On January 17, 2016 the Israeli Tax Authority published the new purchase tax rates. Here are the rates for single residential apartments. The first table are the new immigrant rates for 2016. The second table are the “regular” rates for 2016. Please contact our office for Israeli purchase tax simulations and comparisons between the regular rate and new immigrant rate, based on the purchase price.
These rates apply from January 16, 2016 until January 15, 2017:
|New Immigrant Israeli Purchase Tax Rates
|Up to 1,734,225
|Israeli Purchase Tax “Regular” Rates: Single Residential Home
|Up to 1,600,175
||0% (NO TAX)
|From 1,898,005 to 4,896,615
|From 4,896,615 to 16,322,055
The goal of Israeli inheritance law is to honor the wishes of a person, as set forth in their will. What do you do when you are probating the will of a parent or spouse, who did name an “executor” in their will, but you don’t like the attorney named, or simply don’t feel that the costs associated with a court appointed executor are justified for the size of the estate.
Good news: the Israeli Supreme Court is on your side. In a recent decision (4884-15), the Supreme Court denied an attorney’s request to be appointed executor, under a will, he had prepared for a client. All of the beneficiaries got along well with one another and were in complete agreement as to carrying out the will. They also agreed that they couldn’t work with the attorney that the grandmother had named in the will, and that the costs associated with his appointment would be high relative to the value of the estate.
Section 81 of the Israeli Law of Inheritance states that the Court will appoint the executor set forth in a will, unless the Court is convinced that there are special reasons not to make the appointment.
The Court found that unnecessary costs and a bad relationship between the beneficiaries and the named executor constituted “special reasons”, according to Section 81, not to appoint the executor.