Good health care is not always easily obtainable and quickly becomes a costly experience. Many people who have health cover policies sometimes expect to have more cover than their policy actually includes, and they are saddled with high shortfall bills; they land up paying the difference between the medical cover rate, and the cost of the specialist. This is because having medical aid doesn’t necessarily mean that you will be fully covered for all treatments. This […]
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Time to Review your Medical Cover
Towards the end of every year, many medical schemes announce their annual contribution increases for the following year. This makes these last few months of 2018 the perfect time to review your cover and make any necessary amendments, as, until the start of December, most medical aid providers will allow you to change plans or options without penalties. Alternatively, if you are not happy with your provider, you can even go as far as to switch […]
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Make a Mental Note
“Without mental health there can be no true physical health” – Dr Brock Chisholm, the first Director-General of the World Health Organisation (WHO) Dr Brock Chisholm was a psychiatrist who asserted the notion that mental and physical health are linked, and an increasing amount of evidence highlights the impact that mental illnesses — particularly depression and anxiety — can have on physical health. Even though this may be the case, policy unfortunately still continues to lag […]
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The Lowdown on Inheritance and Donations Tax
Understanding how your (or your loved one’s) possessions and wealth are treated when you pass away is crucial to how you plan for what will happen to them. This blog is aimed at breaking down an incredibly paper-heavy, jargon-filled process! When a taxpayer dies, all their assets are placed in an estate, which is commonly referred to as a ‘deceased estate’. Assets can include a property, a car, money in the bank, and even furniture. Once […]
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How to Reduce Estate Costs
Death can be an expensive affair and it is easy to underestimate the costs involved, especially as some unconsidered fees can quickly add up. As well as the funeral expenses, those left behind can be liable to pay mortgage bond cancellation costs, appraisement costs, Master’s Office fees, legal fees, costs of realisation of assets, bank charges, transfer costs of fixed property or shares, maintenance of assets, advertising costs, probate fees, postage and sundry costs, short-term insurance, […]
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Truths About Trusts
Did you know that a trust is not simply: a trust? There are many different classifications of trusts in South Africa, such as ownership trusts, bewind trusts and curatorship trusts. Trusts can either be created during a person’s lifetime, which is known as an inter vivos trust, or set up according to a person’s will after they die, which is known as a mortis causa trust. Different trusts give beneficiaries different rights, depending on how much […]
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Don’t Underestimate your Will Power
Avoid the heartache and headache! This year, National Wills Week is from 17th to 21st September, and is a time when participating attorneys in South Africa will draft basic wills for free. If you haven’t already written a will, this presents the perfect opportunity to do so before it’s too late. Writing a will could make an enormous difference to your family in the future, and it is an easily achievable goal that will give you […]
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6 Estate Planning Tips
In the wake of the 2018 budget, there are recent changes that could affect your estate, especially with regards to paying VAT, Master’s fees and estate duty. Here’s a quick snapshot! The good news is that executor’s fees remain at 3.5% of your total assets, plus VAT. However, as you’re likely all too aware by now, VAT has increased from 14% to 15%, which means that if your executor has registered for VAT, you will feel […]
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Severe illness cover
Each year, about a million people need to stop working due to an illness or a debilitating injury. Yet, according to an article published in The Times, only 10% of people have severe illness cover. A severe illness is a medical condition that prevents you from leading your normal life, and the life industry covers a wide range of these dreaded diseases and health conditions, from Type 1 diabetes to Parkinson’s disease. However, the ‘Big Four’ […]
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Avoid crippling your finances
It is highly likely that one of your biggest assets is your earning power. It is vital to protect this asset and ensure you maintain a steady salary until you have reached your financial goals. Many people take a head-in-sand approach when it comes to income protection, believing that they’ll never be inflicted with a disability, or assuming they can find a quick resolution if they are. However, this doesn’t necessarily equate to positive thinking, but […]
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