Lifestyle Financial Planning
Being legally married in South Africa creates what is referred to as a reciprocal duty of support which means that each spouse owes to the other a reciprocal duty to provide for the other which can include accommodation, clothing, food,
If you set up as a sole proprietor, it is important to keep in mind that you have unlimited liability as the owner. Because you and your business are one and the same person, you will be legally liable for
It is up to the shareholders to decide what type of events would trigger a sale of shares. Generally speaking, buy & sell cover is taken out in the event of the death or disability of a shareholder. However, depending
A family trust is generally set up as a living trust to house and protect assets for the benefit of family members across multiple generations. As such, the trustees of family trusts are family members, as are the beneficiaries. It
If you have minor children and are the first-dying parent, the surviving parent will be the legal guardian to your children. In the absence of a living guardian, the Master will appoint a guardian for your children after taking into
To buffer against the risk of an early death, a guaranteed period life annuity provides for a pre-determined period (e.g. ten years) during which the insurer is obliged to continue paying the pensioner’s annuity income even if the pensioner dies
As a single parent, if you are unable to generate an income, you will not have a spouse or partner whose income you can fall back on. An income protection benefit is an excellent way of ensuring that you will
The assets in the estate may only be distributed amongst the beneficiaries once all the estate’s debt has been settled, including SARS. As such, the executor is required to advertise the deceased estate so that any creditors can register their
Tax legislation permits you to invest up to 10% of your taxable income towards charity on a tax-deductible basis, although it is important to know that this tax deduction is not automatic. In order to claim a tax deduction, SARS
Operating on a single income, give careful thought as to whether you will be able to afford domestic help after the baby arrives. If not, are you comfortable to do the cleaning, laundry and general housework? Will you be able
