Discretionary Living Trusts A legacy for generations

Written by Trust Specialist, Mervin Messias, it is the culmination of knowledge and expertise that has been acquired over many years’ study and practice of Trust law.

The author recommends the use of Trusts as part of estate planning because they provide solutions to many potentially complicated problems related to asset protection, succession planning, and disability protection. Many little-known benefits of Trusts are revealed to help protect your hard-earned wealth for generations to come. A Trust circumvents the whole process of winding up an estate, together with its potential delays, hassles and frustration.

In fact, a Trust deserves pride of place in any estate plan. It means business as usual, even after death, with no executor, executor’s fees or estate duty.

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    Estate Planning For Business Owners

    Estate Planning For Business Owners

    Do you need an estate plan if you are a business owner?

    It is essential that you have an estate plan if you are a business owner. Your estate plan has to deal with things like tax issues, business succession, as well as business and personal relationships that are complicated.

    What else is important for business owners to know about estate planning?

    Estate planning for business owners does deal with your personal and business assets. Estate planning plans for the transfer of your personal and business assets when you pass away, while reducing the taxes that your estate or your heirs need to pay.

    Now that you know more about estate planning, what else should you keep in mind?

    These are the steps that are involved in effective estate planning:

    • Make sure to have a will drawn up.
    • Have an emergency business plan.
    • Plan for succession.

    This is vital information to have when it comes to estate planning.

    Consider these useful points.

    When it comes to creating an estate plan for a business owner, there are some points that should be taken into consideration:

    • Do your children work in the family business? Speak to your children who work in your business before you go ahead and create an estate plan. You need to decide which children are going to receive which assets. This can be quite tricky and you have to give this issue a lot of thought.
    • Have a family meeting with your children who work in your business. It is recommended that you meet with them and discuss any issues and concerns that they may have. This can go a long way in resolving any issues that might come to light later on after your death.

    Estate planning for business owners is definitely worth it! As a business owner, you need to have an estate plan in place.

    JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)