Family wealth protection strategies can be achieved through strategic family financial planning. You can extend that planning through life-long reassessments and tweaks to your financial plans and the creation of family trusts to protect that wealth for future generations.

Family Wealth Assessments:

Investing in a professional assessment of your family wealth will help you make wise financial decisions – from budgets and saving strategies, to tax structuring and investments. A financial assessment will help you manage your family finances like a business.

Ongoing Family Financial Planning:

Family Wealth Assessments are not one off. They form part of an ongoing financial review and financial planning strategy for family wealth protection. This starts with the initial assessment of net worth and continues to periodic or annual reviews and re-assessments of net worth, policies, investment strategies, wills, trusts, financial and tax plans:

  • Preparation of a net worth statement
  • Initial and ongoing assessment and adjustment to insurance policies
  • Tracking of family net worth value and returns on investments
  • Annual review of family financial plans and tax strategies
  • Post annual review modification of family financial plans – accommodating changes in investment landscape, opportunities, laws and legislation that may impact on your family’s wealth in the long term.

The financial services offered with a family wealth protection assessment, will give you the tools to protect your family wealth and financial health in the short, medium and long term. You will be able build up a financial portfolio that will carry that wealth over to your children, and in turn (if managed wisely) their children. This is ‘wise management’ is best done through Family Trusts.

Family Trusts:

Though changes in the Family Trusts laws in South Africa have made the tax benefit aspects to Family Trusts less straightforward than they were, they are still the best way to protect family wealth. Your financial advisor will help you set up a Family Trust instead of a Will (or alongside a Will) to protect your children’s inheritance from Capital Gains Tax and other duties.

Through careful guidance and a holistic approach to your business and family finances, “Family wealth protection strategies” comes easy to TAT Accountant. We are the number guys.

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