Estate Planning
Considering all the factors involved in estate planning can be a daunting task. At Lumina, we know that it is easy to overlook some of the considerations and therefore we believe that estate planning is a process and not a single quick stap shot of one’s affairs. Each person must be equipped with all the necessary tools to assist him or her to recognise events that would require a re-look at the estate plan.
Estate planning involves the structuring of assets in the most tax effective way to ensure protection and preservation of assets from one generation to the next. Various factors should be taken into account which include:
- Ensuring that your wish of distribution of assets are synchronized with your will
- Ensuring that the estate have enough cash (liquidity) to settle any debt and taxes
- Provision for minor children and special needs family members
- Appointment of heirs and legatees of choice
- Considering taxes payable during life and at death, including income tax, capital gains tax, and estate duty
- Nomination of an executor and ensuring that such executor is granted the powers necessary to fulfil the role properly
- Business succession planning
- Valuating assets at current values