Off The Beaten Track

trusts

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 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. [...]