{"id":1318,"date":"2016-01-18T18:01:28","date_gmt":"2016-01-18T17:01:28","guid":{"rendered":"https:\/\/hofmannfertig.com\/succession-planning\/"},"modified":"2020-01-07T17:50:00","modified_gmt":"2020-01-07T16:50:00","slug":"succession-planning","status":"publish","type":"page","link":"https:\/\/hofmannfertig.com\/en\/services\/succession-planning\/","title":{"rendered":"Succession Planning"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<h2>Succession planning<\/h2>\n<p>&nbsp;<\/p>\n<p>Hofmann Klafsky &amp; Fertig accompanies you as an entrepreneur or individual throughout Germany in the (tax-optimised) transfer of your company assets or private assets during your lifetime or from death. After identifying your wishes and needs, Hofmann Klafsky &amp; Fertig will show you tailored solutions for the transfer of your assets and implement them together with you. Early planning is essential for a successful handover.<\/p>\n<p>Hofmann Klafsky &amp; Fertig also advises heirs and gift recipients on tax issues following the transfer of assets, e.g. when it comes to preparing tax returns or issues such as inheritance disputes, foreign assets or legacies.<\/p>\n<p>Hofmann Klafsky &amp; Fertig advises you in particular on the following topics:<br \/>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_tta_accordion color=&#8221;white&#8221; c_icon=&#8221;&#8221; active_section=&#8221;-10&#8243; collapsible_all=&#8221;true&#8221;][vc_tta_section title=&#8221;Binding Rulings&#8221; tab_id=&#8221;binding-rules&#8221;][vc_column_text]In some cases, legal uncertainties remain despite thorough research undertaken, for example because there are no relevant or contradictory court rulings or opinions provided by the tax authorities. In order to exclude or at least minimize remaining risks, it may in some cases make sense to apply for so-called binding ruling from the responsible tax office. Binding rulings can only be given if it refers to a planned action and therefore was not implemented yet. The tax office charges a fee for processing the binding ruling.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Corporate Valuation&#8221; tab_id=&#8221;Corporate-Valuation&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig carries out the valuation of companies for you as an entrepreneur, buyer, seller, heir, donee or as a service for other tax advisers, lawyers or notaries. Different valuation methods are used, such as the simplified capitalized earnings value method (vereinfachtes Ertragswertverfahren), the modified or full IDW S1 valuation method. A complete evaluation according to the standard IDW S1 is often not required. Accordingly, the less complex evaluation methods can often be applied. Upon your request, Hofmann Klafsky &amp; Fertig will first offer you a so-called value indication. The company value is determined according to the simplified capitalised earnings value method and then verified on the basis of the modified IDW S1 method. In many cases this procedure is sufficient and less expensive than a valuation according to IDW S1.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Emergency kit for entrepreneurs&#8221; tab_id=&#8221;Emergency-kit-for-entrepreneurs&#8221;][vc_column_text]What happens if you suddenly fail as an entrepreneur?<\/p>\n<p>The emergency kit is recommended in case of unforeseen temporary failure or death.<\/p>\n<ul>\n<li>Important information is often bundled in one person and is usually not documented. In the event of a failure or death of the entrepreneur, successors or representatives often find it difficult to obtain the necessary information and documents. This could jeopardize the continuation of the company. There may be a risk of customer churn or a reduction in the value of the company. To prevent this, it is advisable to create an emergency case.<\/li>\n<li>The emergency kit contains all important information and documents such as information about a possible will, appointment of a representative, passwords, important contracts, customer information.<\/li>\n<li>The emergency kit can, for example, be set up in a physical folder but also in a digital form.<\/li>\n<\/ul>\n<p>An emergency case is successful when it is tailor made and thus covers all the special features of the individual case. Based on experience, the creation of an emergency kit during the lifetime of an entrepreneur is generally an easy and routine task whilst it can be a very challenging and time-consuming effort for the representatives or successors. Further, there is also the risk of company downtime.<\/p>\n<p><a href=\"https:\/\/hofmannfertig.com\/en\/nadine-hofmann\/\" target=\"_blank\" rel=\"noopener noreferrer\">We <\/a>will be happy to support you in creating your individual emergency kit.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Expert opinions&#8221; tab_id=&#8221;expert-opinions&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertigsupports e.g. tax consultants, lawyers or notaries in tax issues in connection with inheritances and gifts. [\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Inheritance Case Simulation (&#8220;Sample death&#8220;)&#8221; tab_id=&#8221;Inheritance-Case-Simulation&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig provides a \u201csample death\u201d for you. Even if it sounds a bit macabre at first, it helps to simulate the inheritance and the resulting tax consequences in order to uncover any need for action. If there is a sudden loss of an entrepreneur or also of a private person, undesirable tax or inheritance consequences may occur, which have so far remained unobserved.<br \/>\nIn a first step your current situation will be determined; in this process your financial situation (assets, insurances, debt, etc.) and any available succession measures will be identified. On this basis you will be shown the inheritance law and inheritance tax consequences. Often your intention on how your assets will be transferred is not reflected in this result. On this basis individuals may be unpleasantly surprised if assets were transferred to persons by applicable law which shall not be the case in the view of the decedent.<br \/>\nThe findings from the \u201csample test\u201d are the basis for succession planning. Hofmann Klafsky &amp; Fertig helps you to find tailored solutions that correspond with your will and needs.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Inheritance tax return&#8221; tab_id=&#8221;Inheritance-tax-return&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig prepares inheritance tax returns for you and carries out the necessary valuations of your inherited assets.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;International inheritance or gift tax&#8221; tab_id=&#8221;International-inheritance-or-gift-tax&#8221;][vc_column_text]Not only since the implementation of the EU Succession Regulation (No. 650\/2012) in 2012, there is an increasing number of cases in which not only German inheritance and tax law applies, but also foreign law is involved. This can lead to a bad awakening in the case of international inheritances and gifts, so that in these cases early consideration must be given. Hofmann Klafsky &amp; Fertig advises in cross-border succession planning.