WHOSE ESTATE IS IT ANYWAY ?TEN KEY QUESTIONS THAT YOU SHOULD BEASKING YOUR CLIENTTanya JacobsAugust 2012
AGENDA● The 10 key questions you should be asking  yourself● Glacier Fiduciary Offering
1. Do I have a strategic estate plan in                           place?             marital    trustdependents           ...
2. Do I have a signed, and up to date                   will in place?“There is nothing quite like a will for fomenting fa...
Do you have a signed, and up to date willin place?● The key to the estate plan● Must deal with your assets● Must express y...
3. Have I used the R3,5 Abatement to               best effect?● The abatement roll-over● Bequeath R3,5 million to a testa...
4. Is “my” family trust at risk?There needs to be evidence that such party controlled the trust,And but for the trust he w...
Is “my” family trust at risk?● Trustees are obliged to give effect to the provisions of  the trust deed.● Perform their du...
5. Am I using my family trust effectively?   “A trust is a versatile business and estate   planning tool and only one’s im...
Am I using my family trust effectively?● Some times effectively could mean  terminating the trust● Vesting the CGT gain?
6.    Will my buy-and-sell arrangements              protect my family?The purpose of buy-and-sell agreementsare to create...
Will my buy-and-sell arrangementsprotect my family?1.   Agreements not signed2.   Original contracts lost3.   Wrong partie...
7. Are my policy beneficiary nominations                  up to date ?LIFE ASSURANCE: Policy Contract● May nominate anyone...
8. Have I made sufficient provision for            liquidity in my estate?Liquidity is an essential element of a plan –   ...
Have I made sufficient provision forliquidity?Liquidity (cash in an estate)The need includes: Provision for dependants S...
Have I made sufficient provision for                 liquidity?The role of life assurance1. The correct amount at the righ...
9. How will my retirement fund benefits                     be dealt with?Section 37 C● Dependents● Divorce● Living annuit...
How will my retirement fund benefits be              dealt with?Saving estate duty● Maximum retirement age removed● Estate...
Self-assessment / Check Yourself –              10 key questions1. Do you have a strategic estate plan in place?2. Do you ...
Glacier Offering : Plan to implementation●   estate planning report●   will drafting service●   trust review/report – lega...
Whose estate is it anyway (senate group)
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Whose estate is it anyway (senate group)

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Whose estate is it anyway (senate group)

  1. 1. WHOSE ESTATE IS IT ANYWAY ?TEN KEY QUESTIONS THAT YOU SHOULD BEASKING YOUR CLIENTTanya JacobsAugust 2012
  2. 2. AGENDA● The 10 key questions you should be asking yourself● Glacier Fiduciary Offering
  3. 3. 1. Do I have a strategic estate plan in place? marital trustdependents emigration insolvency regime structuresbusiness offshore divorce retirement disabilitystructures
  4. 4. 2. Do I have a signed, and up to date will in place?“There is nothing quite like a will for fomenting family dissention”Van Deventer v Van Deventer SCA Case No 88/06
  5. 5. Do you have a signed, and up to date willin place?● The key to the estate plan● Must deal with your assets● Must express your wishes● Must be valid and up to date● Be careful - divorce (3 months)● Consider foreign assets
  6. 6. 3. Have I used the R3,5 Abatement to best effect?● The abatement roll-over● Bequeath R3,5 million to a testamentary trust● The type of asset● Loan accounts
  7. 7. 4. Is “my” family trust at risk?There needs to be evidence that such party controlled the trust,And but for the trust he would have owned the assets in his own name.“There needs to be evidence that such partyBadenhorst v BadenhorstThere needs to be evidence that such party controlled the trust,controlled the trust, and but for the trust heAnd but for the trust he would have owned the assets in his own name.Badenhorst vhave owned the assets in his own name”would Badenhorstneeds to be evidence that such party controlled the trust,And but for the trust he would have owned the assets in his own name.Badenhorst v BadenhorstBadenhorst v Badenhorst
  8. 8. Is “my” family trust at risk?● Trustees are obliged to give effect to the provisions of the trust deed.● Perform their duties with care skill and diligence which can be expected of a person who manages the affairs of another.● Exercise their discretion with the necessary objectivity and independence.
  9. 9. 5. Am I using my family trust effectively? “A trust is a versatile business and estate planning tool and only one’s imagination limits the purposes for which trusts may be created”.Professor W M van der Westhuizen
  10. 10. Am I using my family trust effectively?● Some times effectively could mean terminating the trust● Vesting the CGT gain?
  11. 11. 6. Will my buy-and-sell arrangements protect my family?The purpose of buy-and-sell agreementsare to create certainty both for thepurchaser and the seller’s surviving familymembers
  12. 12. Will my buy-and-sell arrangementsprotect my family?1. Agreements not signed2. Original contracts lost3. Wrong parties4. Fixed valuations5. Outdated values6. In-community marriages7. Conflict with will / shareholders agreement
  13. 13. 7. Are my policy beneficiary nominations up to date ?LIFE ASSURANCE: Policy Contract● May nominate anyone (in community marriages)● Can save executor’s fees● Still part of estate for estate duty● Security cessions
  14. 14. 8. Have I made sufficient provision for liquidity in my estate?Liquidity is an essential element of a plan – It is not the plan
  15. 15. Have I made sufficient provision forliquidity?Liquidity (cash in an estate)The need includes: Provision for dependants Settle Debts Estate expenses i. Estate Duty ii. CGT iii. Executor’s fees iv. Outstanding taxes
  16. 16. Have I made sufficient provision for liquidity?The role of life assurance1. The correct amount at the right time2. Usually the most cost effective means of providing liquidity3. The capital gains tax advantage4. Beneficiary nominations
  17. 17. 9. How will my retirement fund benefits be dealt with?Section 37 C● Dependents● Divorce● Living annuities - beneficiaries● Living annuities - divorce
  18. 18. How will my retirement fund benefits be dealt with?Saving estate duty● Maximum retirement age removed● Estate duty on lump sum removed● Tables allow for disallowed contributions● The opportunity to skip a generation● Reduce the surviving spouse’s estate duty
  19. 19. Self-assessment / Check Yourself – 10 key questions1. Do you have a strategic estate plan in place?2. Do you have a signed, and up to date will in place?3. Do you use the R3,5 Abatement to best effect?4. Is “your” family trust at risk?5. Are you using the family trust effectively?6. Are your buy-and-sell arrangements going to protect you?7. Are your policy beneficiary nominations up to date?8. Is there sufficient liquidity in your estate?9. How will your retirement fund benefits be dealt with?10. Will my family know what to do?
  20. 20. Glacier Offering : Plan to implementation● estate planning report● will drafting service● trust review/report – legal and governance● professional trustee services● estate planning aspects of business assurance structures● estate planning related tax solutions● executorships and administration of deceased estates● testamentary trust administration● offshore fiduciary services – referral basis….fixed fee based service
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