Asset Protection and Wealth Planning in Milan: tools for entrepreneurs and families

Updated June 2026 — By Studio Genise, Certified Public Accountants and Statutory Auditors

What is asset protection and wealth planning

Asset protection and wealth planning is the set of legal, tax and organizational tools that allow entrepreneurs, professionals and families to protect their assets from unforeseen risks, optimize their taxation and organize generational succession efficiently and harmoniously.

It is a strategic activity that requires an integrated vision of civil, tax, corporate, inheritance and family issues, and must be personalized based on the composition of the assets, life goals and family structure of each client.

Studio Genise, active in Milan since 1979, assists entrepreneurs, professionals, executives, HNWI families and family groups in designing and implementing tailor-made asset protection solutions, in integrated collaboration with accountants, lawyers, notaries and financial advisors.

Why wealth planning is needed

The main needs that drive structured wealth planning are:

• Protecting personal assets from business, professional or creditor risks;
• Separating business assets from family assets;
• Organizing the generational transition of business and wealth in a harmonious way;
• Optimizing the overall tax burden (inheritance taxes, gifts, income);
• Ensuring continuity of management in case of unforeseen events (death, disability);
• Protecting vulnerable beneficiaries (minor children, disabled, elderly);
• Planning investments, asset allocation and long-term wealth strategy.

The main asset protection tools

There are numerous tools that, properly combined, allow for effective planning. Let's see the main ones.

Family fund (Fondo patrimoniale)

The family fund (Italian Civil Code arts. 167-171) is a tool reserved for spouses (or civil partners) that allows them to allocate one or more assets (real estate, registered movables, securities) to the satisfaction of the family needs.

Assets included in the fund are partially protected from creditor attachment for debts contracted for purposes unrelated to the family, provided the creditor was aware of such extraneity. However, the tool has precise limits and recent case law is restrictive: it must be evaluated with an expert consultant.

Trust

The trust is a legal tool of Anglo-Saxon origin, recognized in Italy by the Hague Convention of 1985 (Law no. 364/1989). It allows the settlor to entrust assets to a trustee who manages them in the interest of one or more beneficiaries, according to rules set forth in the trust deed.

The main uses are:

• Purpose trust: management of assets for specific purposes (e.g. assistance for disabled, charity);
• Family trusts: protection of assets for the family and future heirs;
• Self-declared trusts: settlor and trustee coincide;
• Guarantee trusts: used in complex financial operations.

Advantages: asset segregation from settlor and trustee, customized governance, flexible succession planning.

Family holding

The family holding is a capital company (typically SRL or SpA) that holds shareholdings in other operating companies and/or assets (real estate, securities, artworks) on behalf of the family unit.

Tax and organizational advantages:

• Intra-group dividends 95% exempt (art. 89 TUIR);
• Centralization of governance;
• Facilitation of generational transition;
• Separation between operating assets and capital assets;
• Possible economies of scale on consulting and compliance.

Insight on the SRL holding: how it works and when it is convenient.

Destination act (art. 2645-ter Italian Civil Code)

The destination act allows real estate or registered movable assets to be allocated to a specific purpose (e.g. maintenance of a family member, disabled assistance, management of a child's studies) for a maximum of 90 years, making them immune from personal creditors.

Life insurance policies

Life insurance policies (death case, life case, mixed, unit linked) offer significant advantages:

• Non-attachability and non-seizability of sums paid to the beneficiary (art. 1923 c.c.);
• Favorable taxation on annuities and death benefits;
• Exemption from inheritance tax;
• Possibility to designate beneficiaries different from legitimate heirs.

Family pacts

The family pact (art. 768-bis c.c.) is a contract through which the entrepreneur transfers their company or corporate shareholdings to one or more descendants, regulating at the same time the economic relations with the other legitimate heirs. It is a precious tool to ensure business continuity avoiding inheritance disputes.

Gifts with reservation and safeguard clauses

Gifts with reservation of usufruct, disposition, habitation and with reversibility or life annuity clauses allow the wealth transition to be anticipated while maintaining control and enjoyment of the assets during the donor's life.

