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MGT Accounting and Consulting Inc

Trusts & Estate Planning

Trusts are legal arrangements individuals establish to manage and distribute their wealth and assets during their lifetime. These arrangements aim to protect assets, provide for beneficiaries, and fulfil the wishes of the grantor (the person creating the trust).

Trust tax administration can be an effective tool for managing and planning an organisation’s succession strategy. A trust is a legal structure in which a person (the settlor or donor) transfers assets to another person or entity (the trustee) to hold and manage for the benefit of one or more beneficiaries.

Parties Involved

  • Settlor/Donor: The individual who establishes the trust and transfers assets into it.
  • Trustee: The person or entity appointed to manage and administer the trust assets according to the terms of the trust deed or agreement.
  • Beneficiary: The person or entity entitled to receive the benefits of the trust, such as income, assets, or other distributions.

Types of Trusts

In South Africa, various types of trusts are recognised, including:

  • Inter vivos trusts: Created during the settlor’s lifetime.
  • Testamentary trusts: Established through the settlor’s will upon death.

Trusts serve different purposes, such as estate planning, asset protection, and providing for minors or individuals with special needs.

Regulatory Compliance:

Compliance with tax regulations is mandatory. Proper bookkeeping ensures adherence to the requirements of the Tax Administration Act, satisfying regulatory obligations and avoiding penalties.

Business Stability

Inadequate bookkeeping can jeopardise business stability. While business owners may attempt bookkeeping independently, professional bookkeeping services mitigate risks, save time, and prevent costly financial errors.


What MGT Does

MGT Accounting and Consulting Inc. offers a range of trust services to assist individuals, families, and businesses in managing their wealth and assets. Our services provide expert advice, guidance, and support in navigating complex legal and financial matters related to trusts and succession planning. Here’s a comprehensive description of our trusts and estates services:

Trust Formation and Administration

  • Assisting clients in establishing various types of trusts, including revocable, irrevocable, living, testamentary, and special needs trusts.
  • Drafting trust deeds or agreements in compliance with South African laws and regulations.
  • Providing guidance on selecting trustees, beneficiaries, and terms of the trust, tailored to meet the client’s specific objectives and preferences.
  • Administering trusts on behalf of clients, including managing trust assets, preparing financial statements, and ensuring compliance with fiduciary duties and reporting requirements.

Trust Taxation

  • Offering tax planning and compliance services for trusts, including income tax, capital gains tax, and estate duty.
  • Advising clients on tax-efficient strategies for managing trust distributions, minimising tax liabilities, and maximising after-tax returns.
  • Preparing and filing tax returns for trusts and beneficiaries, ensuring compliance with South African Revenue Service (SARS) requirements and deadlines.

Trust Dispute Resolution

  • Providing mediation, arbitration, and litigation support in trust disputes, including contested wills, claims against trusts, and disputes among beneficiaries.
  • Representing clients in negotiations, alternative dispute resolution proceedings, and court hearings to resolve conflicts and achieve equitable outcomes.

Trusts and services offered by accountants in South Africa play a crucial role in helping individuals, families, and businesses protect their assets, preserve wealth, and achieve their estate planning objectives. By leveraging our tax, accounting, and financial planning expertise, we help clients navigate complex legal and regulatory requirements while ensuring compliance with applicable laws and maximising the benefits of trust structures.

Understanding Estates

At MGT Accounting and Consulting Inc., we understand the importance of safeguarding your legacy. Estates encompass an individual’s total assets, liabilities, and legal obligations at the time of their death. Our comprehensive estate services aim to assist individuals, families, and businesses in managing their wealth and ensuring their wishes are fulfilled efficiently and effectively.

Estate Planning

  • Estate planning is the cornerstone of managing and distributing your wealth. Our estate planning services are designed to:
  • Organize and arrange your assets to ensure their proper distribution upon death.
  • Minimize taxes, fees, and administrative costs.
  • Include the preparation of wills, trust agreements, designations for retirement accounts and life insurance policies, and other strategic measures to transfer assets smoothly.

 

Probate Process

Upon an individual’s death, their estate undergoes the probate process, which involves:

  • Validating the will (if one exists).
  • Appointing an executor or personal representative.
  • Paying debts and taxes.
  • Distributing assets to heirs or beneficiaries.

We guide clients through each step, ensuring compliance with state laws and procedures.

Executor or Personal Representative

The executor or personal representative is crucial in overseeing the administration of the estate. Responsibilities include:

  • Locating assets.
  • Paying debts and taxes.
  • Distributing assets to beneficiaries according to the will or state intestacy laws.

We support and guide executors to ensure they fulfil their duties effectively.

 

Estate Taxes

Estate taxes can significantly impact the value of an estate. Our services include:

  • Advising on strategies to minimize estate taxes and maximize available exemptions.
  • Preparing and filing necessary tax returns.
  • Ensuring compliance with federal estate taxes and state inheritance taxes.

What MGT Does

MGT Accounting and Consulting Inc. offers a range of estate services to assist in managing wealth, assets, and estate planning needs. Our services provide expert advice, guidance, and support in navigating the complex legal and financial matters related to trusts, estates, and succession planning.

We help develop comprehensive estate plans to:

  • Facilitate the orderly transfer of assets.
  • Minimize estate taxes, probate costs, and administrative expenses.
  • Prepare and execute wills, trust agreements, powers of attorney, and advance healthcare directives.
  • Conduct estate tax planning to maximise available exemptions, deductions, and credits under South African tax laws.

Our services guide clients through the probate process by:

  • Filing petitions with the Master of the High Court.
  • Obtaining letters of executorship.
  • Administering the estate.
  • Assisting executors in fulfilling their duties.
  • Providing accounting and financial services related to estate administration.

Evaluating compliance with applicable laws, regulations, and reporting frameworks specific to the public sector.

We offer tax planning and compliance services for estates, including:

  • Income tax, capital gains tax, and estate duty.
  • Advising on tax-efficient strategies for managing trust distributions.
  • Prepare and file tax returns for trusts, estates, and beneficiaries.

We provide mediation, arbitration, and litigation support in estate disputes, including:

  • Contested wills.
  • Claims against trusts.
  • Disputes among beneficiaries.
  • Representing clients in negotiations and court hearings to resolve conflicts.

We assist family-owned businesses in developing succession plans to:

  • Transition ownership and management to the next generation.
  • Structure buy-sell agreements and shareholder agreements.
  • Preserve family harmony during transitions.
mgtaccounting - Pretoria

Why Choose MGT

MGT Accounting and Consulting Inc.’s estate services play a crucial role in helping individuals, families, and businesses protect their assets, preserve wealth, and achieve their estate planning objectives. By leveraging our tax, accounting, and financial planning expertise, we help clients navigate complex legal and regulatory requirements while ensuring compliance with applicable laws and maximising the benefits of estate structures.

Trust MGT to provide the expert guidance and support you need for effective estate planning and administration.

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Some of our current and previous clients we've worked with

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OUR TESTIMONIALS

What our clients have to say about our service

Thank you to MGT Accounting and Consulting for the exceptional work and service. As a young, black and female entrepreneur, I'm encouraged by how well run and professional their business is and I will definitely recommend their services to others.
Kedibone Segole
I have been a customer of Mgt Accounting for 6 years, and I can confidently say that their service is top-notch. From bookkeeping, Human Resources, and SARS compliance, they have consistently provided reliable and efficient service.
Dr. Singo, Kenneth
Professional service that always go the extra mile. Mashudu and her team are great service providers and want the best for you. You will not be disappointed when you work with MGT. Mashudu is a great consultant, service provider and exceptional auditor.
Bianca van Wyk

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