Off The Beaten Track

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Trust Funds part 3: Trusts and taxation

March 9, 2017 // 0 Comments

  When it comes to the taxation of trusts, understanding the terms in the various acts relating to trusts can be confusing, but it’s important that all trustees are aware of how the assets held by trust will be taxed. A founder setting out instructions for trustees in the trust deed relating to what type of assets can be held needs to be aware of how these conditions affect the trust’s beneficiaries. Taxes relating to the trust can be attributed to the founder, the [...]

Trust Funds part 2:How to grow your trust fund

March 6, 2017 // 0 Comments

TheĀ idea of setting up a trust seems simple enough – until one has to transfer assets to it for its beneficiaries. Trustees must be given instructions or guidelines relating to the management of the assets. And they must know what their rights and restrictions are, as well as the tax implications of the decisions they make, because this will affect the beneficiaries. How to grow the assets held in the trust Once the founder has registered the trust, assets need to be transferred into it. [...]

Trust Funds part 1: What you need to understand about trusts

March 2, 2017 // 0 Comments

What is a trust? It is a legal agreement between someone who owns assets (tangible and intangible) and trustees. Trustees are appointed to administer assets held within the trust for its beneficiaries. There are two types of trusts that can be set up. The first is a testamentary trust, created through a will and which comes into effect when the testator dies. The other, the focus of this week’s column, is an inter vivos trust, which is created while the founder or donor is still alive. [...]

Don’t put off drawing up your will

February 27, 2017 // 0 Comments

We know that death is inevitable, but we distance ourselves from our own mortality to the extent that we put off things like drawing up a will because “we can do it later”. But what if later never comes? You do not need to have millions in assets and investments to have a will. Feuds over things as trivial as cutlery prove that it’s not always about the money. If you are employed or run your own business; are part of a pension fund; have some furniture, a car or any other [...]