Succession planning

Succession planning is an essential component of asset protection. Proper organization allows to:

• Respect the testator's will avoiding conflicts among heirs;
• Protect the surviving spouse and children;
• Ensure respect for the reserved share in favor of legitimate heirs;
• Optimize inheritance tax;
• Provide for business continuity tools in case of entrepreneur's death;
• Protect special beneficiaries (minors, disabled, fragile family members).

Studio Genise assists clients in drafting wills, succession pacts, planned donations, activation of succession trusts and in the inheritance declaration procedures.

Tax aspects of asset protection

Each asset protection tool has specific tax implications. An accurate analysis is essential to avoid unexpected costs.

Inheritance and gift tax

Inheritance and gift tax applies with rates varying based on degree of kinship:

Beneficiary	Allowance	Rate
Spouse and direct line relatives	€1 million each	4%
Brothers and sisters	€100,000 each	6%
Other relatives up to 4th degree	—	6%
Other subjects	—	8%
Beneficiaries with disabilities	€1.5 million	based on relationship

To these taxes must be added mortgage and cadastral taxes for real estate (2% + 1% generally).

Business transfers and exemptions

There are significant exemptions for the transfer of businesses or corporate shareholdings to descendants, provided specific conditions are met (maintenance of control, continuation of activity for at least 5 years). Proper structuring of these operations can drastically reduce the tax impact.

Civil and succession aspects

Wealth planning must always take into account the rules of the civil code:

• Reserved share: the law protects spouse, children and (in the absence of children) ascendants, reserving them a minimum share of the patrimony;
• Reduction action: legitimate heirs who have been preterited can act to reconstitute the legitimate share;
• Collation: gratuitous acts received in life by the deceased must be returned to the inheritance estate;
• Prohibition of succession pacts (art. 458 c.c.): agreements between heirs on future succession are not valid, except for specific exceptions (e.g. family pact).

Studio Genise services for asset protection

Studio Genise offers an integrated service covering the entire wealth planning cycle:

• Initial asset analysis and asset mapping;
• Personal and professional risk assessment;
• Design of the optimal wealth structure (holding, trust, fund, policies);
• Coordination with notaries, lawyers, financial managers;
• Drafting and assistance in deed stipulation;
• Succession planning and will drafting;
• Management of inheritance declarations;
• Assistance in business generational transitions;
• Monitoring of the structure over time;
• International support for wealth with assets abroad.

Why choose Studio Genise

• 40 years of experience in wealth consulting for families and entrepreneurs;
• Multidisciplinary team: accountants, lawyers, labor consultants under one roof;
• Strategic approach oriented to the long term;
• International network of professionals for assets abroad;
• Absolute confidentiality and discretion;
• Assistance in Italian and English.

Frequently asked questions about asset protection

What is asset protection?

It is the set of legal, tax and organizational tools that allow you to protect your assets from risks (business, creditors, family events), optimize their taxation and organize generational succession.

When is it appropriate to start wealth planning?

As soon as possible. Planning is particularly effective when the wealth is in a phase of growth or consolidation, and before concrete risks (executive actions, litigation) materialize. Planning "in times of peace" is always more effective than acting in emergency.

What is a trust and how does it work?

The trust is a legal tool that allows the settlor to transfer assets to a trustee who manages them in the interest of one or more beneficiaries according to rules set in the trust deed. It guarantees asset segregation, customized governance and flexibility in succession planning.

Is a family holding worthwhile?

It is convenient when the wealth is significant and diversified (shareholdings, real estate, financial assets) and you want to centralize management, optimize taxation (95% exemption on intra-group dividends) and facilitate generational transition.

Does the family fund really protect from creditors?

Only partially. It protects from creditors for debts contracted for purposes unrelated to family needs, provided the creditor was aware of it. Recent case law is restrictive: the tool must be inserted into a broader planning.

Are life insurance policies attachable?

No. Pursuant to art. 1923 c.c. the sums owed by the insurer to the contractor or beneficiary are non-attachable and non-seizable. Life policies are a very effective asset protection tool.

Does Studio Genise also handle international wealth?

Yes. Studio Genise regularly manages wealth with assets in multiple countries (foreign real estate, accounts, international shareholdings, expats) thanks to its international professional network.