Lifestyle Financial Planning
While South Africans enjoy freedom of testation, this freedom has a number of limitations, with Section 37 being one of them. The Act makes it clear that the member’s Will or beneficiary nomination cannot override the provisions of Section 37C,
If you intend bequeathing immoveable property, be careful in your estate planning to ensure that no complications or unintended consequences arise. For instance, if you are married in community of property, any immoveable property will be jointly owned by you
It is important that you give careful thought to those you intending to nominate as trustees as you will effectively be entrusting them with an enormous responsibility – keeping in mind that you will no longer be around when their
If you have a Will, it is likely that the Latin term per stirpes appears in your Will. Per stirpes is a legal stipulation which requires that if one of your beneficiaries dies before you, her share of the inheritance
Endowments also offer tax benefits to investors with a marginal tax rate of more than 30% as it will reduce the tax payable on investment growth. However, it is important to bear in mind that endowments have restricted investment terms
The other option for externalizing funds offshore is to utilise the indirect option through Rand-denominated funds. Indirect offshore investing means that no Rands are physically transferred by the investor, and their investments remain domiciled in South Africa.
If you have not yet received your IRP5 or IT3(a)s and other tax certificates, such as your medical aid certificate or retirement annuity certificate, you should contact your employer and/or service providers to obtain these as soon as possible.
Women have a unique set of financial planning requirements which need to be carefully planned and provided for. Besides for the gender pay gap (which is still very much in existence), women are more likely to have their retirement savings
If you choose to stop working, make sure that you fully understand the implications of doing so. If you do not generate an income of your own, you will find it very difficult to build wealth in your own name.
