In this issue of Estate Planning Essentials – the third and last in a series on Trusts – we look at the “ugly”. The “ugly” being where a Trust fails and the Trust assets form part of the planner’s personal assets.
Only when it’s too late!
The planner or his estate will typically only discover that his Trust is wanting when it is attacked by:
- a creditor,
- a disgruntled spouse, or
- SARS, in the case of income tax (for arrear taxes where assets still vest in the planner) or estate duty (Section 3(3) (d)).
When will Trust assets be exposed? Read on