Essay
MNE3704 ASSIGNMENT 5 SEMESTER 2 2023
- Institution
- University Of South Africa (Unisa)
MNE3704 ASSIGNMENT 5 SEMESTER 2 2023
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QUESTION 1
1.1 What is estate planning, and what are the three processes that it involves? (4)
Estate is a collective term for everything a person owns and it involves all the
activities leading to the accumulation and management of assets or possessions and
involve three processes namely:
o Building up an estate
o Preserving the estate
o Transferring the estate
1.2 Discuss three (3) approaches to estate planning that family business owners can
adopt. (6)
Family business owners can adopt any of the three approaches
No estate planning
In this approach, there is no will entry for how the estate should be transferred.
Without an estate plan, the courts will often decide who gets your assets, a process
that can take years, rack up fees, and get ugly. After all, a court doesn’t know which
sibling has been responsible and which one shouldn’t have free access to cash.
Elementary estate planning
This is a relatively small estate with details on owners will. It includes the marriage
and matrimonial property law, which is the starting point of the estate planning
process as well as the law of succession and is characterised by limited rights and
the calculation of limited rights (usufructs, fideicommissum and annuities). It involves
estate duty, capital gains tax and donations tax implications.
Comprehensive estate planning
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