Do YOU want to leave a LEGACY?
How to preserve your Legacy!
Most of us would like to leave the world in a better place when we depart. The reality is that very few of us will affect planetary change. However, we can still leave our spouse and children in a better position by ensuring that our financial legacy is passed on to them (or to other friends/relatives or charities).
This is less likely to happen if we allow over 50% of our estate to be lost in fees and taxes. Even if you are comfortable in allowing such erosion of your wealth, there may be significant unintended hardship for your spouse and children.
- Firstly, your assets will be frozen and if they want to access your funds, they will be unable to do so.
- Secondly, the fees and taxes are payable by your estate. You may have many assets (movable or immovable) but not much liquidity (cash). The result is that despite being "wealthy", your spouse/child will have to sell these assets to pay the fees and taxes. This often results in assets being sold below market value. I have just recently advised a client who was forced to sell his farm (where he intended retiring) because of liquidity issues when his wife passed away.
All of this hardship can be avoided!
If your assets are held in a Trust, your beneficiaries will be able to continue to enjoy the use of these assets in exactly the same way as when you were alive. There will be no freezing of assets. There will be an insignificant amount of fees (Executor, Legal, Estate Agent, etc.) or taxes (Estate Duty, Transfer Duty, Capital Gains Tax) payable.
Trusts are NOT only for the wealthy but for anyone that wants to leave a Legacy. Bespoke Trusts may be expensive but a standard Trust should not be beyond your reach.
More details are available at www.elegantcorp.co.za
I made this VIDEO a few years ago, but it is still very relevant! Please view the VIDEO by clicking the Link.
Contact me at firstname.lastname@example.org for a FREE consultation or feel free to Comment below.
Why not subscribe to this Blog for regular updates?