The Consequences of Making Loans to Trusts
Family trusts have long been a central feature of South African estate and wealth planning, with high-net-worth individuals using trust structures to protect assets and to save certain assets, particularly from estate duty. However, many taxpayers who hold substantial assets baulk at the idea of losing complete control over any assets that they may transfer […]
The costs of deceased estates explained
An important function of an executor, the person who is appointed by the Master of the High Court to administer a deceased estate, is to account for the liabilities in the estate of the deceased. Keep in mind that only once the liabilities in the estate have been discharged can the heirs receive their inheritances. […]
THE BASICS OF ESTATE DUTY
When a person dies, they leave behind an estate which includes everything they own. Estate Duty is payable on the estate of every person who dies and whose nett estate is in excess of R3,5 million. It is charged at the rate of 20%. Currently, SARS is responsible for collecting the Estate Duty of a deceased person. […]
WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING
The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the benefit of your dependents on your death. What is estate planning? “Estate planning” has been defined as the process of creating and managing a programme that is designed to: […]
IMPLICATIONS OF ESTATE DUTY
Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value […]
IMPLICATIONS OF ESTATE DUTY
Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value […]