The value of a trust is not limited to tax planning only, do not let the tax tail wag the dog.
Trusts stel ons kliënte in staat om hulle beplannings-doelwitte te bereik in terme van:
- Kontinuïteit;
- Bate-beskerming.
Trusts het veelsydige toepassings en kan onder andere aangewend word om:
- Jou nalatenskap te beskerm en te bestuur vir jou nageslag;
- Minderjariges of kwesbare persone te versorg;
- Liefdadigheid-doelwitte te bereik.
Kliënte kan die bogenoemde bereik deur gebruik te maak van ‘n lewende trust of ‘n testamentêre trust, afhangende van die omstandighede. ‘n Lewende trust word vervat in ‘n dokument word geskep gedurende die lewe van die kliënt, terwyl ‘n testamentêre trust in ‘n kliënt se testamente geskep word. Die testamentêre trust tree egter eers in werking by die afsterwe van die kliënt.
Bepalings wat die bogenoemde doelwitte egter kniehalter is:
- Voorskriftelikheid wat betref die trust se datum van beëindiging;
- Wysigingsklousules wat sodanige beperkinge bevat wat dit effektief onmoontlik maak om die trust aan te pas by veranderde omstandighede;
- Vae omskrywings van die begunstigdes of klas van begunstigdes sowel as onvoldoende riglyne vir die trustees rakende die aanwending van inkomste en kapitaal;
- Gebrekkige uiteensetting van die magte en verpligtinge van trustees.
Raadpleeg ‘n kundige om jou gesin se welvaart te groei en beskerm om die bogenoemde doelwitte te bereik en familie harmonie te ondersteun en te onwikkel oor die langtermyn.
Trustee, do you know your obligations?
Trustees have a fiduciary responsibility which they must discharge in the fulfilment of their duties towards the beneficiaries.
Furthermore, trustees must adhere to the law (the Trust Property Control Act) which requires that:
Moreover, trustees have the obligation to comply with statutory requirements regarding FICA – and tax-compliance:
- A fine not exceeding R 10 million and/or imprisonment not exceeding 5 years are the consequences of non-adherence to the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Bill, according to which trustees must keep a register of accountable institutions that they have business dealings with as well as the beneficial owners of the trust.
- Trustees are also the representative taxpayers of a trust and must ensure that proper financial records are prepared and tax returns lodged, as required.
Trustees, some pitfalls to look out for:
- Powers of trustees – for example, trustees cannot sell property out of a trust if the deed does not provide therefore;
- A trust deed does not replace a will – assets transferred to trust does not form part of your personal estate, similarly the contents of the trust deed does not determine what happens to your personal assets.
We invite you to discuss your needs to preserve your wealth with specialists in the field:
Luister gerus na die potgooi op Radio Kansel vir meer inligting: https://iono.fm/e/1413471
Your are welcome to listen to the podcast on Radio Pulpit for more information: https://iono.fm/e/1413471