If descendants provide financial support to their parents, which is a legal obligation under the French Civil Code, pensions and financial assistance are tax deductible. The concept of endowment fund was introduced into French law by Law No. 2008-776 of 4 August 2008. Unlike foundations, endowment funds are quick and easy to set up by simply declaring to the prefecture of the area where the fund is to be established. The process of donating to a fund is subject to minimum rules. Endowment funds have legal personality. As far as management is concerned, the only condition is that a fund has a board of directors composed of at least three people. From a legal point of view, the France has recognized same-sex couples since November 1999. Article 515-1 of the Civil Code contains a definition of civil partnership: « A civil solidarity pact is a contract concluded by two natural persons of full age (aged 18 and over) of different sex or sex in order to organize their life together ». All parties concluding a PACS from 1 January 2007 will be treated as married spouses subject to separation of property (Law of 23 June 2006). If they opt for a community system limited and closed to French law, the marital home is considered a common good.
This is called a « posthumous power of attorney » that survives the client`s death. Under such a power of attorney, the Client may entrust the management of certain designated property to any person, including a legal person, for a limited period (two or five years, renewable by court decision). The signing of Tax Information Exchange Agreements (TIAEs) with offshore jurisdictions and other reciprocal agreements, such as those related to the U.S. Foreign Account Tax Compliance Act (FATCA), has given the French government the opportunity to investigate international structures and uncover practices that reduce the tax base. Several internal rules and tax regimes have therefore been adapted in order to improve the legal framework for fair and efficient tax collection. Make sure you are properly insured when living in France, where personal insurance is required by law in a number of cases. When it comes to France insurance, the market offers a wide range of companies and policies to choose from. All the big companies that offer insurance, called insurance, have offices on the main streets and are. The content available on the site is for informational purposes only and does not constitute a service offered to users. Arsène Taxand undertakes to ensure that correct information is present on the site, but under no circumstances can it be held responsible for errors, omissions, late updates or unavailability of information. The user is solely responsible for how the information is used.
News from all categories, which are available free of charge as a link on the NEWS page, are provided as general information. They can in no way replace or replace legal advice. Arsène Taxand can in no way be held responsible for their content, errors, omissions or lack of accuracy. However, they can no longer correctly represent their field at the time of viewing by the user. The standard matrimonial regime in French law is the common matrimonial regime (legal system), which provides that property acquired during the marriage (savings on profits and salaries, property acquired with benefits and salaries, income from personal property and property acquired through their use) are considered as « common property ». With regard to the assets of family businesses, ascendants often transfer the simple right of ownership to their children or grandchildren and retain the usufruct (life annuity of the insurance). Gift tax is payable on the transfer of such a simple right of ownership, but to a limited extent, the value of this right being estimated taking into account the age of the donor/usufructuary at the time of the donation. The advantage of such planning is that it significantly reduces the overall tax burden, since the usufruct reincludes the simple tax-exempt property right. The same legal mechanism could be applied to real property held directly or through an entity, in which case the division of ownership is organized at the enterprise level. STCPartners, now known as Andersen Tax & Legal, was founded in 2005 and is a law firm that focuses its legal practice on private equity, corporate mergers and acquisitions, family businesses, arbitration, investment structures, financial restructuring and taxation.