Moore Stephens Estate Planning Guide-Books Pdf

Moore Stephens Estate Planning Guide
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Moore Stephens SA, PRECISE PROVEN PERFORMANCE, ESTATE PLANNING GUIDE. Important note and disclaimer 2, What is estate planning 2. Who needs to do estate planning 3, Aims of estate planning 5. Tools for estate planning 7, The Last Will and Testament 7. Donations 19, Matrimonial Property Regimes 22, Assurance policies 24.
Foreign assets of a South African resident 25, Business Succession Planning 27. Estate duty 29, Capital gains tax 34, Transfer duty 38. The Living Will 39, Storage of estate planning documents 39. Revising the estate plan 41, A Quick estimate of an estate s liquidity 42. B Estimate of Assets and Liabilities of Estate Planner Net worth 44. C Requirements for a valid Last Will and Testament 46. D Last Will and Testament Checklist 46, E Table of applicable legislation 48.
Important note and disclaimer, This guide is intended as an easy reference pocket sized guide for the estate. planner and anybody involved in estate planning, The information contained herein is a summary of some of the key estate. planning principles Estate planning touches on many areas and involves not. only planning for death but also planning during your lifetime from financial. planning health planning matrimonial property regime planning income tax. and business planning to offshore and retirement planning all of which. should form part of any comprehensive estate planning exercise The main. thrust of this guide is to provide the estate planner with an overview on how. to plan his estate during his lifetime with the primary goal of transferring his. wealth to his beneficiaries so that they receive the maximum benefit. Many aspects of a comprehensive plan have been omitted due to limitations in. length of the guide except where overlaps may occur These include disability. planning retirement planning insolvency planning investment structuring and. offshore planning All these activities do form part of a comprehensive plan. and it is recommended that the estate planner consult with his estate planning. team for assistance to develop strategies in regard to each of these activities. We recommend that professional advice be sought before making any. decisions based on this guide s contents or when dealing with any matters. relating thereto The guide should not be treated as a substitute for advice. Professional advice must therefore be sought in relation to any aspect referred. to in this guide, All references to the masculine gender shall include the feminine and vice. versa and in particular any reference to testator or executor shall include. testatrix or executrix, While every care has been taken in the compilation of this guide no. responsibility of any nature whatsoever shall be accepted for any inaccuracies. errors or omissions, What is estate planning, An estate comprises the assets and liabilities that an estate planner.
accumulates during his lifetime and which he leaves behind at his death. Estate planning has been defined as the process of creating and. managing a programme that is designed to, Preserve increase and protect an estate planner s assets during his. Ensure the most effective and beneficial distribution thereof to. succeeding generations on his death and in accordance with his. A common misconception about estate planning is that it revolves solely. around the making of a Last Will and Testament or the structuring of an. estate planner s affairs so as to reduce estate duty. Estate planning is multidisciplinary in nature and should take into. account an individual estate planner s financial economical social and. psychological needs in relation to his estate himself his family and his. beneficiaries, It is not a once and for all activity The estate planner should regard it as a. process with built in flexibility, It involves the estate planner entering into a strategic exercise comprising. the following steps, Determining a snapshot of net worth including assets. liabilities and income, Setting goals and planning objectives deciding in advance what.
to do with assets and liabilities, Deciding on appropriate estate planning tools once the objectives. have been set deciding on how to do it, Setting timeframes deciding when to do it. Execution deciding who should do it deciding on the team of. professionals to assist with executing the plan, WhO NEEDS TO DO ESTATE PLANNING. Many may think that they are not old enough or wealthy enough to warrant. doing any estate planning, However if a person is over the age of eighteen no matter how small his. estate is it is advisable to begin the process, Where an estate planner is at in life will determine his strategic plan for.
his estate and which techniques to use in order to implement in the plan. An estate planner may be single married divorced or separated He may. have minor children or adult children He may be married for a second or. third time with children from previous marriages He may own assets with. a strong growth potential, Each plan will be unique and structured according to an estate planner s. own unique set of circumstances goals and objectives and reviewed. regularly to take account of personal and legislative changes. WHo sHoulD Be inVolVeD, The estate planner should work together with an estate planning team. which usually comprises a set of professionals including an accountant. attorney and financial adviser, The professional team should assist the estate planner with developing. and reviewing his estate goals providing direction on various strategies. and tactics performing cost benefit analyses providing advice on the tax. implications of various strategies and tactics and most importantly liaising. with other professionals on the estate planning team. The attorney may assist with drawing up legal documents such as the Last. Will and Testament and an inter vivos trust deed The financial adviser may. assist with ensuring the estate is liquid and the accountant may typically. assist with tax planning Family members more specifically a spouse. should also form part of the team especially where more complex plans. are contemplated, FloW cHart strategy oF estate Planning For DeatH. Death Planning Objectives, Estate Basic, Planner Elements of.
an effective, estate plan, The Professionals Execution. Accountant, Attorney Tools, Financial Will, Selling assets. Life insurance, Reducing taxes, Matrimonial, Aims of estate planning. The main aim for the estate planner working together with his estate. planning team is to ensure that as much of his accumulated wealth. is utilised for his own benefit and for the maximum utilisation of his. dependants on his death, Some of the goals of estate planning can be summarised as follows. To achieve efficient deceased estate administration. To ensure that the winding up of an estate takes place as efficiently. and effectively as possible, To appoint heirs or legatees of choice and distribute assets as the.
