News

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SUBSTANTIVE LAW

Lasciare in eredità un palazzo per garantire il mantenimento del coniuge e dei figli ivi incluso quanto alla loro educazione ed istruzione: l’istituzione di un Trust rappresenta la migliore soluzione.

E’ quello che ha stabilito di recente il Tribunale di Roma che nel valutare il lascito ereditario di un immobile ha rilevato che la migliore soluzione per trasmettere tale bene è l’istituzione di un trust con il quale la proprietà viene trasferita ad trustee terzo, il quale deve amministrarlo nell’interesse esclusivo della prole e del coniuge rispetto ad un semplice vincolo di destinazione ritenuto inammissibile (Tribunale di Roma, 18 maggio 2013, per saperne di più accedi all’area riservata dove troverai i commenti ed i consigli dei nostri esperti).

Bequeath a building to ensure the maintenance of the spouse and children, including as to their upbringing and education: the establishment of a Trust is the best solution.

It is what has recently established the Court of Rome that in assessing the bequest of a property has observed that the best way to convey such property is the establishment of a trust under which the property is transferred to the trustee, who must administer it in the exclusive interest of the children and the spouse rather than a simple charge on it which has been held unacceptable (Court of Rome, May 18, 2013, for more info, please enter the private area where you will find the comments and advice of our experts).

Protection of children and property in the event of separation of the spouses through the institution of the trust.

The Court of Syracuse has recently approved the separation of two spouses having simultaneously established a trust in favor of their younger daughters and transferring to it a real estate and its furnishings. The property has been assigned to the wife as Trustee for her to live with her daughters and administer it solely for the purpose of meeting their needs until the completion of their studies and to achieve economic self sufficiency (The Court of Syracuse, April 17, 2013, for more info, please enter the private area where you will find the comments and advice of our experts).

Da oggi l’amministratore di sostegno può atteggiarsi quale trustee e conferire in un istituendo trust i beni ereditati dal beneficiario garantendo l’adeguata protezione del suo patrimonio. (Giudice Tutelare del Tribunale di Bologna, 12 giugno 2013, per saperne di più accedi all’area riservata dove troverai i commenti ed i consigli dei nostri esperti).

Trust and support administration: additional protection for the assets of the disabled person.

The support administrator can act as a trustee and transfer to an establishing trust all assets inherited by the beneficiary ensuring adequate protection of the relevant estate. (Guardianship Judge of the Court of Bologna, June 12, 2013, for more info, please enter the private area where you will find the comments and advice of our experts).

Inoltre, il commissario giudiziale assumerà la funzione di guardiano con onere del trustee di acquisirne il parere favorevole, prima di procedere ad eventuali atti di alienazione dei beni del fondo in trust. (Tribunale di Ravenna, 4 aprile 2013, per saperne di più accedi all’area riservata dove troverai i commenti ed i consigli dei nostri esperti).

Self-Declared Trust and Creditor Arrangement: now possible

The Court of Ravenna has considered admissible a proposed creditors arrangement in connection with the establishment of a self-declared trust, with which the settlor has allocated the relevant assets for the satisfaction of creditors. In this context, the judicial commissioner has been appointed as the protector with the burden by trustees to request his prior approval, before proceeding with any acts of sales of properties in the trust fund. (Court of Ravenna, April 4, 2013, for more info, please enter the private area where you will find the comments and advice of our experts).

TAXATION

Fiscal monitoring under Law 97/2013 and trust: no reporting obligation in the event of Trust tax resident abroad with beneficiary residing abroad.

Unlike the provisions for foreign trusts deemed to be resident in Italy, in which case the trustee and the Italian beneficiary have to report the existence of the trust as the trust is treated as a non-commercial entity subject to monitoring tax concerning disclosure of “beneficiaries” under the Act no. 231 of December 30, 2007, a trust tax resident abroad with beneficiaries living abroad is exempt from such reporting requirements and from completing the Tax Return Application Form RW. Similar situation concerns those foreign trusts whose current beneficiaries are not immediately identified leaving the choice for their appointment among specific classes to the trustee (for more info, please enter the private area where you will find the comments and advice of our experts).

The initial transfer of assets in the Trust is subject to a fixed and negligible registration tax in

Italian case law is now consistent to consider that in relation to assets transferred to a trust the registration tax fixed rate applies. This because until the end of the Trust, the trustee does not increase his own estate nor an effective transfer of property takes place (Regional Tax Commission of Milan March 11, 2013, the Regional Tax Commission of Venice Mestre November 27, 2013, the Provincial Tax Commission of Lodi July 25, 2013, the Provincial Tax Commission of Bologna November 12, 2013; for more info, please enter the private area where you will find comments and suggestions from our experts).

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