Why do we put our money into long-term investments, including physical gold? To protect our savings, have a cushion if things get tough ... and secure the future of our loved ones!

Inheritance and Taxes: Saving in Gold for Your Children's Future

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During the Covid crisis, Eurozone consumers saved a record amount of money, accumulating almost 

 euros in cash! As public spaces and big shopping centers reopened, a new consumer buzz began.

And yet, while some people enjoyed themselves after long weeks of quarantine, others preferred to play it safe, putting more money into savings and investments.

Apparently, there has been a growing interest in gold as a savings and investment solution. As a long-term investment, gold has many advantages: security, an increase in value over the long run … and its role as a legacy for your children and family.

Gold is an inheritance that can be passed down easily

A man putting a gold key into a golden lock to pass on his gold inheritance

Many families invest in property, whether it is their primary or secondary residence. The aim is twofold: to have an extra income (or at least avoid paying rent after retirement) and to leave a legacy for their children.  

Usually, "investing in property" has a strong cultural meaning: when confidence in banks is waning, parents want their children to be left with something tangible... despite the administrative hassle that often comes with real estate ownership.

Before settling an estate, your children will most likely have a few bills to pay. Furthermore, if you have more than one child, there is a risk of conflict between those who want to sell and those who want to keep the property. 

That’s why some parents might prefer to go for an alternative. For example, physical gold. Whether in the form of bars or coins, your children can share their gold inheritance equally (no jealousy 😉).

The golden rule of legacy planning: being clear on your paperwork

A man carrying a pile of paper on his shoulders and tax paperwork burden

Make sure you keep all your invoices and certificates

When buying gold, you will get various documents that should be kept as safe as your gold bars and coins. 

A certificate of ownership mentioning, in particular, the number of products, their title, weight, and value. 

An invoice detailing each purchase and the date it was made. This document is very important in countries such as France, where 

certain taxes are gradually lowered over the years

There are frequent headlines about gold savings that are lost and then found decades later. Consider putting your beneficiaries as well as your wishes down on paper, so you don't accidentally end up on the front page of your local newspaper🙂 

Obviously, writing your own will is far from the most fun thing you can do. And although there's no rush, it's still a good idea to draw it up so that your loved ones get their inheritance right.

The form of a will differs from one country to another

Of course, drafting a will isn't something you should take lightly! Your will can be revoked if it has inconsistencies, violates the law, or fails to follow certain rules.

Regardless of the legislation in force, there is one thing all countries agree on: it's better to get a notary's or lawyer’s advice when writing your will.

A man looking at tax payments coming from his family inheritance

So, the first step is to make sure your heirs get their share! Now, let’s see how much their inheritance will cost them before they can benefit from it.

In France, physical investment gold is subject to standard inheritance tax, which is calculated based on two factors:

The degree of the relationship between you and your heirs.

Despite some subtle differences among Swiss cantons, gold is subject to the inheritance tax… from which spouses, registered partners, and descendants are exempt.

Like in France, taxes in Italy are calculated based on the degree of relationship and the total value of assets.

In the U.K., inheritance tax is 40% if the total amount of the inheritance (including gold) exceeds £325,000. 

If you know the U.K. tax system really well, you can play around with gifts during your lifetime to lower the (slightly steep) bill.

A grandma and a grandpa looking at a tree with gold coins to pass on to their grandchildren

Many people opt for an early inheritance to avoid high inheritance tax or help a close relative (e.g. a nephew or niece) or a lineal descendent to build their wealth.

Family gifts, whether it’s a sum of money or something tangible like investment gold, are generally tax-free, as long as they don’t exceed certain thresholds set by each country.

However, small gifts given as part of a special event (birthday, Christmas, graduation, wedding) are different. As long as they are of a "reasonable" price (depending on whom you ask), these gifts are neither taxed nor subject to any declaration.

Can you pass on gold as an early inheritance without declaring it?

Bad news for those who hate bureaucracy: gold given as an early inheritance should be declared. This is mainly due to two reasons: 

to ensure the ownership of gold bars or coins you want to pass on,

to allow the recipient to benefit from gold's advantageous taxation, particularly degressive taxes. 

In any case, consider contacting your notary to declare your early gold inheritance.

👉 Unlike real estate inheritance, investment gold, which comes in coins and bars, can easily be divided among your family members.

👉 In most cases, investment gold is not subject to complex inheritance taxes.

👉 In general, it can be more tax-efficient to pass it on as an early inheritance.

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