estate planning
The death of the first-dying spouse is regarded as a disposal for capital gains tax purposes. Where the first-dying spouse bequeaths his/her share of the joint estate to the surviving spouse, the surviving spouse is treated as having obtained the
Living annuities can play an important estate planning role if correctly structured. Where the annuitant nominates beneficiaries, any residual value remaining in the event of their death will be paid to the beneficiaries and, in doing so, will bypass the
While corporeal property refers to physical, tangible property such as a vehicle or a home, incorporeal property includes non-tangible rights such as servitudes and leaves over immoveable property.
In terms of calculating estate duty, there is an abatement on the first R3.5 million of the value of the estate which is not subject to tax. If the deceased is the first-dying spouse, they may roll over any unused
If you intend setting up a trust, do not underestimate the importance of choosing appropriately skilled trustees to manage the trust assets, keeping in mind that the job a trustee is an onerous one that should not be taken lightly.
Once the assets are transferred into the trust, they no longer belong to the trust founder and the trustees are required to take over full control of the assets and ensure that they are managed to achieve the best outcomes
If you’re fit and healthy, you may want to remain in the family home for longer. You may also not feel ready to enter into a retirement home or village while you are still enjoying good health, which is understandable.
As a word of caution, if your will is found to be invalid, for whatever reason, no testamentary trust can be formed which can result in your beneficiaries being financially prejudiced.
To ensure that your creditors are notified of your intention to amend your marriage contract, you will be required to publish a notice to creditors in two local newspapers (one English and one Afrikaans) as well as in a government
