Planning your estate can be critical to:
- ensuring your family have liquidity for immediate expenses in the event of your sudden demise;
- reducing estate duty;
- reducing capital gains tax on death;
- providing for all of your beneficiaries’ needs depending on the circumstances of each;
- protecting your assets from conflicting interests of beneficiaries’ future spouses;
- protecting your assets against creditors in and after your lifetime;
- ensuring liquidity in the estate to settle estate duty and taxes, as well as not having to sell assets at an inappropriate time;
- planning for a smooth business succession.
Meredith Harington can structure your estate in a manner to satisfy the above needs.
This might include the use of trusts and other estate planning devices.
Some areas where we add value are:
- forming trusts while considering issues like capital gains tax, transfer duty, estate duty and income tax;
- trust planning: from private company shares to multi-million rand trusts;
- administration, compilation of annual financial statements and tax returns;
- advice to trustees on their fiduciary responsibilities;
- advice to beneficiaries and trustees on tax issues that arise from distributions;
- preparation of a will, acting as executor where required;
- advising executors on tax issues;
- advice on funding estate duty.
Meredith Harington acts as Executor if we have been nominated as such in a will, or under power of attorney where an executor has been appointed, but would prefer to delegate the administrative functions to a professional.
A significant advantage in appointing a professional who knows the family and has been involved in planning the estate is that the existence of liabilities can be readily established, leading to the executor being able to provide liquid funds for immediate family needs.
We will do all we can to ensure the smooth and competent administration of your estate.
Our administration services include the following:
- All dealings with the Master's Office and SARS
- Preparation of the Liquidation and Distribution Account
- Dealing with financial institutions regarding bank accounts and investments
- Realising or transferring share portfolios and unit trust instruments
- Valuation and disposal of assets, including immovable property
- Managing estate investments and current bank accounts
- Calculation of tax liability (income tax, capital gains tax and estate duty)
- Preparation and submission of estate income tax returns