Succession planning in Italy
Planning the succession of one’s patrimony is first of all an act of responsibility and foresight, which allows protecting the fruit of a life of work and ensuring a serene future for one’s loved ones. Facing the succession question with awareness, with the support of prepared professionals, allows defining a clear and personalised strategy, suitable to protect the value of the family patrimony and to realise one’s wishes effectively. A failure or inadequate planning can put at risk the economic stability of the family and fuel personal conflicts, if not also succession lawsuits, between heirs.
Encountering difficulties at the moment of generational change are, in particular, family-run businesses. The vast majority of them fails to overcome the transition from the founder to their heirs, and only a small part survives until the founder’s grandchildren. Statistics highlight how delicate the transition phase is in family businesses. Among the factors that most frequently lead to failure stand out the absence of accurate planning of the handover and an approximate management of the succession process. It should be added that often a strategic vision shared between old and new generation is missing and the designated successors do not receive adequate training to take on roles of responsibility.
Boschetti Studio Legale, with its consolidated experience in inheritance matters, can assist you in succession planning with professionalism and broad knowledge of all the instruments that can constitute a valid alternative to the traditional solution of the will, such as business contributions, circulation of company shares, constitution of family holdings, trust, as well as family pacts and stipulation of insurance policies.
Contact us for personalised advice. We will guide you in the planning process of the generational transition of your patrimony and your business.
- Succession
- Declaration of succession
- Inheritance succession
- Legitimate succession
- Testamentary succession
- International succession
- Succession planning
- Business succession
- Generational transition of the business
- Family pacts
- Patrimonial planning
- Inheritance pacts
- Inheritance retraction
- Patrimonial segregation mortis causa
- Particular phenomena of succession
What does a lawyer do with succession planning?
Succession planning, when well elaborated, managed and directed, allows organising the transition of the patrimony to future generations in an orderly and serene way. A lawyer experienced in this area, as the lawyers of the Boschetti Studio Legale team are, can guide you in every phase of the process, ensuring the protection of your interests and providing legal assistance for businesses.
Here are some of the services that a lawyer for succession planning can offer you for succession planning in family and business contexts:
- Patrimonial analysis: the lawyer will analyse your patrimonial situation, identifying the assets, rights and any debts to be considered in succession planning.
- Assessment of family needs: the professional will help you to define your objectives and to identify the most suitable solutions for your needs, taking into account family dynamics and the needs of each heir.
- Drafting of the will: the lawyer will assist you in the drafting of a valid and effective will, that respects the regulation in force and your wishes. Our expertise in private international law allows us to also follow cases with transnational profiles.
- Advice on instruments alternative to the will: if necessary, the lawyer will illustrate to you the various options available, such as the mandato post mortem, the contract in favour of third parties, the trust or the family pact, helping you to choose the one most suited to your situation.
- Management of company shares: the lawyer will guide you in the choice of the most effective strategy for the generational transition of your company shares, assessing the constitution of a family holding or the use of other legal instruments.
- Fiscal advice: integrating fiscal and tax competences, the lawyer will provide you with complete advice, helping you to minimise the impact of inheritance taxes and to optimise the management of the patrimony.
- Assistance in case of inheritance disputes: in case of conflicts between heirs, the lawyer will represent you in court, protecting your rights and seeking a fair solution.
Addressing the topic of succession planning with the support of a specialised lawyer is fundamental to:
- Prevent conflicts between heirs and ensure a generational transition without friction and disputes.
- Protect the family patrimony over time, making the most of the opportunities offered by our legal system, starting from the premise that there is not only the will.
- Ensure that the patrimony is managed according to your wishes and in a rational manner.
Boschetti Studio Legale, with its consolidated experience in family law and international successions, is the ideal profile of law firm for addressing the delicate process of succession planning. Contact us for personalised advice and to discover how we can help you to protect your interests and those of your loved ones.
Succession planning: when is the generational transition necessary?
The generational transition, a phase that a family business must rigorously face, requires accurate planning to ensure business continuity and family serenity. But when is the right moment to start this delicate process?
Here are some signals that indicate the need to start planning the generational transition:
- Advanced age of the founder: if the founder of the business is approaching retirement age, it is fundamental to start preparing the transition, allowing a gradual and serene transfer of responsibilities.
- Changes in the market: the evolution of the market and the emergence of new challenges may make the injection of new energies and competences necessary, often represented by the new generation.
- Desire to diversify investments: the generational transition can represent the occasion to assess the diversification of family investments, reducing risks and ensuring a solid future.
- Will to protect a disabled child: succession planning allows adopting instruments such as the trust, ensuring the protection and well-being of a child with disabilities even after the parents’ passing.
- Presence of foreign citizens in the family: when the family includes foreign citizens or persons residing abroad, the generational transition is complicated due to the intersection between Italian and international regulations. In these cases, the advice of professionals experienced in international law, as the lawyers of the family and successions team of Boschetti Studio Legale are, becomes fundamental.
