ie. have a mortgage. The tax man cant take what is not yours ie. it belongs to the bank.

Quote:

Originally Posted by jakey

Hi,

I've heard Spanish Inheritance Tax is awful.

Does anybody know a way round it?

Someone mentioned to me that you can set up a company, but have no idea what to do...............yours worried.

Stravinsky · #14 (**permalink**) 27th February 2008, 11:17 PM

Quote:

Originally Posted by ColinCarter

(my hobby is mountaineering) she would be up Mierda Creek without a paddle. See what I mean? Under Spanish law I think she gets 50% of my property and the rest goes to my offspring. I can envisage a lot of complicated scenarios.
Colin

Can I suggest you take up tiddleywinks

If you leave a Spanish will your assets will be left to who you want to leave it to, i.e. all to your spouse.

Stravinsky · #15 (**permalink**) 27th February 2008, 11:18 PM

Quote:

Originally Posted by Goldberg

The simpliest way is to get a mortgage on your property and not have assets in Spain. That is the legal and simpliest way. ie. have a mortgage. The tax man cant take what is not yours ie. it belongs to the bank.

Aye, thats one way to do it, but then you end up paying a fortune in bank interest

ColinCarter · #16 (**permalink**) 27th February 2008, 11:53 PM

Quote:

Originally Posted by Stravinsky

Can I suggest you take up tiddleywinks.

. . . hit by a falling rock, fried by a secondhand telly and now blinded by a flying tiddlywink . . . while my darling wife goes off with a toy-boy . . .

What a charming bunch!

Colin

Stravinsky · #17 (**permalink**) 27th February 2008, 11:59 PM

Quote:

Originally Posted by ColinCarter

. . . hit by a falling rock, fried by a secondhand telly and now blinded by a flying tiddlywink . . . while my darling wife goes off with a toy-boy . . .

What a charming bunch!

Colin

Ahhhh but we have you're best interests at heart

Can I get a mention in your will by the way

Goldberg · #18 (**permalink**) 28th February 2008, 09:30 AM

Quote:

Originally Posted by Stravinsky

Aye, thats one way to do it, but then you end up paying a fortune in bank interest

Yes of course you pay interest but you re invest the money elsewhere, if you are borrowing at 5%, you should easily be able to make 8 or 10% per year on your money if you invest wisely.
If you are more risk orientated you can go for higher. It is about managing and investing your money and legally keeping as much as possible away from government entities.