If mediation and negotiation fail to yield a resolution, the interested parties can resort to legal recourse by applying to the court. The court can be approached to request an order granting permission for the sale of the property, even without the consent of all heirs.
Intellectual property (IP) assets, such as patents, trademarks, copyrights, and trade secrets, can also be transferred into a family trust. This can provide protection against infringement, unauthorized use, or misappropriation of valuable IP assets.
By obtaining an acknowledgment of debt, the clock for prescription is reset. The three-year period starts afresh from the date of the acknowledgment, providing the creditor with an extended time frame to pursue legal action if necessary.
As more brands recognize the value of collaborating with influencers, it is crucial for content creators in South Africa to understand their worth and assert their rights in contractual agreements. By insisting on certain terms, influencers can protect their interests, maintain transparency, and foster mutually beneficial partnerships with brands.
Transferring a property into a family trust in South Africa involves several costs that need to be considered. These expenses are essential to understand as they play a significant role in the financial aspects of the transfer process.
In today's ever-changing business landscape, companies are increasingly seeking innovative strategies to propel their growth and gain a competitive edge. One such strategy that has gained significant traction is the formation of joint ventures. Joint ventures bring together two or more independent entities, pooling their resources, expertise, and networks to create a new entity that is greater than the sum of its parts.
By providing clarity in asset division, protecting individual assets, and ensuring financial security, an antenuptial contract can help couples navigate potential challenges with greater ease.
Millennials are the first generation to fully embrace the digital age. They often have extensive online presence, including social media accounts, cryptocurrency wallets, and digital photo libraries. A will can address the management and distribution of these digital assets, providing clear instructions on how to handle valuable online accounts and ensuring that sentimental or monetary value is preserved.
In South Africa, family trusts are taxed at a flat rate of 45% on income generated during a tax year. When assets are transferred into a family trust, donations tax may be applicable if the transfer is deemed a donation. Donations tax is currently set at a rate of 20% and is levied on the value of the asset transferred. However, certain exemptions and thresholds exist, such as the annual donations tax exemption of ZAR 100,000 per person.