Planning the generational transition in advance offers numerous advantages, since for example, it reduces the risk of conflicts between heirs, ensuring an equitable and transparent distribution of the patrimony. Furthermore, it allows training the new generation, transmitting the competences and values necessary to lead the business successfully, and allows optimising fiscal management, minimising the impact of inheritance taxes.
Ignoring the need for a generational transition can entail serious risks, among which we can include the following:
- Failure of the business: statistics demonstrate that only a small percentage of family businesses overcomes the first generational transition.
- Family conflicts: the lack of planning can generate tensions and disputes between heirs, compromising family relationships and the future of the business.
- Dispersion of the patrimony: without an adequate strategy, the family patrimony risks being fragmented and losing value over time.
Boschetti Studio Legale, thanks to its experience in family law and international successions, can assist you in every phase of the generational transition process.
Legal assistance for the generational transition and the protection of patrimonies, real estate and businesses
The generational transition, whether relating to patrimonies, real estate or businesses, represents a delicate phase that requires careful planning to avoid conflicts, protect the patrimony and ensure a serene transition. The advice of a lawyer specialised in family and inheritance law, like those of Boschetti Studio Legale, proves essential to successfully address this process.
A lawyer experienced in succession planning, after a careful analysis of the composition of the patrimony, will identify the legal instruments most suitable for the generational transition. Depending on the specific situation, they might advise the will, donation, trust, family pact or the constitution of a holding, or insurance instruments such as life policies. Naturally they will also deal with the drafting of all the necessary deeds, such as the will, donation contracts, family pacts, trust or company constitution deeds, ensuring the validity and effectiveness of the provisions. Furthermore, they will not fail to provide you with complete fiscal advice, to optimise the fiscal burden linked to the generational transition, taking advantage of the facilitations provided for by law and minimising the impact of inheritance taxes. Finally, in case of conflicts between heirs, the lawyer will protect your interests in court, seeking a fair solution that respects the wishes of the deceased.
Therefore, relying on a professional experienced in succession planning offers numerous advantages. First of all it prevents disputes and conflicts: accurate planning reduces the risk of disputes between heirs, ensuring a distribution of the patrimony in compliance with the wishes of the disposing party and avoiding family tensions. Secondly, it protects the patrimony: the lawyer will help you to protect the patrimony from any risks, such as dispersion, poor management or aggression by third parties. Finally, it optimises fiscal management: thanks to the advice of an expert, you will be able to make the most of the opportunities offered by fiscal regulation, minimising the impact of inheritance taxes and maximising the value of the transferred patrimony.
Boschetti Studio Legale, with its consolidated experience in international law, offers complete assistance for the generational transition of patrimonies, real estate and businesses, even in cross-border situations, when for example a property is located in another State. Our team of specialised lawyers will guide you in every phase of the process, ensuring the protection of your interests and those of your loved ones.
Typical scenarios / Case studies
The typical scenarios have been developed by combining the most significant family law situations that our firm regularly handles, creating structured and realistic examples designed to help readers better understand and navigate their own legal matters. The case studies, on the other hand, are based on real cases handled by our firm, with all personal data and identifying details anonymised to protect client confidentiality.
Registering a cohabitation agreement and regularising the status of a foreign partner
A couple living in Rome, consisting of an Italian citizen and his foreign partner without valid residence documents, sought legal protection for their relationship. An urgent application under Article 700 of the Italian Code of Civil Procedure was filed to safeguard their cohabitation, followed by proceedings to obtain an EU family member residence card.
Adult adoption to legally recognise a de facto family relationship
A United States citizen living in Rome sought to formalise a long standing family relationship with his uncle by marriage through adult adoption. Proceedings were brought under Articles 291 et seq. of the Italian Civil Code to obtain legal recognition of their established family bond.
Cohabitation agreement for an Italian Brazilian couple: protecting assets and securing residence rights
An Italian entrepreneur and his Brazilian partner had been living together in Milan for three years. Their situation involved three interconnected legal vulnerabilities relating to immigration, asset protection and succession planning, all addressed through a coordinated legal strategy.
Adoption in Colombia: an Italian couple fulfils their dream after a three year journey
A couple married for eight years embarked on an international adoption in Colombia. The procedure involved two legal systems, three Italian institutions and the Colombian Central Authority, requiring careful coordination throughout every stage of the process.
Succession involving heirs in four different countries: coordinated management across Italy, the United States, the United Kingdom and Switzerland
An Italian entrepreneur left assets located in Italy, the United States and Switzerland, with four heirs residing in four different countries. The matter required the parallel coordination of four legal systems and four tax regimes.
Adult adoption of a partner’s child: legal recognition of a twenty year family bond
A fifty eight year old man seeks to adopt his wife’s thirty year old son, whom he has helped raise for twenty years. Although the relationship was genuine and long established, it had no formal legal recognition, with significant implications for the biological children’s inheritance rights.
