A legacy in a duo, a legacy for DUO
You have no direct heir? Opting for a duo legacy may be a solution that benefits your nephews, nieces, or relatives since it allows you to give them a larger share of inheritance because it will be less taxed.
Indeed, the legislator has provided that by designating an association such as DUO for a JOB as legatee of the will, it becomes DUO for a JOB’s responsibility to transfer a portion to any other recipient you designate. DUO for a JOB assumes responsibility for and pays any inheritance taxes due, plus any debts or charges. The other legatees receive a net amount that may exceed the amount would have been due via a classic legacy.
The greater the difference between rates applied to the legatees by particular title and the non-profit association or Foundation, more formula is advantageous financially to nephews, nieces, etc.
We will send in confidence a simulation of taxation which would be effective in your particular case. Please do not hesitate to contact John for more information.
A donation in our favor
It is possible that your notary advised you to opt for a donation. There are indeed two types:
- The gift: no tax has to be paid for this type of donation. It is a direct and informal a transmission, given by the donor to the recipient, in this case, DUO for a JOB. This type of donation is possible for cash, jewelry, furniture, etc.
- The donation by notarial act: the donation of real estate can be done by notarial deed. In this case, rights of donations of 7% shall be paid by DUO for a JOB in Wallonia and in Brussels and 5.5% in Flanders.
You would like to tell us about? Do not hesitate to contact us?