Demystifying Trusts in South Africa
If you knew you were going to die tonight, would your loved ones have enough money to cope financially until your estate is wound up? Do you know how much Capital Gains Tax and Estate Duty your estate would pay? Would there be enough cash or liquidity in your estate to pay the different costs that would arise?
Many people believe that estate planning is having a will, but this is just one part of the plan.
During our lifetimes, as individuals, entrepreneurs, property investors, business owners and wealth creators, we all face the risk of divorce, legal action, business failure, large tax liabilities, and claims by third parties.
More than 90% of business owners close their doors within five to seven years of opening them. For those facing liquidation, up to 98% are stripped of all their personal assets resulting from sureties and guarantees they signed as business owners. They are left with nothing.
The number one wealth preservation rule is asset protection. Most of the wealthy do not own a cent. They control their businesses, properties and other assets through trusts.
A trust will help you to separate your assets from your property investment debt, your business interests and/or your other financial risks.
If you own a business, sizeable investments and/or other assets, then you might want to pay attention. You cannot afford not to set up a trust. This book will take you through the process of setting up the right kind of trust within the correct structures so that you can protect your assets and take care of your family, during your lifetime and long after your death.