Trust: fractioned contributions and bare ownership only

The first question raised concerns the lack of the person in charge of control. In fact, the Inland Revenue has made it clear that in the absence of the person in charge of controlling, the exemption from inheritance and gift tax does not apply.
 

In general, the compulsory nature of the person in charge of the control must be found in the need to ensure that during the life of the trust, the operations carried out are always directed to the pursuit of the charitable purposes for which the trust was set up and which the law seeks to protect. It is easy to understand why the lack of adequate supervision, at least on a formal level, of the actions taken may lead to the forfeiture of the tax advantage.

The second question also concerns the conferral of assets and/or rights in a fractional manner, i.e. at different times in the life of the trust, and also the bare ownership of real estate. With regard to the hypothesis of conferring only the naked ownership of real estate, the law does not place any kind of constraint or prohibition in this sense. For the purposes of attributing value to the assets conferred, reference can be made to the valuation tables of the right of usufruct in force at the time of the contribution

Finally, in relation to the taxpayer's proposal to make contributions of assets and/or rights in a fractional manner during the life of the Trust, the law does not preclude this, as this does not constitute conduct contrary to the letter of the provision in question.