How to start a property portfolio with r35k?
“First establish your goals and then reverse engineer the planning process. You want to plan your wealth structures, multiple financing strategies and investment focus in the short, medium and long term to have them all work in sync,” says Anton Breytenbach from Empire Wealth.
When do estates have to be reported to the Master?
When and by whom must estates be reported? The estate of a deceased person must be reported to the Master of the High Court within 14 days of the date of death. The death is to be reported by any person having control or possession of any property or documents that is or intends to be a will of the deceased.
Can a bequest be made to a spouse?
Yes this is possible. The bequest to your spouse would be of what is legally known as a limited interest. There are various limited interests and your professional advisor would be able to assist you in deciding which is best suited to your purpose.
When do spouses and descendants inherit an estate?
When the deceased leaves only spouses and no descendants, the wives will inherit the estate in equal shares. When the deceased leaves spouses and descendants the spouses and descendants will inherit the estate in equal shares but each wife shall inherit at least R250 000.
How are lifetime gifts included in estate taxes?
Lifetime gifts that are complete (no powers or other control over the gifts are retained) are not included in the Gross Estate (but taxable gifts are used in the computation of the estate tax). Life estates given to the decedent by others in which the decedent has no further control or power at the date of death are not included.
Where did the weshta family put their home?
After Ms. Weshta suffered a fall in 2010 and moved to an assisted living facility, Ms. Kogan and her siblings decided to put their mother’s home in Fiske Terrace, Brooklyn, and a vacation bungalow in Southold, N.Y., into an irrevocable trust, eventually selling both properties. Credit…
What should I do if my parents house is on the market?
A home that belonged to an elderly parent or other relative may need repairs and updating before you can put it on the market. You’ll need to clean out your relative’s belongings. Consider hiring an inspector to spot potential problems and recommend repairs.
What should I do if my estate exceeds the tax exemption?
For estates that exceed the tax-exemption limit, estate planners often advise placing a primary or secondary home in a Qualified Personal Residence Trust. This type of trust essentially allows the homeowner to give the property to beneficiaries at a fraction of its value, which reduces the estate tax burden, Mr. Fatoullah said.