Estate Tax: Knowing what to pay

Estate Tax: Knowing what to pay

 

  • There are a variety of taxes to pay on your estate.
  • Estate tax is dedcuted when the estate is liquidated.
  • An executor administers the tax payment via estate duty.
  • Estate duty is payable at 20% of the estate’s taxable worth, once deducted by R3.5 million.

As you should be well-aware, there are varieties of estate tax which apply to some people and not to others. As you could expect, there are a number of taxes applicable to fiduciary services which have a massive effect on your estate.

Crest Trust is able to offer tax advice related, but not limited, to the following:

  • Estate Duty
  • Donations tax
  • Gift Tax
  • Capital Gains Tax
  • Transfer Duty

Knowing what duties your estate is liable to pay for can be a nightmare to deal with. Entrusting your estate tax to a fiduciary professional can make all the difference in seeing your assets reach their full potential in the hands of the people who need them the most.

Crest Trust can help you minimize tax deductions from your estate, which ensures your heirs get the best inheritance. We can also do your estate planning and can administer your estate following your death should we be made an executor on your will. Making your fiduciary provider an executor on your estate is a good idea since it is the responsibility of the executor to minimize payable duties.

Currently, estate duty is calculated at 20% of the estate’s taxable worth, flowing an abatement of R3.5 million. If your estate is structured correctly, your heirs will never have to feel the brunt of estate tax, since all tax payable on the estate is handled by the estate itself.

Crest Trust are licensed fiduciary professionals and can advise you on the best course to take regarding fiduciary and estate tax laws. For tax advice relating to your estate, contact us today and we’ll be happy to assist you further.

Filed Under: Tax

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Crest Trust Services (PTY) Ltd. is an Authorized Financial Service Provider with FSB No: 28966