Heading up these services
1. Estate Planning
The following aspects must be covered in the estate plan:
What is a trust?
The process whereby a client's financial affairs in respect of his will, property, trusts, insurance, income tax and estate duty are restructured to achieve certain objectives.
Drafting of a legally binding will to ensure a practical and equitable distribution of assets to heirs and minimising death duties.
Too serve as a vehicle to own assets with the view of creating wealth for future generations, saving cost and taxes, insuring effective succession and to protect the assets against the claims of creditors. This service includes the drafting, implementation and administration of trusts.
We can accept the appointment as corporate trustee of a trust
and will perform the following duties as set out in the Trust
Property Control Act 57 of 1988:
- Legal audits of existing trusts and advice on the feasibility thereof.
- Accept the office of trustee to the trust and effect the appointment at the relevant Master's Office;
- Take control of the trust assets with the other trustees in office from time to time and see to the management thereof in terms of the trust deed;
- Complete an inventory of all designated trust assets;
- Ensure that the trust has a separate bank account and that all the assets of the trust are held in the trust's name;
- Ensure that there are no vacancies in the office of trustee in terms of the trust deed, and if applicable, see that the vacant positions are filled;
- Be responsible for proper administration of the trust and transactions involving trust assets, which shall include, but not be limited to the following:
- Financial administration of the trust, i.e. keep proper records and books on all the trust assets;
- See to all compliance functions, i.e. tax and statutory compliance;
- Normal day to day administration issues, i.e. ensure that minutes are taken at meetings and resolutions drafted where required.
- Convene trustee meetings on a regular basis, either quarterly or biannually, or at the instance of the remaining trustees if specific situations or queries arise which would necessitate urgent action.
- Advise trustees on any statutory changes that may impact the business or affairs of the trust and provide alternative solutions.
2. Tax advice
At the center of personal financial planning lies tax planning. Without proper tax planning, a financial plan is only partially complete.
3. Estate Administration
This service includes the administration of deceased estates and testamentary trusts, as well as acting as executor/trustee.
4. Financial Planning and Advisory Service
- Risk Planning – effective use of Life Assurance and Investments to provide for dependents in case of disability, retirement or death. FinHub Consult is not a registered financial services provider and therefore the client can either make use of FinHub Life & Invest or his/her own financial advisor to address these calculated needs.
- Retirement planning – calculating capital requirements for retirement, ensuring income provision and capital preservation during retirement.
- Asset restructuring - to separate business interests from personal investments.
- Succession planning - what will happen to the business interests of a business?
5. Drafting of contracts
Buy and sell agreements, ante nuptial contracts, etcetera.