Want to know what about the types of tax you will need to pay on your Estate? This article will show you. If you’re looking for advice on tax related to your Estate, Crest Trust can help you.
- There are a variety of taxes to pay on your estate, including Estate Duty, Donations Tax, Gift Tax, Capital Gains Tax, as well as transfer duty
- An executor administers the Estate duty, which is payable at 20% of the estate’s taxable worth, once deducted by R3.5m
- Tax is deducted from the estate when the estate is liquidated
There are a variety of different taxes related to you Estate, depending on how your Estate has been constructed and what assets you own. This can include different Trusts and how you’ve declared the division of your Estate, via your Last Will and Testament.
Estate Tax: Different Types
Estate Tax comes in different forms, including Estate Duty, Donations Tax, Gift Tax, and Capital Gains Tax. Your Estate will also come with transfer duty fees. All of these taxes and fees are payable by the Estate itself, meaning your beneficiaries shouldn’t bare the cost of any of the aforementioned, depending on how your Estate has been constructed and what your Last Will and Testament designates.
To minimise the costs you pay on your Estate get in touch with Crest Trust now.
Estate Tax: Estate Duty
If your estate is structured correctly, your heirs will never have to feel the brunt of this tax, since all tax payable on the Estate is handled by the Estate itself. Estate Duty is calculated at 20% of the Estate’s taxable worth, following an abatement of R3.5 million.
(For more information on Estate Duty, read up on our section about Estate Planning)
Estate Tax: Administration
Understanding the true nature of the taxes you have to pay on your Estate can be an impossible task for the layman. Putting your estate in the hands of a fiduciary professional can make all the difference in seeing your assets reach their full potential on the hand of the people who need them the most. Crest Trust can help you minimize tax deductions from your estate, which ensures you heirs get the best inheritance. Get in touch with now for more information.