Customising your estate plan and transferring wealth while minimising your tax exposure
Successful wealth transfer plans begin with sound tax and personal planning, which provides reassurance that your assets will be transferred according to your wishes. RSM can assist you with the full process, providing guidance every step of the way. This includes the following key areas.
Wills drafting and consulting
Having a valid and a well-executed Will is very important. A Will provides you with the certainty and comfort of knowing that, in the case of death, the assets that have been accumulated during your lifetime will be distributed according to your wishes.
However, there are a number of legislative requirements that must be complied with to ensure that a Will is considered valid, and that speaks to your financial plan . This is why it is vital to work with a professional who can guide you every step of the way.
RSM have extensive experience in the drafting of Wills and Estate Planning.
When advising a client regarding his or her Estate Planning, a detailed analysis of the client’s affairs is carried out. We consider the use of trusts as part of Estate Planning, the estate duty implications, as well as the implications of capital gains tax and donations tax. Most importantly we consider the objectives and needs of the client and their dependents, such as:
- The liquidity needs of the client’s estate
- The client’s business interests
- Offshore assets
- The marital regime applicable to the client and the possible consequences thereof on the client’s death (including accrual claims)
- Life-partners or cohabitation relationships
- The nomination of guardians for minors
- Maintenance for dependents
- Disabled dependents
The Will is then structured accordingly, and where necessary, using an inter vivos or testamentary trust. The objective is to give the client peace of mind and to provide for proper succession.
We maintain a database of all our clients’ Wills, and we store all Wills in our safe for safekeeping.
Estate Duty and other tax considerations
At RSM, we assess the potential Estate Duty exposures that may arise on passing, helping to assess what tax exposures may exist for planning purposes, whether from a liquidity perspective or for specific planning in the terms of the Will.
We also consult on the potential tax exposures that may arise on death, ranging from income tax, donations tax, the Estate Duty tax or any other relevant exposures.
At RSM, we wind-up deceased estates. Our Private Client Services Team is made up of multi-disciplinary professionals with expertise in tax, legal and accounting. This ensures the process is seamless and minimises the admin involved for the family at an already difficult time.
Our team assist in preparing, completing and submitting the necessary documentation, as well as liaising with the Master of the High Court, to wind up the estate.
We understand the emotions and uncertainty experienced in winding up an estate, and assist the family in navigating this difficult time.