Fundos de investimento no planejamento patrimonial: impactos no imposto sobre a renda e ITCMD

Abstract

The purpose of this thesis is to analyze the impact of income and estate tax on investment funds used for estate planning. The maintenance and transfer of assets for tax residents in Brazil is complex. There are massive number of laws and regulations that bureaucratize, make costly and allow double taxation on certain donations and successions. The subject estate planning is not developed in Brazil, but very developed abroad, especially in Anglo-American jurisdictions. Trusts, estate planning tools used in those countries, were used to demonstrate that transfer of assets maybe simple and efficient. Families have different types of properties and each of them has specific tax treatment. Since the study of each kind of property could not be possible, it was decided to choose one category of property. We chose an asset of particular relevance in the private banking sector: the investment fund. The thesis has also a practical approach. There will be analyzed civil, regulatory and tax rules applicable on the maintenance and transfer of investment funds. It is also studied the impact of income and estate tax on onshore and offshore funds. Tax planning is also studied, since it is key on wealth planning. The possibilities and limits of tax planning are going to be discussed. Some practical cases are analyzed and the constitutionality of the decisions is tested. Finally, we conducted field research with a specific type of fund: the private equity funds. This study aimed to demonstrate the behavior of those funds in the maintenance of the assets. The inheritance and donation were not investigated, since the ownership of shares of funds is not public data