We recently completed our corporate video, highlighting our service offering and our experience. It features as part of our business essentials hub.
The Legacy|FS team spent the morning with the wonderful team at Ikhaya le Themba, where we painted the hall and re-arranged the library which are used by the children who attend. Ikhaya le Themba offers holistic After School Care programs to primary school children of the Imizamo Yethu informal settlement in Hout Bay. These programs currently serve over 90 children on a daily basis. We were humbled to be able to help out on the day and wish Sue and…
The PMJ (Paarl Muslim Jamaah) hosted a seminar which focused on inheritance according to Islamic Law. Legacy FS director Showkat Alie Mukadam (in his capacity as deputy vice chairperson of Sanzaf) was the keynote speaker. Legacy FS are experts in the area of Sharia Compliance Estate Planning.
In the 2016 Budget presentation, Treasury indicated that they would be reviewing loans made to Trusts as a means of limiting the use of Trusts in avoiding or reducing Estate Duty. The recently published Draft Taxation Laws Amendment Bill sets out, in the form of a proposed new section 7C to the Income Tax Act, how Treasury intends to bring this about. The provisions of this new section aim to impact low-interest or interest-free loans made to Trusts. Such loans…
SANZAF hosted a series of Zakaah Seminars during the month of Ramadan across the Western Cape and Gauteng. Legacy|FS Director Showkat Mukadam, also the National Deputy Chairperson of SANZAF, was one of the Zakaah Seminar presenters. SANZAF partners with the ICC to distribute some 3100 Fitrah hampers to deserving communities in Lavender Hill, Steenberg, Ocean View and neighbouring areas.
Legacy|FS celebrated Mandela Day at the Simondium Creche this year. We visited the crèche on Tuesday 21 July and spent our 67min painting Madiba with his iconic shirt. Looking at their needs, we provided them with musical instruments that will assist their new Movement and Musical classes. This will contribute to the development of their emotional, social, intellectual, small and large motor skills, concentration, hand eye co-ordination, cognitive and brain stimulation.
Side pockets may be a headache for deceased estates and retirement funds Alfie Bester and Legacy FS were mentioned in this article which featured in the Weekend Argus’ Personal Finance section: On August 15, the registrar of collective investment schemes at the Financial Services Board (FSB) issued a guidance note that set out how managers of collective investment schemes can create a retention fund (side pocket) to segregate illiquid African Bank assets.
Taken on Trust By Roz Wrottesley This article was first published in the third-quarter 2014 edition of Personal Finance magazine. A testamentary trust (also known as a will trust) comes into being after the death of the testator, because the trust clauses are contained in the will. The main purpose of such a trust is to protect the assets in the estate for (and sometimes from) the beneficiaries. As with all trusts, a testamentary trust is a means of transferring…