PERSONAL FINANCIAL PLANNING

Be prepared for your financial journey ahead

Just some info on the areas we assist you with

Estate Planning

Estate Planning is the combined preparation of managing an individuals asset base should that person become incapacitated or pass away. Duties range from:

Drawing up a will

Limiting estate taxes by setting up trust accounts in the name of beneficiaries

Establishing a guardian for living dependents

Naming an executor of the estate to oversee the terms of the will

Creating/updating beneficiaries on plans, including life insurance

Organizing funeral arrangements

Implementing annual gifting to reduce the taxable estate

Setting up durable power of attorney (POA) to direct other assets and investments

Estate Taxes

Estate taxes are levied onto an inherited portion of an estate if the total value of the estate exceeds an exclusion limit set by law. However, if a spouse is to inherit an estate or portion thereof, the spouse does not pay estate taxes and this will then be considered as Marital Deduction. However, if the surviving spouse passes away, the beneficiaries will be required to pay the taxes if it exceeds the exclusion limit. Let us help you plan effectively so that your beneficiaries can avoid paying excessive taxes on their portion(s) of your estate, should you die.

Capital Gains Taxes

Capital Gains Tax forms part of income tax. A capital gain occurs when you dispose of an immovable property and the resulting proceeds exceed the property’s base cost. Capital gains are taxed at a lower tax rate than regular income. Withholding tax applies to non-resident sellers of immovable property. The amount withheld by the buyer serves as an advance payment towards the seller’s final income tax liability. We assist you in keeping an accurate record of all the gains and losses of that estate so when the time comes to dispose of the property, you will be able to provide SARS with an accurate capital gains assessment report.