trusts
In terms of the Income Tax Act, death is considered a capital gains event and the deceased person is deemed to have disposed of his assets for an amount equal to the market value of the assets at the date
n terms of the Income Tax Act, donations made to or for the benefit of a spouse married with an ante-nuptial or post-nuptial contract are exempt from donations tax. Where a spouse married in community of property donates property which
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
The framework of the Common Reporting Standard is such that an obligation to provide and report account holder information to the various tax administration offices in the participating jurisdictions is placed on financial institutions. This includes a number of steps
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
Living trusts are frequently used by divorcing spouses to hide assets so as to reduce the value of their estates. A spouse married with the accrual is free to set up an inter vivos without the consent or knowledge of
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
It is possible for the trust founder to set up an inter vivos trust to ensure that certain assets are protected for the benefit of family members through the generations. In such a situation, where the trustees are all beneficiaries
The trustees that you appoint will have a fiduciary duty to manage the trust assets in the best interests of the trust beneficiaries, and it is therefore important to choose your trustees wisely. Ideally, you should consider someone who has
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 to ensure that they are managed to achieve best outcomes
