In the past, estate planning services focused on planning for what would happen to a person’s assets after they died, but that isn’t necessarily the case anymore. Now, it has more to do with how a person’s wealth will be managed while that person is alive and how everything will be handled after death. Long gone are the days when someone could simply pass down a business or estate to a child or trusted family member. Now, people need to ensure that their estate is healthy and that there will be something to pass on when that time comes.
For those with a business to pass on, it is important to ensure that the business changes with the times and that what is left behind is profitable. To achieve this, you need estate planning services that will help you to reach your financial goals, plan for retirement, and keep your family safe. Accountants are the best option for this – let’s explore why.
Accountants Know Estate Tax Laws
Remember that estate tax laws in South Africa are very complex and change on a regular basis. When tax laws change, accountants are the first to know. As this happens on a yearly basis (if not more often), it is a job in and of itself to stay on top of not only what those laws are, but how they will impact businesses and families. Legislative changes are so common that the best accountants know how to work around them and provide estate planning that will withstand the ebb and flow of regulations.
Accountants know that time is of the essence when it comes to estate planning – nothing is promised. That is why, at the first whisper of a change in the law, they are likely to reach out to make changes. For those who don’t stay abreast of changes, too much time could pass and a change might not be possible.
Even if you are able to track these tax law changes on your own, estate planning services can help to devise new strategies that will complement them.
Estate Planning Services for Succession
The goal of every business owner is to create something that will last for generations – no one builds a business in hopes that when they die, the business will too. In estate planning, business succession is essential. Often, businesses that do not have clear instructions for succession will fall apart due to conflicting opinions. Planning for business succession early can help immensely.
By working with an accounting firm that is also an estate planning service, you will give yourself ample time to prepare for succession and other future challenges. An accountant will be able to audit your assets and get a better understanding of your business. This accountant may already know about your taxes or at least have an idea of what you will face. He can help to come up with an estate plan that will minimize taxes and conflict. IC Quantum, for example, has helped businesses from many sectors avoid costly business and estate taxes thanks to careful planning.
Top Estate Planning Services in South Africa
The truth is that an accountant is the best possible person to handle estate planning for many people in South Africa. While talking about what will happen after we pass on may seem morbid, it is a necessary part of life for so many people. In particular, if you have a business, children, or loved ones that you want to provide for, this is one final way that you can take care of them. You will be able to save them a lot of stress and confusion – and potentially even money. In some ways, it is comforting for them to hear about what you wanted.
It is never too early to start estate planning, even if you don’t have a great deal of money in your bank account or you aren’t ready to give up your business just yet. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed.
To get started, schedule an appointment today.