estate planner wishes, Where there is no Last Will and Testament the estate will be dealt with. in accordance with the law of intestate succession The estate planner s. assets may accordingly be dealt with in a manner that was not in. accordance with his intentions A Last Will and Testament will indicate. the estate planner s wishes and ensure that his assets are transferred. to heirs of his choice, To provide liquidity, Ongoing planning for the liquidity needs of an estate is an essential. element of estate planning Should an estate not be liquid at death the. deceased s family members and dependants may suffer hardship as. they may have to provide the cash themselves or agree to the sale of. an asset to generate the cash needed, Planning for liquidity means ensuring inter alia that there are sufficient. cash funds available in an estate to, Pay estate duty. Settle liabilities and administration costs, Provide for other taxation liabilities that may arise at death such as.
capital gains tax, Until the Master of the High Court has issued Letters of Executorship. authorising the executor to act on behalf of the estate the estate is frozen. The estate planner needs to build this contingency into his plan to ensure. that family members have cash funds immediately available. See Annexure A on page 42 to complete a quick estimate of liquidity. To provide for dependants and protect minor beneficiaries. To ensure that dependants are adequately provided for during an estate. planner s lifetime and after his death, To provide protections for minor beneficiaries including custody and or. guardianship and to prevent any bequests to a minor being held by the. Guardian s Fund until he or she reaches majority, To minimise the impact of taxation on an estate. Suitable planning could help minimise the impact of tax on an estate. including estate duty income tax capital gains tax value added tax. and transfer duty, To provide for future growth of assets outside the estate planner s. To provide for business interests where applicable. An estate planner s business interests may impact on his personal. affairs and indeed his estate, To provide for an estate planner s own set of unique circumstances.
An estate planner may have been involved in more than one marriage. or relationship or have obligations to various children perhaps from. different marriages Each set of circumstances will need careful. To take account of offshore assets where applicable. An estate planner may hold assets offshore When embarking on. the process of planning his estate the estate planner needs to take. account of his global estate, To decide whether to execute a living Will. The living Will is an advance directive devised to stand as a declaration. of non consent to artificial life support in the event of the patient being. unable to communicate in the event of incapacity, To minimise costs. To ensure that the costs do not outweigh the benefits when. implementing the estate plan, The estate planner together with the estate planning team should. carry out an exercise of weighing the costs against the benefits of. implementing the proposed plan taking into account professional fees. transfer duty securities transfer tax estate duty and capital gains tax. implications, To ensure that the plan is both practical legal and efficient. An estate planner needs to align his goals with the practicalities of. implementing strategies to achieve those goals, In theory what might seem to be an effective strategy may in reality.
be practically inconvenient and inefficient to the estate planner and. his spouse during their lifetime They may both need easy access to. income and capital resources during their lifetimes. Using estate planning tools solely with the main aim of paying less. income tax is problematic Planning should not be done in such a way. that taxation savings are part of the solution but not the sole solution. Provide for built in flexibility, Any changes and amendments to the plan should be able to be. implemented at minimal cost and inconvenience to the estate planner. As a starting point in the process the estate planner should. Determine an estimate of his net worth assets less liabilities See. Annexure B on page 44 to create an estimate of net worth. List his goals and planning objectives based on his personal needs. financial circumstances lifestyle and practical efficiencies. TOOLS fOr ESTATE PLANNING, Introduction, Once planning objectives have been set the next step is for the team is to. decide on which tools are most appropriate to execute the plan. In estate planning there are plenty of tools available such as. The Last Will and Testament, Choosing an appropriate matrimonial property regime. Using life insurance to assist with liquidity, Living annuities. Tax structuring, Whichever technique s or tool s the estate planner decides to use.
he should ensure that each mechanism operates in co ordination with. his ultimate wishes The estate planner s Last Will and Testament inter. vivos trust structure and beneficiary arrangements stipulated in life. insurance policies all operate independently of each other yet should. be co ordinated to reflect the estate planner s ultimate wishes and estate. planning goals The estate planning team needs to work together to. achieve a coordinated plan, tHe last Will anD testaMent. This is one of the most important tools in an estate plan. Every estate planner should have a Last Will and Testament which is. reviewed and updated on a regular basis, A carefully structured and written Last Will and Testament can meet many. of the estate planner s goals including reducing estate duty liability. providing for dependants and achieving the efficient administration of his. deceased estate, The estate planner who makes a Will is referred to as a testator There are. very few limitations to the freedom of the testator to dispose of his property. as he sees fit in his Will, This section is aimed at providing the estate planner with a broad overview. of the requirements for executing a valid Last Will and Testament There. are many pitfalls to watch out for and it is advisable to consult a specialist. when drafting a Last Will and Testament, Preventing intestate succession.
Should an estate planner die without executing a valid La. ESTATE PLANNING GUIDE Important note and disclaimer 2 What is estate planning 2 Who needs to do estate planning 3 Aims of estate planning 5 Tools for estate planning 7 The Last Will and Testament 7 Trusts 13 Donations 19 Matrimonial Property Regimes 22 Assurance policies 24 Foreign assets of a South African resident 25

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