WEALTH
Even if the pandemic had no direct impact on certain people ' s finances , people are generally always searching for better : Better quality of life , a bigger house , a fancier car , more money , less stress , and less tax . Does this sound familiar ?
At Wealth Masters , many of our clients are reevaluating their financial position as well as their work and family time balance . Most of our long-standing clients are spending more time with their families now as they have their passive income generating structures in place . Some others are not there yet , but they have clear goals and are moving forward , steadily and surely .
DREAM BIG - START SMALL
Unfortunately , many South Africans still make the mistake of thinking only the wealthy need to structure their assets . This is simply not true , as every person who has assets and investments can take advantage of the benefits of the types of trusts we set up , such as ;
1 . Doing business in a safer structure . This might require restructuring of your current business setup , but will give you the protection of assets ( business and personal ) from creditors . Since the trust assets do not form part of your business or personal estate , they are not attachable by creditors , if the trust is properly administered .
2 . Ensuring minor children are financially cared for when you pass away . In terms of South African law , minor children cannot inherit . If both parents or the only parent pass away , the entire estate will be liquidated and the cash will be paid into the Guardian ' s fund , a fund administered by the government . If you have your trust in place , the children should enjoy all the same benefits they had during the life of their parent / parents .
96 NOV 2022 SA Real Estate Investor Magazine