My colleague Jan recently scheduled a appointment to wind up an estate of R30 million Rand.
The first question that came up with me was
“How did it happen that one builds up an estate of R30 million Rand and not have proper estate duty planning in place?”
I am sure that the deceased who left the R30 million estate was an astute businessperson that accumulated wealth over a period of time and that poses the question, why did the person never employ the services of a professional person to assist with the planning of the estate?
says Meyer de Waal of MDW INC.
MDW INC Attorneys offers such a service to assist a client with proper estate and structure planning to remove the risks of dying and paying unnecessary death duties and costs, which includes estate duty, capital gains taxes, executors’ fees and many more.
NEW OFFICE OPENED IN TSHWANE
This service was recently expanded through the collaboration of the opening of an MDW INC office in Tshwane.
The MDW INC Tshwane office is managed by Jan Pretorius.
The collaboration flows from a friendship between Jan and Meyer de Waal of the Cape Town MDW INC office that started in 1980 when both worked at the office of the Master of the High Court in Bloemfontein.
86 YEARS YEAR’S OF SPECIALIST ESTATE KNOWLEDGE
This unique friendship offers the combined value of 86 years of specialist estate knowledge to assist clients with estate and structure planning, such as the formation of trusts and companies as example, all “tools” and structures that can aid an individual or couple with estate planning.
MORE BACKGROUND ON JAN
Jan started his career in 1979 at the Master of the High Court in Bloemfontein and for many years practiced as a liquidator of insolvent estates.
He also accepts appointments as a curator bonis for specialist appointments in curatorship estates.
MORE BACKGROUND ON MEYER
Meyer started his career at the Master of the High Court in Bloemfontein in 1980.
After relocating to Cape Town in 1987, working at Van der Spuy and Partners, he also lectured on estate matters for the School for Legal Practice hosted at the premises of UCT.
He also lectured on Trusts for the Law Society (now the LPC) and was one of the founding members of the Cape Town Wills, Estates and Trust Committee and member for several years.
Bevan Geyser assists Meyer in the estate department at the Cape Town office.
Meyer contributed for the past 18 months in the African Bank Radio station discussions on estate planning and estate matters every Monday morning. To listen to these podcasts, click here.
ESTATE DUTY AND OTHER DEATH COSTS AND EXPENSES ON R30 MILLION
Not everyone leaves an estate of R30 million, says Meyer.
Estate planning is critical for every estate, even if you pass away leaving an estate of much less value.
If the net value of an estate exceeds R3,5 million Rand, then the excess and dutiable estate will be taxed at 20 % estate duty.
If the net value exceeds R30 million, then the estate duty will be 25 % on the dutiable estate.
Matters that impact on the winding up of an estate that will have an impact on the estate will as example be:
OWNERSHIP IN A COMPANY or CLOSE CORPORATION
This is the first of a part of multi series of discussions of estate duty and estate planning.
No part of this information must be regarded as legal advice and we recommend that a consultation be scheduled with Meyer or Jan for an extensive discussion and estate and will planning session.
To schedule a meeting with Meyer
Zoom consultation – click here,
Office consultation – click here
or send him an email to firstname.lastname@example.org
Meyer de Waal
021 461 00615
Direct line : 021 344 2414
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)