Boedelbeplanning | Estate Planning | Procon - in - Pretoria
Procon Versekeringsmakelaars || Boedelbeplanning | Estate Planning
‘n Boedelbeplanningsproses behels die ordening van jou boedelbeplanning-instrumente gedurende jou leeftyd tot jou en jou uiteindelike begunstigdes se voordeel.
In wese is daar vier “boedels” waaraan aandag gegee moet word in die boedelbeplanningsproses:
PERSOONLIKE TRUST AFTREEFONDS KONTRAKTUELE
BATES BATES VOORDELE OOREENKOMSTE
Buiten die vier “boedels” om te oorweeg, is die lewe nie eenvoudig nie. Baie kan gebeur gedurende jou leeftyd.Boedelbeplanning moet al hierdie gebeure (en potensiële gebeure) in ag neem en buigsaam genoeg wees om aan jou veranderende behoeftes te voldoen.
Ons benadering is dus om sleutel-vrae te vra om seker te maak dat jou beplanningsinstrumente almal in ooreenstemming is, sodat doelwitte vir die skepping, behoud en oordrag van welvaart verseker word.
1. Het jy ‘n strategiese boedelplan in plek?
Het jy ‘n plan in plek wat die vier “boedels” en jou persoonlike behoeftes in ag neem? Voldoen die plan aan die langtermyn wense wat jy koester vir jou boedel? Is die plan buigsaam genoeg om verandering aan die struktuur toe te laat, indien jou omstandighede sou verander?
2. Is jou besigheidsrisiko’s voldoende aangespreek?
Entrepreneurs het baie risiko’s wat hulle in ag moet neem: opvolgbeplanning, borgskap, vervanging van sleutelpersone en dekking van oorhoofse koste in die geval van ongeskiktheid, om maar ‘n paar te noem. Navorsing wys onder andere dat 75% van koop-en-verkoop ooreenkomste nie tot voordeel van die kliënt werk nie. Wanneer dit kom by die administrasie van die boedel, kan die verkeerde struktuur en dekking lei tot onnodige koste en oponthoud vir die oorblywende besigheidsvennote en familielede.
3. Het jy ‘n getekende testament wat op datum is?
Dit is die sleutel-dokument van ‘n suksesvolle plan – sonder dit kan jou plan ineenstort. ‘n Testament moet jou wense uitspreek, en moet geldig, op datum en geteken wees. Dit kan net handel oor jou persoonlike bates.
Onthou dat as jy binne gemeenskap van goedere getroud is, jou testament net oor jou helfte van die gesamentlike boedel kan handel.
Indien jy buitelandse bates besit, kan jy ‘n buitelandse testament opstel bykomend tot jou Suid Afrikaanse testament. Dit is ook moontlik om een testament te hê wat oor beide plaaslike en buitelandse bates handel.
4. Het jy die R3.5m vrystelling optimaal gebruik?
Elke boedel is geregtig op ‘n korting van R3 500 000. Vir gades sal die gedeelte van die R3.5m vrystelling wat nie gebruik is nie, verleng word na die langslewende gade se boedel. Die vrystelling kan gebruik word in die boedel van die eerssterwende gade om boedelbelasting te verwyder op groeiende bates van die langslewende gade se boedel. Die idee is om groeibates te identifiseer teenoor bates wat nie groei nie, soos ‘n leningsrekening.
Tipies kan ‘n aandeelportefeulje aan ‘n trust bemaak word om groei in die langslewende gade se boedel te beperk. Aan die ander kant kan ‘n leningsrekening nagelaat word aan die langslewende gade aangesien dit hulle die geleentheid gee om die bedrag verder te verminder. Sodoende word boedelbelasting bespaar.
5. Is jou familietrust in gevaar?
Die vereistes van toepassing op trustees in familietrust situasies word dikwels geïgnoreer. Die beheer, eienaarskap en voordele oorvleuel en skep ‘n risiko dat die trust se bates vestig in die “beplanner/kliënt”. Dit veroorsaak dat die meeste van die voordele van ‘n trust as instrument in jou boedelplan verlore gaan.
