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Category: Legal Advice / Visas Published date: March 29, 2016
Setting up of Trust Deed(Family Trust)

Mungu Investment is Estate Administration company that speciliases in registration of trust deed.Contact us at 0812 77824 or 297 3072
Email:munguinvestmentcc@gmail.com
Family trust A trust that comes into being through an agreement between the founder and the trustees. Assets are sold to the trust and a loan account (debt) is created, or assets can be donated, but with donation tax implications. The trust may obtain other assets by way of purchasing or an inheritance.
 
 
Advantages of a trust There are a number of advantages to placing assets in a trust for estate planning purposes. These advantages include: 1. Saving on estate duty. The growth on assets, such as shares, transferred to a trust is not subject to estate duty, because the growth belongs to the trust. If you have made use of a loan to the trust, the value of the assets as at the date of transfer remains an asset of your estate because of the loan account in your estate. 2. A trust does not die. This means that a trust is not liable for estate duty, other taxes or costs, such as transfer duty, executor's fees, or conveyance fees, that would be payable in the hands of your estate or heirs. Also, the trust does not pay CGT as long as an asset is not sold. 3. Fixing value. The value of any assets transferred to a trust is effectively frozen for estate duty purposes. 4. Trusts continue to pay benefits to dependants (beneficiaries) after you die. On the other hand, assets in your estate may not be freely available to your dependants, because your estate is frozen during the winding up process. This may result in your dependants not receiving an income until after your estate is finalised. 5. Protection of assets. A beneficiary cannot sell a right in a trust (unlike shares in a company). If a beneficiary becomes insolvent, the assets in the trust continue to be protected (unlike shares in a company). Likewise, if you, as the donor, or the trustees become insolvent, the trust's assets remain protected.
A trust does not form part of a deceased estate: as a trust is not something that you own,  it does not fall into your  estate on your  death.  Thus it can continue to be run in accordance with the trust  deed  after your death.  A CC on the other  hand is an asset in your estate, and needs to be sold or transferred to your heirs


Other Details:

  • Country : Namibia
  • Region : Windhoek
  • City : Windhoek
  • City area : Windhoek
Contact Number : 0812 77824

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