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Filter: Trust
Three’s a crowd? SARS, Trusts and Beneficial Ownership

22 April 2024,  Dr Candice ReyndersElani van Coller

The General Laws Amendment Act 22 of 2022 (“Amendment Act”) promulgated as part of legislative framework changes by South Africa... to curb money laundering, has introduced key changes to the trust environment, requiring extensive beneficial ownership and other reporting by trusts. SARS is also aligning its tax and data collection imperative with these changes by requiring similar reporting as part of trust tax submissions. In this article, we review the impact of these changes on trusts.

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Article
Safeguarding your legacy for your children

26 March 2024,  André van Niekerk

For any parent, the question of how to protect and provide for their children after their passing is a burning... concern that arises long before the first child is born. In this article, we explore how parents can safeguard their legacy for their children.

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533
Article
New CIPC changes for the filing of annual returns

15 January 2024,  Elani van Coller

CIPC has again announced changes to the CIPC system for the filing of annual returns and beneficial ownership information, which... introduces mandatory obligations for companies and close corporations when filing their annual returns. 

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Article
Trustees beware! You can now be fined and jailed!

27 February 2023,  André van NiekerkJohnny DavisMark le Riche

Trusts have for some time now been the target of criticism for their alleged use and abuse in the money... laundering environment. The latest challenge to the trust comes in the form of a major amendment to South Africa’s anti-money laundering framework by the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) which holds serious implications for trusts and trustees. In this article we will focus specifically on how the trust form is abused and how the Amendment Act aims to curb such abuse.

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Article
Why you must have an independent trustee on your family trust

22 November 2022,  André van Niekerk

A question often asked by clients is “why must I have an independent trustee on my family trust?” In this... article we unpack the reasons for this and how this works.

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Article
Will trust assets form part of your estate at divorce?

15 September 2022

Just before a couple married with the accrual system finalised their divorce, the husband created a trust and transferred money... and property to the trust. The result is the husband’s estate is considerably reduced when it comes to the accrual calculation. Is this acceptable and does it mean his estate is reduced, or can his wife claim that these assets transferred to a separate trust be included in the calculation?

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Article
DTI sheds light on collective enterprises

14 July 2021,  Luhann Prinsloo

I’ve taken over the management of a non-profit trust that is focused on the development of previously disadvantaged scholars based... in rural communities. Increasingly, companies that want to fund and work with us are asking us for a BEE certificate. However, our auditors have told us that it’s not so easy for a trust like ours to be rated as we don’t have named beneficiaries. Is this correct and what are our options?

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Article
Can adopted children benefit from a family trust?

14 June 2021,  Elani van Coller

Sometime before his death, my father established a family trust which contained properties that were rented out to generate income... for my mother. In accordance with the trust deed however, once my mother dies, the income from the properties would go to the children of my mother and father. I have an adopted brother and 2 biological sisters. There is now a debate as to whether my adopted brother also qualifies to benefit from the family trust. What is the legal position?

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Article
Estate Planning 101: Life insurance and inter vivos trusts

30 November 2020,  Johnny Davis

Some young professionals are lucky in the sense that mom and dad could help buy them that first car, or... even that first house if you are really privileged. For the rest of us, the well-known concept of debt is a necessary evil to get us on our way. In the event of your passing, the purpose of a life insurance policy is simply to save your loved ones the headache of that monthly car or house instalment and also to pay the taxman who comes knocking.

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Do trusts still have a role to play in estate planning?

16 October 2019,  Nanette Janse van Rensburg

My wife is pregnant with our first child and I am considering whether to set up a family trust for... estate planning purposes. Lately however I have read negative commentary about using trusts, particularly anti-avoidance tax legislation aimed at trusts. I don’t want to start a family trust if it’s not going to be beneficial. What advice do you have in this regard?

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Article
Can the majority of trustees request a trustee to resign?

03 January 2019

I am a trustee on a family trust. I was recently informed by the other trustees that they are requesting... me to resign as trustee. They did not provide me with any reasons except to say that they are allowed to do this as the trust deed gives them such powers. Can they just do this?

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Article
When does my family trust terminate?

08 August 2018

I have established a family trust for estate planning purposes to make sure my children are looked after when I... pass away. I was wondering though if the trust can be terminated after my death, and if so, when? I wouldn’t like all my planning to be for nothing because the trust just ended.

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