YFC Codicil

YFC Codicil Providing an understanding of the financial effect of wills and assisting with will drafting

11/10/2024

For every R1 million over the R3.5 million estate duty-free threshold, your estate pays R200,000 in estate duty. However, only R800,000 of that R1 million actually goes to your heirs, and they don’t get any benefit from the extra R40,000 they’re effectively losing.

27/09/2024


Wills without a spouse or PBO charity as sole residuary heir paying estate duty, pay estate duty on what heirs/beneficiaries receive and cash paid to SARS. If the PBO charity benefits absurd to say you are making use of the PBO charity. Any financial instruction claiming this is acting their own and SARS interest rather than the testator's and beneficiaries interests.

24/09/2024

Estate assets that remain after the payment of liabilities and administrative costs should rightfully be allocated to settle estate duty owed to SARS and subsequently distributed to heirs. While taxation on inheritance is an accepted practice, taxing what SARS receives raises significant ethical concerns. There exists a viable solution to this dilemma, yet those in positions of authority who have the capability to investigate and provide assistance have egregiously chosen to overlook it, ultimately at the expense of the heirs. These so-called "professionals" are the very individuals whom journalists often turn to for guidance. duty

12/09/2024

If your wealth is more than R3.5million for each additional R1million a standard will gives and extra R40 000 to SARS. Your Family & Charity Codicil (YFC Codicil) attached to your current will can give more than R33 000 additional to heirs & a little to a charity of your choice.

20/08/2024

The tax rate can change so we call it "r". So the tax is a-b*r. I must bracket (a-b) because that must be calculated before we apply the tax rate r.

20/08/2024

The tax-free amount today we know but it may be different tomorrow so we can call this "b" so "a - b" always represents what is taxable in my estate.

20/08/2024

Is Algebra math? I should know my wealth now but I have no idea what it might be in the future but I can say my wealth is "a" and it will always be "a". Very useful in setting up a will as long as you say in your will that "a " is your wealth.

I recommend this book with its great ideas.Really great ideas to approach life.
02/08/2024

I recommend this book with its great ideas.
Really great ideas to approach life.

22/07/2024

R40 000 extra is paid to SARS for each R1m dutiable amount.
Heirs receive the tax-free value plus R800 000 of each additional R1m, R200 000 being paid to SARS.
On R800 000 the estate duty should be no more than R160 000, so SARS gets R40 000 extra in each R1m of the estate over the tax-free amount.
I won the Bloemfontein Appeal Court Judgement in SARS vs Executor E/L W E Frith.
A Your Family & Charity Codicil (YFC Codicil) assists testators to give the majority of the R40 000 to heirs.
No change to will and no risk.
Keeping people informed
Call 083 378 3374 or email [email protected] to share in a Teams meeting.
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16/04/2024

Estate duty is paid using estate cash or cash realised from the sale of other estate assets.
Both the estate cash or the other estate assets form part of the total assets of the estate.
This cash is not deducted from the dutiable amount.
Conclusion:
Estate duty is paid on the cash used to pay the tax. This is "tax on tax" and the only way to avoid this "gratuity to SARS" is to follow the Bloemfontein Appeal Court Judgement in SARS vs Executor E/L W E Frith.
A Your Family & Charity Codicil (YFC Codicil) attached to any will does this. The "tax on tax" effect is R40 000 per R1m assets over the applicable 4A tax free allowance.

20/03/2024

Everyday charities cry out for help but every time estate duty is paid extra is paid to SARS - R40 000 out of each R200 000 paid to SARS is extra. R40 000 can be split between heirs and charity. Just attach a Your Family & Charity Codicil (YFC Codicil) to your will. No need to change the will. No risk only benefits to heirs and charity chosen by testator.

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