estate planning for the business owner
TRANSCRIPT
Estate planning for the business owner
12/2007
Presentation by Tyron ForemanFinancial Adviser021 945 2258 / 082 937 [email protected]
Agenda
● What is estate planning?● How is estate planning done?● When is estate planning done?● Who must be involved in estate planning?● Why estate planning?
What is estate planning?
● Estate planning is …● The continual planning of the accumulation (building up) of or
creation of your assets, the utilisation thereof during your lifetime and the eventual distribution thereof during your lifetime or after your death, to give you and your family the best possible advantage in the long term
Why estate planning?
● Protection of assets ● Minimisation of tax
Income tax Estate duty Capital gains tax Value added tax Donations tax Transfer duty
Why estate planning?
● Equitable inheritance● Care of dependants● Succession
Who must be involved in estate planning?
● Business-owner ● Husband● Children ● Heiress● Capable advisers
When is estate planning done?
● Continually Factors that necessitate continual reviewal:
Legislation Economical/Political conditions Births/deaths/marriages/divorces Occupations of children/heiress
How is estate planning done?
● Document all relevant information Assets Liabilities Income Expenditure Legal; structures Composition of family Wishes/Vision
How is estate planning done?
● Analyse information● Make recommendations● Implement recommendations● Review continually
