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The structured transfer of assets planned in advance in the event of death requires careful consideration. We advise you to make a will. If you have formulated and signed a will stipulating your wishes clearly and precisely, then your will prevails. Without a will, intestate succession applies, and this can diverge significantly from your own wishes. A further important point is safekeeping. You can store the document at home or with a trusted legal representative.

Inheritance tax

Many do not know that from a purely legal standpoint inheritance tax (Erbschaftssteuer) and gift tax (Schenkungssteuer) were abolished in Austria in 2008. They were replaced by the land transfer tax (Grunderwerbssteuer), which now stands for the inheritance tax and is often cited as such. The value of the property/land is decisive for the calculation of land transfer tax. As a general rule this equates to: 0.5% up to 250,000 euros, 2% for the next 150,000 euros, 3.5% over 400,000 euros. This graduated tariff is only used in the case of non-remunerated acquisitions (e.g. inheritance). Slight deviations in the calculation of the land transfer tax can occur if e.g. the property is let or if the heir resides there. If the inheritance amount is larger, such as with a property, then it is worth seeking legal advice, as this can inform on any individual case.

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