Challenging a will for infringement of forced heirship rights: €800,000 recovered for the heirs
Two children inherited only €20,000 each under a will that left almost the entire estate to their late father’s second wife. An action to enforce their forced heirship rights was successfully resolved through mediation.
Succession planning for a family business: transferring a €3 million business to the next generation
A sixty two year old entrepreneur needed to transfer ownership of a company employing fifty people to the son who had been managing the business, while safeguarding the interests of his daughter, who had chosen a different career path. A family agreement and a holding structure ensured business continuity and long term stability.
International adoption by a single parent: when the law opens a path few people know exists
A forty five year old single woman embarked on an international adoption. Although legally possible, this route remains little known and requires a carefully planned legal strategy from the very first stage, beginning with the application for the certificate of suitability.
Digital inheritance: recovering cryptocurrencies and digital assets after death
A professional passed away leaving more than €600,000 in cryptocurrencies held across multiple wallets and exchanges, without providing any access instructions. A substantial digital estate was at risk of being lost forever.
Legal name change for a transgender person: aligning official documents with gender identity
A thirty two year old professional, who had been undergoing hormone therapy for eight years, still had official documents bearing the male name assigned at birth. This discrepancy repeatedly forced unwanted disclosure of her gender identity in professional, banking and administrative settings.
Legal gender recognition and the update of more than 20 official documents: from court judgment to a new legal identity
A forty five year old executive had already obtained a court order granting legal gender recognition but was then faced with the real challenge: coordinating the update of an identity card, driving licence, university degree, employment records, mortgage documentation and insurance policies across multiple authorities, each with different procedures.
Legal advice for succession planning in Italy
Adequate succession planning ensures a fluid and rational transition of the patrimony, also for foreign citizens who have interests in Italy, and also for a person residing abroad. Correctly managing this process is fundamental to avoid conflicts, reduce financial risks and ensure business continuity. In the case of foreign citizens, the complexity arises from the intersection between Italian and international regulations, which requires specialised legal advice to navigate among the various applicable laws, among which figure European Regulations and international conventions.
Boschetti Studio Legale, with its consolidated experience in family law and international successions, offers complete support to assist foreign citizens residing in Italy in every phase of succession planning, supporting them in the choice of the most suitable legal instruments and offering complete fiscal advice to optimise the tax burden.
EU Regulation n. 650/2012 establishes that the law applicable to the succession is generally that of the State of habitual residence of the deceased. However, it is possible to opt for the law of another State through the professio iuris inserted in a will. This choice, which offers greater flexibility, requires deep knowledge of international regulations and specific legal advice.
It is important to underline that Italian regulation provides for some constraints, such as forced heirship and the prohibition of inheritance pacts, which can limit the freedom to dispose of one’s patrimony. In addition to the will, which can be revoked at any time and whose provisions become operative only after the death of the testator, there are various solutions to plan the succession, such as the mandato post mortem, the contract in favour of third parties or the constitution of companies, each with its peculiarities. Legal advice is essential to assess the most advantageous solution based on specific needs.
An important aspect not to be underestimated is fiscal planning. Boschetti Studio Legale provides specific advice to minimise costs and maximise the value of the transferred patrimony, helping you to make the most of the opportunities offered by Italian and international regulations.
Relying on Boschetti Studio Legale means:
- Planning the succession in a clear and complete manner, protecting your interests and those of your loved ones.
- Avoiding errors and disputes, ensuring a serene transition compliant with your wishes.
- Obtaining maximum protection of the patrimony, taking advantage of the opportunities offered by Italian and international regulations.
If you need a law firm for planning your succession, contact us for personalised advice and to discover how we can help you to plan your future with serenity and security.
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00192 Rome – Italy
info@familylawboschetti.com
Phone: + 39 – 06 889 21971
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Which lawyer to turn to for inheritance?
Whom should one turn to for inheritance if not a lawyer experienced in inheritance law? A prepared and serious lawyer deals with dividing assets, resolving disputes between heirs and managing succession matters. If there are complex fiscal or legal problems, a specialised lawyer is essential to avoid errors or conflicts that could slow down or complicate the inheritance.
How much does an inheritance lawyer cost?
To know how much an inheritance lawyer costs there is no other way than to ask for quotes. Fees vary based on the value of the matter, on its complexity, and above all on the reputation of the law firm. For advice one can start from 500 euros, but for complex succession matters costs can start from 3,000 euros. It must be specified, however, that these are only indicative amounts.
What does the patrimonial lawyer do?
The patrimonial lawyer helps to manage and protect the patrimony of a person, a family or a business. They offer advice on inheritance, successions, donations and fiscal planning, seeking to optimise the management of assets. This lawyer is essential for those who want to plan the future of their assets in a clear and secure manner, avoiding conflicts between heirs and future patrimonial losses.