6. Gebruik jy jou familietrust op ‘n doeltreffende manier?
Wanneer dit doeltreffend gebruik word, is ‘n trust ‘n boedelbeplanning en belastingbeplanning instrument wat jou familie kan beskerm wanneer hulle dit die nodigste het. Dit hou baie voordele in, bo en behalwe besparing op boedelbelasting.
7. Het jy genoegsame voorsiening gemaak vir likiditeit?
‘n Boedelplan behoort ook voorsiening te maak vir uitgawes aangegaan in die afhandeling van die boedel, sodat afhanklikes nie bates moet verkoop om hierdie uitgawes te dek nie. Tradisioneel word ‘n lewensversekeringspolis gebruik om likiditeit te verskaf vir ‘n boedel, maar daar is verskeie ander maniere om voorsiening te maak daarvoor.
8. Is jou polis-begunstigde nominasies op datum?
Dit is belangrik om daarop te let dat die nominasie van ‘n begunstigde ‘n besparing op eksekuteursfooie beteken, maar nie op boedelbelasting nie (die polis vorm steeds deel van die boedel). Daar moet ‘n balans wees tussen die likiditeit behoeftes in die boedel en die oorblywende begunstigdes se behoeftes.
9. Hoe word jou aftreefonds voordele hanteer?
Terwyl jy nog ‘n lid is van enige voor aftrede fonds, het die trustees die finale reg om te besluit wie die voordele ontvang van jou fonds (artikel 37C van die Wet op Pensioenfondse). Jy mag wel begunstigdes nomineer om die voordele te ontvang, maar dit sal onderhewig wees aan die trustees se diskresie.
Wanneer jy afgetree het en die aftreefonds byvoorbeeld in ‘n lewende annuïteit omskep het, staan dit jou vry om enige begunstigde te nominee om die opbrengs van die fonds te ontvang. Dit is ook belangrik om daarop te let dat, volgens huidige wetgewing, die opbrengs van enige aftreefonds (voor- en na-aftrede) buite jou boedel val en nie onderhewig sal wees aan boedelbelasting nie.
10. Sal jou familie weet wat om te doen in die geval van jou afsterwe?
Maak Maak seker dat jy, jou gade en familie ‘n verhouding bou met ‘n goeie finansiële tussenganger wat hulle sal kan lei deur die finansiële kompleksiteit ná die dood van ‘n familielid. Maak ook seker dat jou familie weet waar om ‘n afskrif van jou testament te bekom en wie jou genomineerde eksekuteur is.
Die ideaal is om ‘n lewenslêer te maak met al die belangrike dokumente wat nodig is om jou boedel te beredder. Vra jou fidusiêre spesialis vir ‘n lys van dokumente wat die eksekuteur sal nodig hê.
Bron: Glacier Financial Solutions (Edms) Bpk,‘n Lid van die Sanlam Groep, Reg Nr 1999/025360/07, Gelisensieerde Verskaffer van Finansiële Dienste, Hierdie dokument is bedoel vir kliënte, in Samewerking met hul tussengangers.
An estate planning process involves aligning your estate planning instruments for your benefit during your lifetime and the benefit of your ultimate beneficiaries.
In essence, there are actually four “estates” that one has to deal with in the estate planning process:
PERSONAL TRUST CONTRACTUAL RETIREMENT FUND
ASSETS ASSETS ARRANGEMENTS BENEFITS
In addition to having four “estates” to consider, life is not simple, and many things will happen to you along the way. Estate planning has to take all of these events (and potential events) into account and be flexible enough to meet your changing needs.
Our approach is therefore to ask key questions to ensure your planning instruments are all aligned to meet their objectives for the creation, preservation and transfer of wealth.
1. Do you have a strategic estate plan in place?
Do you have a plan in place that takes the four “estates” and your personal requirements into account? Does the plan meet the long-term wishes you hold for your estate? Is the plan flexible enough to allow you to change the structure should your circumstances change?
2. Are your business risks sufficiently addressed?
Entrepreneurs have many risks to contend with – succession planning, surety, replacing key individuals and covering overheads in the event of disability, to mention but a few. Research shows inter alia that 75% of buy-and-sell agreements don’t work to the benefit of the client. When it comes to winding up an estate, having an incorrect structure or cover can lead to unnecessary costs and delays for the surviving business partners and family members.
