Are your Personal Assets Protected?

Are your Personal Assets Protected?
28
Apr

Transferring your Personal Paid-Up Assets (such as household contents & vehicles) to your Family Trust is one of the easiest transactions that affords a large amount of protection to a family. As these assets are generally excluded from any tax considerations, and the assets are not registered at any institution (except vehicles), the process of transferring these assets requires little effort or cash outlay.

 
During the 2008/2009 recession, several of our clients suffered theCar-Being-Repossessed dreaded fate of being unable to service their respective bond repayments. Within no time, the sheriff was knocking at their door, ready to repossess their household contents in lieu of the debt owing to the bank!

However…

Each and every one of those FinServe clients who had completed the transfer of their personal assets as per our recommendation, showed the transfer documents to the sheriff and were left completely unscathed as the sheriff moved on to the next victim (which hopefully had Trusts in place too).

 

As the Accountants and Trust Specialists who care about more than just tax, we urge you to regularly consider your personal exposure and succession planning to make 100% sure that you and your family are protected and secure at all times!

If you would like to find out more information about Trusts and how you can protect your wealth and family, please don’t hesitate to contact us on info@finservegroup.co.za or 0860 994 094 and ask for your free consultation on protecting your personal wealth.