estate duty
As a TFSA investor, you are permitted to invest up to R36 000 per year towards your account, with a lifetime contribution limit of R500 000. But, any withdrawals that you make from your TFSA will be deducted from your
Living annuities make excellent estate planning tools because the policyholder is free to nominate his beneficiaries with the surety that, upon his death, the proceeds will devolve on them. In the event of the policyholder’s death, the proceeds of the
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
The maximum amount that an executor can charge is 3.5% of the gross value of the assets in the estate, plus VAT at 15%. In addition to this, your executor is entitled to charge 6% on all income collected on
A trust can also be used effectively to provide financially for children with severe mental or physical disabilities and who, as a result of their disability, are unable to manage their own affairs. In a situation where a child has
If you own shares in a business together with other shareholders, it is advisable to put what is termed buy-and-sell cover in place on the lives of the shareholders – specifically where you have a large portion of your wealth
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
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
Because the aim of a living annuity is to provide the policyholder with a regular income throughout retirement, limits are placed on the level at which investors can draw down from their investment. As it currently stands, investors can select
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
