France is entering an unprecedented period of wealth transfer. According to a study by the High Council of Notaries (CSN) published on 22 September 2026, nearly 6,200 billion euros’ worth of assets could be transferred between 2025 and 2040. This estimate is in fact the median of the range of projections, which lies between 5,100 and 7,558 billion. The discrepancy with the figure of 9,000 billion euros cited since 2024 highlights the difficulty of measurement. Although the CSN cross-referenced data from INSEE, the DGFiP and reports from notarial practices to arrive at its estimate, this figure must be treated with caution.

Why is this such an important issue?

With France’s debt reaching an unprecedented level of 3,500 billion euros – equivalent to 115 per cent of GDP – striking a balance between expenditure and tax revenue is, more than ever, a key challenge for our government. With this significant transfer in mind, some MPs believe that increasing inheritance tax would be a solution. This is why the CSN wishes to point out that the assets potentially transferred do not correspond to the assets actually subject to tax upon death. A portion of the assets would likely already have been transferred whilst the owners were still alive, and expenditure related to ageing, care and long-term care would also reduce the sums ultimately transferred.

Planning for the transfer

In this context, forward planning becomes a key priority. Gifting, in particular, allows part of the estate to be transferred gradually. Currently, each parent is entitled to an allowance of 100,000 euros per child, every fifteen years. However, it is important to note that as this allowance is the same as that available upon inheritance, any allowance used up in a gift and not replenished after fifteen years will no longer be available. Choosing between a customary gift, a simple gift and a shared gift can prove tricky. This is particularly true in the case of a gift involving dismemberment.

The Dutreil Pact and other wealth management strategies

For business owners, the Dutreil Pact holds particular significance as it allows, under certain conditions, a 75 per cent exemption on the value of the business when calculating inheritance tax.

For each of us, life insurance, a property investment company (SCI) or even a holding company may be relevant when preparing for business succession. Each solution has its advantages but also its limitations.

Changes on the horizon?

These various mechanisms and solutions are, however, the subject of proposed amendments. During the budget debates, several parliamentary amendments proposed, in particular, reviewing the taxation of large estates, amending the life insurance regime, reforming the Dutreil Pact, or altering the tax regime for certain legal entities.

In this environment, planning ahead is particularly important as it increases the number of available solutions to optimise your strategy according to your family circumstances, the composition of your assets and the rules applicable at the time of the transaction. Finankap’s wealth management advisers are here to help you develop a comprehensive wealth management strategy tailored to your needs, objectives and constraints. Contact us!

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