Estate Planning
Estate planning is a vital element of a client’s global financial plan. It is an ongoing process to safeguard a client’s future financial stability and that of their dependents.
Based on each client’s individual circumstances and goals, IFS identifies and establishes the vehicles necessary to protect a client’s assets and to ensure that both Estate Duty and Capital Gains tax are reduced as much as possible within the regulatory framework. Our estate planning services are tailored to each client’s individual needs and financial circumstances, whilst still remaining flexible enough to adjust with changing legislation.
Wills & Executorships
Wills form an essential part of the estate planning process. IFS understands that in drafting a will, we need to keep in mind not only the personal wishes of the client, but also the various structures and vehicles which form part, or which will be excluded from, the client’s estate. A client may also have structures or assets located in various jurisdictions which will require not only a South African will, but also offshore wills to ensure that the offshore assets are not included in a client’s South African estate, whilst also allowing the executors to wind up the South African and offshore estates simultaneously.
IFS aims to provide clients with a specialist service in this regard and all local wills are drafted by our in house attorney, and all offshore wills in consultation with a reputable law firm in the United Kingdom. Clients receive in-depth, impartial advice based on each client’s personal circumstances and clients can rest assured that their wills are professionally drafted and legally executed.
IFS also provides executorship services, thus providing clients with a continued service from the drafting of a will to ensuring that a client’s wishes are executed timeously and seamlessly in terms of their wills. This service ensures that a client’s family is not placed under unnecessary stress during an already difficult time.
Trusts
A trust still remains a useful vehicle to ensure the protection of wealth for future generations. A trust can own any asset, from properties, investments, shares etc., all to be administered for the benefit of the beneficiaries.
IFS specialises in the registration and administration of trusts. This includes the drafting of trust deeds and letters of wishes; as well as administering the trust bank account (on our Corporate Cash Manager platform with Investec), drafting of annual financial statements of the trusts, submitting the trust tax returns and fulfilling the role of independent trustee. With IFS a client can have peace of mind that all trust affairs are fully compliant and that the day to day administration is taken care of by experts in the field.
Tax
Tax is an ever-changing environment and most tax payers struggle to understand what is required of them. Our comprehensive tax service includes the registration, completion and submission of tax returns for individuals, including local and foreign income and capital gains calculations, as well as provisional tax calculations. IFS also specialises in company and trust tax calculations and can assist clients with Forex transactions.
IFS will submit tax returns, review tax assessments and attend to lodge any objections or follow up where necessary. An IFS tax client can rest assured that their tax affairs are at all times up to date and that they will be timeously informed of any deadlines and tax obligations.
Accounting
he IFS accounting team is headed by managing director, Bradley Marais CA(SA), and specialises in the drafting of annual financial statements for local companies and local and international trusts.
TAs annual financial statements are drafted in house and in close consultation with the tax department, clients receive a specialised service which takes into account the rules of attribution in relation to trusts, as well as tax legislation in relation to distributions to beneficiaries and dividend payments to shareholders. As the accounting and tax teams work together closely, a client’s tax returns and annual financial statements are synchronized to ensure maximum tax efficiency.
Secretarial
In addition to making sure a client’s company tax and financial affairs are up to date, IFS also provides clients with company secretarial services.
This includes the registration of companies and the submission of documents to the Companies and Intellectual Property Commission (CIPC), thus ensuring that a company’s affairs are up to date and reducing the administrative burden placed on clients.