5 considerations to ensure intergenerational wealth transfer
By: Natasha Archary
Comprehensive, holistic financial planning and wealth protection are essential to navigate the pitfalls of estate planning in the modern family and business context.
Navin Ramparsad, Head of Financial Planning, Advice, and Product Development at Absa Private Wealth Banking, joins Kaya Biz to share 5 considerations to ensure appropriate intergenerational wealth transfer.
With the traditional family unit, a father, mother, children, and a single jurisdiction significantly evolving over the years, Navin says that even extended family members are coming forward to claim an inheritance after death.
Navin suggests navigating the complexities of intergenerational wealth transfer with a framework called family governance, which will be better suited for families across different jurisdictions, and multiple assets.
“Family governance defines the rules of engagement, provides clarity and helps to create a more harmonious relationship between family members.
Where you have families across jurisdictions, and typically if you have assets across jurisdictions, it is important for the family to engage a professional financial advisor.
Where you have assets across different jurisdictions, you find different laws apply, and that could impact the estate planning intergenerational wealth process.
Engage with a team of professionals because the issues at play can be very technical, requiring specific areas of expertise, so depending on your circumstances and needs, you would typically engage with a financial advisor or planner as your first point of contact.
But, there are other specialists who will be able to fine tune your needs.
Tax from a South Africa perspective is a complex area to navigate in its own right, when you apply a lens of tax across multiple jurisdictions, expert advice is critical.
In South Africa we pay estate duty on estates, however, internationally there’s also death taxes that’s payable, so it’s important that you have the help of a professional.”
Navin Ramparsad, Head of Financial Planning, Advice and Product Development at Absa Private Wealth Banking, shares 5 considerations to ensure appropriate intergenerational wealth transfer.
Listen to the conversation on Kaya Biz:
Also read: NSFAS confirms 2024 applications will open on the 21 November
We value your feedback:
[vfb id=97]
MORE ARTICLES
King Monada celebrates new Ford Raptor purchase
WATCH: Visual Artist & multidisciplinary creative on being self taught, growing up with 12 siblings, selling internationally as well as his creative process
The African Bank Soweto Marathon is almost here!
Cassper and wife Pulane share first vlog to celebrate 6 months of marriage
Psyfo and his wife celebrate 7 years together
QUICK LINKS
UpComing Shows
Touch of Soul
With T Bose
Kaya 959 takes back Sundays with A Touch of Soul, the only show bringing you soul and RnB music that touches your mind, body and spirit. The Best T in the City, T-bose takes you back to a time when music was made to last. A Touch of Soul is the perfect wind-down to your weekend. Sundays 14h00 to 18h00.
close
The Jazz Standard
with Brenda Sisane
The Jazz Standard with Brenda Sisane. Sunday's 12:00-15:00.
close
Spade of Hearts
With Xola Dlwati
WITH XOLA DLWATI: SATURDAYS 12:00 -15:00 Spade of Hearts is a fuse of love and soulful sounds, pulling at your heartstrings. Tune in for songs that will take you down memory lane. It is the sound that once dominated your playlist. It airs Sundays 12:00 – 15:00.
close
The World Show
With Nicky B
The World Show is informative, expansive, and largely pan-African. This is a musical journey that bridges generations and genres, travelling across continents and timelines, with in-depth interviews and features. ‘The World Show’ is a four-hour global journey through sound – featuring the freshest tracks from home and afar.
close
959 Music Weekdays
Kaya 959 Hits
Real. Familiar. Memorable. Kaya 959 brings you the music you know and love from our playlist. Uninterrupted. Thursdays 20h00 to 21h00
close
The Best T in the City
With T Bose
He has held it down in the world of mid-morning radio with the best music, riveting topics, brilliant mixes and interesting guests. Every weekday, The Best T proves why he is the BEST by connecting to you like only your bro or favourite uncle could. He lets his listeners dictate the songs they want to hear in the ever-popular Top 10 at 10, and his Three Teaspoons never run out. Catch The Best T in the City Mondays to Fridays from 09h00 to 12h00.
closeConnect with Kaya 959
DownLoad Our Mobile App
