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Recent case law has clarified a grey area of ‘The Wills Act of 1953’, namely the position of surviving ex-spouses if a testator passes away less than three months after a divorce.
As a result of recent legislative changes, the tax structures some financial planners had set up solely to assist their clients avoid or defer donations tax and estate duty might no longer be effective. Section 7C of the Income Tax Act, introduced by the 2016 Taxation Laws Amendment Act, in particular, is already making the estate planning advisory work of financial planners more challenging.
In the age of information technology and innovation, legal services are sadly still inaccessible to the majority of the South African population, but with the recent entry of Epoq Legal into the South African marketplace – able to provide online legal document and form drafting services unlike any other in the industry at a fraction of the cost – the hope is that this will no longer be the case.
Sanlam’s Institutional Insights conference offers top global perspectives to guide fiduciaries.
The strongest deterrent against FSP compliance missteps is or should be: