Page 62 - Profmark_Estate_Planning_Guide_2025

n Liabilities
u A list of all liabilities
u List bank and branch details, account numbers and monthly payments
u Full names, addresses and telephone numbers of creditors
n The Living Will (if there is one)
n The estate planner should also take note of making provision for his social
media accounts – most social media platforms do have policies in place
regarding the profiles of users who may have passed away. The estate
planner should indicate his wishes regarding his social media accounts, to
his next-of-kin.

DAVIS TAX COMMITTEE

The Davis Tax Committee has been established to evaluate tax policy and legislation
in South Africa and to make recommendations to the legislator regarding possible
amendments and other related changes. To date the Davis Tax Committee has
made recommendations that will be continued to be considered by the legislator
and might in future be incorporated into the legislation, some of which include
the following:
n That the estate duty deduction for assets bequeathed to the surviving spouse
be deleted, and that the primary rebate rather to be increased to R6 million,
thus ensuring the consistent equitable treatment of all taxpayers (the current
legislation results in the inconsistent treatment of married and single parent
families).
n The Davis Tax Committee has also recommended that the trust distribution
flow through principle be limited.
n That the CGT rollover provisions relating to inter-spouse bequests should be
repealed and replaced with a generous CGT death exemption of R1 million.
n That all trust arrangements should be examined by SARS on registration
of trust arrangements and upon transfer of assets into trusts. This should
reduce aggressive tax planning and, at the same time, provide a level of
assurance to taxpayers that their affairs are indeed in order.

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