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Fee of 25 percent of trust's interest earnings was an error - law firm
A reader, Ms L, earlier this year complained to Personal Finance that a testamentary trust established on the death of her father in 1998 was subject to unacceptable charges by a Cape Town-based law firm, Millers Incorporated. The only beneficiaries of the HL Will Trust were Ms L and her younger brother. Ms L’s father appointed her and lawyer David Gruss, a director of law firm Gruss Katz, as the co-trustees.
[Full Story...]
Keep your eyes open when you appoint executors and trustees
An area that generates a steady stream of reader complaints to Personal Finance is the administration of trusts - particularly testamentary trusts that are set up on the death of the benefactor - and the estates of people who have died.
[Full Story...]
Death benefit payouts: weigh up your options carefully
There is no reason you cannot arrange your tax affairs to your best advantage, or to the best advantage of your dependants.
[Full Story...]
Where there's a will ... there's still more you must do to plan your estate
At the first series of meetings of the acsis/Personal Finance Financial Planning Club for this year, Alec Riddle, of Consolidated Financial Planning and the 2009 Financial Planner of the Year, spoke about recent changes to the law that could affect how you plan your estate.
[Full Story...]
Do your loved ones a big favour: draw up a will
This week we deal extensively with the problems of cessions of life assurance policies to provide security for loans. It is a complex issue and one that can become a great deal more complex if you do not have a will.
[Full Story...]
Gordhan uses loans, inflation to balance the books
In a fine balancing act, Finance Minister Pravin Gordhan has let inflation help him balance the Budget without raising taxes in nominal (before-inflation) terms. Instead, he has resorted to borrowing money to balance his maiden Budget, which aims to help lower-income earners and the destitute.
[Full Story...]
Obtain advice before you opt for the R7m estate duty exemption
The Estate Duty Act was amended this year to allow couples to make use of their combined estate duty exemptions on death. This could have implications for your estate plan and you may need to revisit your will, Alec Riddle, the 2009 Financial Planning Institute/Personal Finance Financial Planner of the Year, says.
[Full Story...]
Tax-free retirement fund withdrawals may not be for you
Changes to the way in which withdrawals from retirement funds are taxed have thrown a lifeline to some people who have lost their jobs over the past year as a result of the economic downturn.
[Full Story...]
Trust your better judgment when planning your estate
Many people choose to structure their estates and businesses in trusts. While trusts have traditionally been perceived as a way for people to avoid paying tax, most are set up for other reasons, such as asset protection, family and estate planning and the protection of beneficiaries. At the recent series of meetings of the acsis/Personal Finance Financial Planning Club around the country, John Campbell, the director of Chartered Wealth Solutions and the 2008 Financial Planner of the Year, discu...
[Full Story...]
How to ... set up a special trust
Many people regard trusts as structures you set up to minimise estate duty if you have a sizeable estate. But trusts have other uses, and a special trust may be particularly important if you have minor children or other dependants who are not able to manage money they may inherit. This week, as part of our series on how to manage your money, we look at setting up a testamentary trust.
[Full Story...]
How to ... plan your estate
Estate planning should be an integral part of your financial plan, yet many people fail to realise the implications of not planning their estates before they die. Planning your estate includes drawing up a will, establishing what you own and how much you owe, and calculating what your estate will have to pay out before any assets can be passed on to your beneficiaries. This week, in our series on how to manage your money, we tell you more about how to calculate the value of your estate and what ...
[Full Story...]
Conditions to R7m estate duty exemption for couples
Each partner in a couple can make use of the R3.5 million estate duty exemption to ensure R7 million is passed on to their heirs free of duty. But usually they have to resort to complex structures such as trusts. The government plans to amend legislation to allow couples with simple estates to enjoy the full R7 million duty-free benefit without costly estate planning. But the issues are far from simple.
[Full Story...]
Couples could pass on R7 million to heirs without paying duty
The estate duty exemption will remain at R3.5 million for the 2009/10 tax year, but there was one announcement in this week's Budget that could bring relief to couples whose joint estates are worth R7 million or more.
[Full Story...]
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