Overseas assets can delay the finalisation of an estate significantly, as your will would have to be sent to the country where the assets are. A grant of probate is then needed for your executor to be recognised in that country. This takes time and is costly.
If you have overseas investments you should consider putting them into a structure to which you can attach a beneficiary. This will remove the delays and costs of having to have a grant of probate registered.You can make your family members the beneficiaries of a living annuity. They will receive the proceeds in a lump sum or as a series of annuity payments. Living annuities funded from a pension or retirement annuity do not attract estate duty.You are allowed to invest more than 27.
The excess contributions will be deemed an asset in your estate and will attract estate duty. However, if your beneficiary receives the proceeds of your retirement fund as an annuity, it will not attract estate duty.Kenny Meiring is an independent financial adviser. You can contact him at financialwellnesscoach.co.za. Please send your questions toThis story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R25.
Health Health Latest News, Health Health Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Medshield ups benefits, while keeping 2023 premium increases to a minimumSPONSORED | MedshieldSA knows that spiraling interest rates and fuel prices have wreaked havoc on South Africans’ disposable income. That’s why this member-centric medical scheme has kept its 2023 annual premium increases as low as possible.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Medshield ups benefits, while keeping 2023 premium increases to a minimumSPONSORED | MedshieldSA will continue to offer members excellent value for money with increased benefits, fewer co-payments and unlimited GP consultations for select conditions in 2023.
Source: SowetanLIVE - 🏆 13. / 63 Read more »