<br \/>\nHofmann Klafsky &amp; Fertig provides advice in the context of cross boarder situations such as children study or live abroad, companies are set-up in a foreign jurisdiction, you receive foreign assets or a relocation of someone\u2019s residency is intended or a second residency abroad is maintained, e.g. in order to spend your old age abroad. Adverse (tax) consequences can occur for example if you established your last will in accordance with German law but spend the majority of your time abroad, e.g. in Spain. Hofmann Klafsky &amp; Fertig advises you in these cases with regard to the tax effects and show you ways in order to optimize your affairs.<br \/>\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Private wealth succession&#8221; tab_id=&#8221;Private-wealth-succession&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig will advise you on tax optimized transfers of your private assets. You will be shown options for transferring your assets, such as securities, life insurance policies, real estate, shares in, for example, asset-managing partnerships or family homes, e.g. within the framework of anticipated succession. Your future financial needs should also always be taken into consideration, assets can already be transferred and yet you can still reserve further income from this, for example with usufruct arrangements.<br \/>\nEven if you have no children and thus no direct descendants, or if you do not wish to consider family members who are entitled to inherit by law, Hofmann Klafsky &amp; Fertig will show you options to transfer your accumulated assets so that the assets are ideally not reduced by taxes. In these cases, the establishment of a foundation may be an interesting solution.<br \/>\nHofmann Klafsky &amp; Fertig also advises future heirs and gifted persons, if you will receive assets and tax related questions arise.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Structuring the succession of company assets&#8221; tab_id=&#8221;Structuring-the-succession-of-company-assets&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig will show you tax planning options for transferring your company assets to the next generation or a nonfamily member. Corporate reorganization may be required, intense discussions with family members or finding a buyer, which requires timely planning. [\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Tax Planning of succession and wills&#8221; tab_id=&#8221;Tax-Planning-of-succession-and-wills&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig will show you the tax consequences of your current will or support you in the tax aspects of drafting your will. A large proportion of wills drawn up by individuals themselves are not legally binding because, for example, the required form has not been adhered to. There are often disputes within families because the wording of wills is unclear and thus have to be interpreted. This can lead to long-term disputes. Prominent examples are regularly discussed in the media.<br \/>\nThe so called \u201cBerliner Testament\u201d, is often not recommendable from a tax point of view, because inheritance tax is incurred, which could be avoided.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Tax Planning of good civil&#8221; tab_id=&#8221;Tax-Planning-of-good-civil&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig will show you the tax consequences of your chosen or desired matrimonial property regime (G\u00fcterstand). Spouses, applying the separate estate (G\u00fctertrennung), cannot benefit from the tax-free equalisation of surplus in the event of inheritance. With the so-called modified joint ownership (Zugewinngemeinschaft), the advantages of a separate estate can often be combined with the tax advantages of a joint ownership.<br \/>\nThe so-called &#8220;G\u00fcterstandsschaukel&#8221; is a common model accepted by the tax authorities to transfer assets to the spouse in a tax optimal manner. If, for example, spouse A who lives in the legal matrimonial property regime of the joint ownership (Zugewinngemeinschaft) has assets of 2 million euros and spouse B has no assets and the spouse A would like to transfer assets to spouse B in excess of the tax-free amount of 500,000 euros, gift tax would become due and payable in the event of the transfer. In order to avoid such gift tax, the spouses can change their matrimonial property regime from the joint ownership (Zugewinngemeinschaft) to a separate estate (G\u00fctertrennung) by notarized agreement. Upon this change the surplus of 1 million euros will be transferred to the other spouse in a tax-free manner.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Transfer of real estate&#8221; tab_id=&#8221;Transfer-of-real-estate&#8221;][vc_column_text]The number of real estate owners in Germany is increasing. Hofmann Klafsky &amp; Fertig supports you in transferring real estate assets held, as private assets or via asset management companies in a tax-optimised manner. You will be shown individual options tailored to your needs, also with regard to the use of the family members as a tax-saving transfer model.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=&#8221;Valuation of private assets&#8221; tab_id=&#8221;Valuation-of-private-assets&#8221;][vc_column_text]Hofmann Klafsky &amp; Fertig supports you in the valuation of your private assets, such as shares in asset-managing companies or real estate assets, for example in the context of inheritances and gifts or in divorce proceedings.[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Succession planning &nbsp; Hofmann Klafsky &amp; Fertig accompanies you as an entrepreneur or individual throughout Germany in the (tax-optimised) transfer of your company assets or private assets during your lifetime or from death. After identifying your wishes and needs, Hofmann Klafsky &amp; Fertig will show you tailored solutions for the transfer of your assets &hellip; <a href=\"https:\/\/hofmannfertig.com\/en\/services\/succession-planning\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1300,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-1318","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Succession Planning - Hofmann Klafsky &amp; Fertig<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hofmannfertig.com\/en\/services\/succession-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Succession Planning - Hofmann Klafsky &amp; Fertig\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_column_text] Succession planning &nbsp; Hofmann Klafsky &amp; Fertig accompanies you as an entrepreneur or individual throughout Germany in the (tax-optimised) transfer of your company assets or private assets during your lifetime or from death. 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