3. Do you have a signed and up-to-date will?
This is the pivotal point of a successful estate plan – your plan may collapse without it. A will must express your wishes, be valid, signed and up-to-date. It can only deal with your personal assets.
If you’re married in community of property, remember that your will may only deal with your half share of a joint estate.
If you have assets offshore, you can have a foreign will in addition to a South African will, or you could have one will dealing with both your local and foreign assets.
4. Have you used the R3.5m abatement to best effect?
Each estate is entitled to a deduction of R3 500 000. For spouses the unused portion of the R3.5m abatement amount will “roll over” to the surviving spouse’s estate. The abatement can be used in the estate of the first-dying spouse to remove estate duty on growth assets from the second-dying spouse’s estate.
The issue is to identify growth assets as opposed to non-growth assets such as a loan account. Typically a share portfolio can be bequeathed to a trust to limit growth in the surviving spouse’s estate. On the other hand, a loan account can be left to the surviving spouse as it gives them the opportunity to keep reducing the amount in this account, thereby saving on estate duty.
5. Is your family trust at risk?
Often in family trust situations, the requirements imposed on trustees are ignored. The control, ownership and benefits become mixed, posing a risk that the trust assets actually vest in the “planner/client”, thereby doing away with most of the benefits of the trust as an instrument in your estate plan.
6. Are you using your family trust effectively?
If used effectively, a trust is an estate planning and tax planning instrument that can protect your family when they need it most. Using it effectively could provide many benefits over and above estate duty savings.
7. Have you made sufficient provision for liquidity?
An estate plan should also provide for expenses incurred in winding up the estate, to prevent dependents having to sell off assets to meet these expenses. Traditionally a life assurance policy has been used to provide for liquidity within the estate. It can, however, be addressed in numerous other ways as well.
8. Are your policy beneficiary nominations up to date?
It’s important to note that nominating a beneficiary can save on executor’s fees but won’t save on estate duty (as the policy still forms part of the estate). There should be a balance between liquidity needs in the estate and surviving beneficiaries’ needs.
9. How will your retirement fund benefits be dealt with?
Whilst you are still a member of any pre-retirement fund, the trustees of the fund will have the final say on who will receive the benefit from your fund (section 37C of the Pension Fund Act).
You are however allowed to appoint nominees to receive the benefit, which will be subject to the trustees’ discretion. Once you’ve retired and converted the retirement fund savings into a living annuity, for example, you are free to nominate any beneficiary to receive the proceeds from the fund. It is also important to note that, according to current legislation, the proceeds from any retirement fund (pre- and post-retirement) falls outside your estate and will not be subject to estate duty.
10. Will your family know what to do in the event of your death?
Make sure that you, your spouse and family build a relationship with a good financial intermediary who will be able to guide them through the financial intricacies of the death of a family member. Also make sure that your family knows where to access a copy of your will and who your nominated executor is. Ideally you should have a life file with all the important documents necessary for winding up your estate. Ask your fiduciary specialist for a list of documents that the executor will need.
Source: Glacier Financial Solutions (Pty) Ltd, A member of the Sanlam Group, Reg No 1999/025360/07, Licensed Financial Services Provider, This document is intended for use by clients, alongside their intermediaries.
Hierdie dokument is slegs vir inligting en moet nie beskou word as die lewering van advies nie. Glacier Financial Solutions (Edms) Bpk aanvaar dienooreenkomstig geen aanspreeklikheid vir enige direkte, indirekte of gevolglike verlies wat voortspruit uit die gebruik van, of vertroue in enige wyse op die inligting in hierdie dokument nie. Raadpleeg ‘n spesialis.
This document is provided for information purposes only and should not be construed as the rendering of advice. Glacier Financial Solutions (Pty) Ltd accordingly accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of, or reliance in any manner on the information provided in this document. Please consult with a specialist.
The representatives of Procon Insurance Brokers (if any) are not authorized to deal in any financial product including Wills and Trust for own benefit where these dealings are based upon advanced knowledge. Such dealings will be done in conjunction with the product suppliers, providers, Insurance Company, Trust Company, Attorneys and / or Underwriting Managers if required
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