Everything you need to know about gold transmission

Succession is always a delicate period where many problems can arise. The role of notaries is then to share the property between all the heirs. The people who benefit from the enjoyment of the property must then pay taxes. But what enters into the succession ?

What enters the succession ?

Once a total inventory of the property of the deceased(ies) has been made, an act is drawn up to share the various possessions between the heirs. As a beneficiary, you can receive:

• Real estate: houses, apartments, land, usufructs. Rented or not, you become full owner in the event of inheritance;
• Movable property: jewelry, shares, gold, passbooks, intellectual property…

The tax rate is calculated according to the overall value of the property received as an inheritance. The notary then collects the taxes and releases the estate. However, the law provides for several cases where the rates are reduced.

Deductions

The tax administration provides several possible reductions depending on family status:

• Disabled children and recipients benefit from a reduction of 159,325 euros;
• Direct children: 100,000 euros;
• Total exemption between spouses or civil partnerships;
• Grandchildren: 31,865 euros;
• Between brothers and sisters: 15,932 euros.

These reduction brackets are reset to zero every 15 years. Concretely, you can therefore transmit 100,000 euros to your direct children every 15 years, without them having to pay inheritance tax. Beyond these brackets, the law authorizes taxation of up to 55% of the value received.

The case of gold

Investment gold is also considered movable property. For gold to be considered investment gold, it must meet certain criteria:

• Bars must contain at least 99.5% pure gold;
• French or foreign gold coins must have been minted after 1800, produced with more than 90% pure gold, have been or have been legal tender and a premium of less than 80%.

In addition, if you receive gold, you can sell it by paying certain taxes (flat rate or capital gains). It is important to keep the notarial deed to justify the detention and obtain additional deductions. You can also deduct inheritance tax from the capital gain.

You would like to take advantage of the reductions and give your direct children bars or gold coins with a value of less than 100,000 euros ? It's possible! The text BOI-ENR-DMTG-20-10-20-10 defines what a manual donation is.

Donations of investment

The transfer during the lifetime of movable gold assets can be done while respecting certain precautions:

• The gift of use: gifts of use are considered as such if the value is less than 2.5% of income or 2% of assets. On the occasion of a birthday or any other event, you can offer investment gold which will not be taken into account in the inheritance. Plus, no need to declare it. However, make sure you have proof of ownership. In the event of resale, you could benefit from partial or total tax exemption.;
• Manual donation: the Cerfa 2735 must be sent to the tax administration. He enters the succession. It may be taxable under certain specific conditions.

To avoid any dispute during the inheritance, the authentic deed carried out by a notary can be a good solution. Thus, past gold donations are counted and the distribution of assets is done more easily.

How to store an ingot ?

You have just inherited a gold ingot or gold coins but you don't know how to keep them ? You have the choice between several solutions. Each has advantages and disadvantages:

• At home: you can keep your gold in a safe, protected from light, and avoid any handling. Gold being fragile, a shock or scratch can occur very quickly. The product then immediately loses value. The price of security is low because you just need to buy a safe, preferably fireproof. However, you are not safe from a burglary or fire;
• In banks: certain banking establishments can rent you a safe. The price depends on the size. Make sure insurance is included in the rental contract. Otherwise, you must subscribe to one of your own. However, you can only access your bars during opening hours;
• Private companies: they have a level of protection as high as banks. However, access to your gold is made easier.

You have a question about taxation, inheritance or purchasing gold ? Gold Union experts are waiting for you in agency to answer all your questions. You can also contact them online via the e-commerce site.