WHAT HAPPENS IF…

OUR WORST FEARS COME TO PASS?

None of us like to consider those possibilities. But life happens. And so does death and cancer. And when those we love are trying to come to terms with the shock of that, they don’t need to be worrying about money too.

The best gift you can give your family upon your death is a well written, up to date will, enough free cash to live off whilst the estate is wound up (work on 2 years), and the cash to pay off the debts, taxes and fees that come with death. And that just deals with the time straight after the death. Thereafter, enough money to keep them secure is ideal.

In order to give that gift, you need a well thought out plan. One that looks at the needs described above, and the assets available. An Estate Plan will consider this in light of Capital Gains Tax that will be paid (you are deemed to have sold your assets the minute before you die) and Estate Duty (or death taxes) as well as the executor’s fees (up to 3.99% of your estate). And then work out how much Life Insurance you will need.

In addition, we consider situations that may also impact your income – such as becoming disabled or getting a critical illness such as cancer.

COMPREHENSIVE PANNING

TO ENSURE YOUR FAMILY IS TAKEN CARE OF

ESTATE PLAN AND WILLS

An estate plan is a financial plan for death. It is governed by the will you leave that should accurately reflect your wishes. We work with you to build a will that optimises tax and the needs of your beneficiaries.

Thereafter, we look at the financial position you would be in if you died tomorrow. We consider how much debt will need to be settled, what is owed to your spouse in terms of your marriage contract, and then how much tax will be paid in Capital Gains Tax and Estate Duty or death taxes. In addition, you will pay fees to the executor who winds up the estate.

LIFE INSURANCE

Life insurance is used to address 4 key needs

Pay off debt
Pay the taxes and fees
Provide short term cash flow while the estate is being wound up
Provide for the long term financial needs of the surviving family

We work with you to establish the best way to structure the life insurance

DISABILITY AND CRITICAL ILLNESS INSURANCE

Death is not the only circumstance that stops you from working. If you become disabled (through natural causes or an accident) or get a critical illness, it may impact your ability to provide for your family. Both of these are difficult products to navigate by yourself.

Disability is an expensive product due to the amount of fraudulent claims there are; and no two products are the same (e.g. some will pay for partial blindness in one eye, and others will only pay if you are blind in both).

Critical illness is also difficult to compare. Most pay for the four major diseases (cancer, heart attack, heart bi-pass and stroke) – but again, some will pay out only if you have stage 4 cancer, whilst others will pay out at stage 0. And then there’s the list of other diseases that may impact you.

We help you navigate these challenges.