Sue Torr
The due diligence procedures applied by financial institutions will generally be sufficient to identify the account holders and controlling persons. For example, a bank that opens a bank account for a trust with foreign beneficiaries could be expected to request
Whereas traditional advice was often designed to address a specific need in a client’s portfolio - generally in the form of a commission-based product sale - lifestyle planning takes a holistic view of the portfolio to identify shortfalls or areas
As soon as you can, start putting money aside into a baby fund that is earmarked for costs such as baby, clothes, prams, car seats, nappies, formula and toiletries. Use a savings account, money market or fixed deposit to house
While there is no legislated retirement age in South Africa, keep in mind that many employers have a pre-determined retirement age at which point employees are required to retire from the company. Where the employer sponsors a retirement fund, such
An application for interim maintenance can be brought quickly and cost-effectively so as to provide a spouse with financial relief pending the finalisation of the divorce. The spouse bringing the application must provide proof that she does not have sufficient
In the ‘Profile of older persons in SA’ prepared by Stats SA it was estimated that around 38% of South Africans over the age of 60 use chronic medication, around 20% use assistive devices such as spectacles, 10% wear hearing
Diversification is the cornerstone of portfolio construction and is based on the principle ‘don’t put all your eggs in one basket’. Diversification is a management tool that allows investors to spread investments to avoid hedging their bets on a single
Make funding for your own retirement a priority and resist the temptation to dip into your own savings. Don’t leave free money on the table by failing to use tax-efficient retirement funding vehicles. Before helping others and to ensure that
If you lose your job as a result of your employer ceasing operations or are made redundant as a result of general operational requirements, any lump sum from an occupational fund is regarded as a retrenchment benefit for tax purposes.
