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French inheritance laws are another pitfall.
French inheritance and capital-gains taxes can be high compared with those of other countries.
"When you resell the shares you don't have to pay a 7.5percentt French transfer tax and you avoid the French inheritance taxes, which can be up to 60percentt".
The business was far less glorified than it is now, and after several difficult decades and a sharp increase in French inheritance taxes, many families sold off their holdings.
Note that Piketty (2011) could observe wealth at death directly in French inheritance data.
In particular, we put on line on this web site the large micro files that we have collected in French inheritance archives, so that everybody can reproduce our computations and use this data for their own research.
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The legal structure used for fractional ownership here is designed to avoid French bureaucracy and inheritance taxes that can total two-thirds of a property's value.
Even if the fellow dies outside France, the French authorities apply inheritance taxes on anything he might leave to beneficiaries who remain in France.
However this would indicate a relatively unusual pattern of Pareto coefficients within the top 10% of the distribution (as compared both to the French 19th century inheritance data, which is a lot more comprehensive than the British probate data, and to the British estate tax statistics for 1911-1913).
Now that everyone involved is dead, Eluard can reveal how her father's third wife, who married him a few months before his death in November 1952, made her waive her inheritance (under French law, children automatically inherit from their parents).
The first chapter of a legal drama over the inheritance of French rock star Johnny Hallyday has ended with a French court ruling that gives each side a partial victory in a case that is tearing his family apart.
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