CGT
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
Trustees play a vital role in managing and administering the assets bequeathed to your testamentary trust for the benefit of your minor children. As such, it is essential that your trustees have the appropriate financial acumen and understanding of the
Before setting up the trust, you will need to consider whether it should take the form of a testamentary or living trust. A living, or inter vivos, trust is set up during your lifetime using a trust deed as the
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
Also keep in mind that, as a permanent resident in South Africa, you are taxed on your worldwide estate, and this can have CGT and estate duty implications in the event of your death, especially where your foreign assets are
Once you’ve identified an area that you feel suits your needs, make a concerted effort to do as much research as possible. Firstly, check what other properties have recently been sold in that area and at what price. This will
The executor is then required to advertise the deceased estate so that any potential creditors can register their claims. To do this, the executor will need to place a Section 29 advert in the local newspaper and government gazette in
By law, the executor is required to administer the entire estate on the passing of the first-dying spouse, and not just one half of the deceased’s share. As such, the executor’s and Master’s fees are calculated on the gross value
From an income tax perspective, as a South African resident, you will have to pay tax on the interest and dividends earned on your foreign-domiciled investments. This is because South Africa uses a residency-based system to calculate tax, and South
