WMC CASE STUDY
COMPANY PROFILE
2 . Bank accounts are frozen , with no access to cash whatsoever
3 . The Government ’ s Guardian Fund can take away your minor children
4 . The Executor of the estate ( mostly a FSP ) will wind up the estate irrespective of any will and / or testament that is in place
5 . The Executor sells and auctions all your assets & more than 50 % of the value of the assets are lost
6 . Creditors are all paid up first , leaving a pittance for the family members
Estate costs also start racking up :
• Estate Duty - 25 % to SARS on the estate ' s nett value
• Capital Gains Tax - 18 % to SARS
• Executor Fees - 4 % of estate ' s gross value to bank or insurance company
• Auctioneers Commission - 10 %
• Transfer Duty - 13 % on luxury houses
WMC CASE STUDY
Let ' s imagine two individuals attending our day-long seminar , both receiving the same message . They ' re both eager to organise their affairs and invest in property .
• Person A schedules a consultation with our Wealth Officer , addressing their concerns and creating a solid plan going forward .
• Person B , however , discusses the seminar learnings with friends who offer their advice without fully grasping the context , of what was presented in detail fuelling Person B ' s initial fear .
• To those in the " Person B " category , consider this : How many investment properties do your friends own ? Are their affairs arranged to ensure their family ' s well-being after they ' re gone ? If the answer is no , that ' s where the issue lies .
• Damien attended his first Wealth Mastery Seminar at 16 with his parents . Afterwards , he was like Person A , excited for his parents to act on the knowledge , knowing it would yield long-term benefits .
• Unfortunately , they did not act and rather followed their friends ' advice , leading to financial difficulties
• He also had fears before embracing this Wealth Mastery system . What if it fails ? What if he selected the wrong property ? What if
SA Real Estate Investor Magazine AUG / SEPT 2023 34