Estate Planning

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Estate Planning

  1. 1. Estate Planning for the Business Owner
  2. 2. Agenda <ul><li>What is estate planning? </li></ul><ul><li>How is estate planning done? </li></ul><ul><li>When is estate planning done? </li></ul><ul><li>Who must be involved in estate planning? </li></ul><ul><li>Why estate planning? </li></ul>
  3. 3. What is estate planning? <ul><li>Estate planning is … </li></ul><ul><li>The continual planning of the accumulation (building up) of or creation of your assets, the utilisation thereof during your lifetime and the eventual distribution thereof during your lifetime or after your death, to give you and your family the best possible advantage in the long term </li></ul>
  4. 4. Why estate planning? <ul><li>Protection of assets </li></ul><ul><li>Minimisation of tax </li></ul><ul><ul><li>Income tax </li></ul></ul><ul><ul><li>Estate duty </li></ul></ul><ul><ul><li>Capital gains tax </li></ul></ul><ul><ul><li>Value added tax </li></ul></ul><ul><ul><li>Donations tax </li></ul></ul><ul><ul><li>Transfer duty </li></ul></ul>
  5. 5. Why estate planning? <ul><li>Equitable inheritance </li></ul><ul><li>Care of dependants </li></ul><ul><li>Succession </li></ul>
  6. 6. Who must be involved in estate planning? <ul><li>Business-owner </li></ul><ul><li>Husband </li></ul><ul><li>Children </li></ul><ul><li>Heiress </li></ul><ul><li>Capable advisers </li></ul>
  7. 7. When is estate planning done? <ul><li>Continually </li></ul><ul><ul><li>Factors that necessitate continual reviewal: </li></ul></ul><ul><ul><ul><li>Legislation </li></ul></ul></ul><ul><ul><ul><li>Economical/Political conditions </li></ul></ul></ul><ul><ul><ul><li>Births/deaths/marriages/divorces </li></ul></ul></ul><ul><ul><ul><li>Occupations of children/heiress </li></ul></ul></ul>
  8. 8. How is estate planning done? <ul><li>Document all relevant information </li></ul><ul><ul><li>Assets </li></ul></ul><ul><ul><li>Liabilities </li></ul></ul><ul><ul><li>Income </li></ul></ul><ul><ul><li>Expenditure </li></ul></ul><ul><ul><li>Legal; structures </li></ul></ul><ul><ul><li>Composition of family </li></ul></ul><ul><ul><li>Wishes/Vision </li></ul></ul>
  9. 9. How is estate planning done? <ul><li>Analyse information </li></ul><ul><li>Make recommendations </li></ul><ul><li>Implement recommendations </li></ul><ul><li>Review continually </li></ul>

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