Ronel Talks Money: Demystifying Trusts
In this Ronel Talks Money interview we demystify trusts. Can a trust work for you? Can you use a trust structure for tax savings? What are the types of trusts? How to set-up a trust? And lots more…
In this interview I talk to Phia van der Spuy, CEO of Trusteeze (Pty) Ltd. Phia is a Chartered Accountant with a Masters degree in Local and International Tax, a registered Fiduciary Practitioner of South Africa®, a Master Tax Practitioner (SA)™, a Trust and Estate Practitioner (TEP) and the founder of Trusteeze®, a professional trust practitioner. Phia also published a book called “Demystifying Trusts in South Africa”, to educate all role players in a trust. Trusteeze offers digitised trust administration and accounting services.
A few of the questions we answer in this interview:
- Explain to us in layman’s terms what is a trust?
- What are the pros and cons of trusts?
- What are the legal requirements you need to be aware of?
- Briefly explain the different types of trusts?
- How would you typically set-up a tax structure?
- What is the process you need to follow to register a trust?
- What type of costs are involved?
- What are the accounting / auditing requirements?
- Would a trust require a separate bank account?
- Tell us about the tax implications?
- If you have a trust but don’t have children, what will happen to your trust when you pass away?
- If you decide to immigrate, what will happen to your trust?
- If you realise you made a mistake setting up your trust or the landscape changes and it is no longer beneficial to you, how do you rectify it?
- Trusts can be complicated, where can you typically obtain sound advice to set-up and administer a trust?