atomcrusher
Expert Member
My partner an I have just returned from a local Attorney. We live now in the Western Cape.
We had set up an appointment to discuss what should happen to our respective assets when one of us departs this earth.
Frankly I am more confused now that I was before the Attorney spoke to us.
She has two sons (both living overseas), and is a widow, and I have two sons (both living in Europe), and my wife died many years ago, as did her ex-husband.
We own our current home in the WC jointly & equally, and the title deed is registered in both our names, and we have no outstanding home loan. We are in possession of the home Title Deed
The market value of the home is just more than R2-million.
The home contents, plus a vehicle we bought , and although the vehicle is registered in my name, we own all fixed & movable assets jointly.
We both intend to leave our respective 50/50 fixed & movable property share to the surviving partner. This would include any and all furniture / appliances, as well as the one vehicle we own, although this is registered in my name only.
The attorney basically told us that it would be better if we got married, as otherwise the deceased estate tax burden would decrease the eventual payout to the surviving partner. Apparently there are tax-breaks allowed if we get married.
I also own another property in Windsor, Randburg, Jhb, which I still have an outstanding home loan on (really only because I can claim the interest portion of the mortgage payments on that Jhb home as an expense, so reducing tax that I would pay on the rental income).
This property is in the once-vibrant Windsor Park area of Randburg ... now it's "little Nigeria". My tenant, who has been renting it from my for over 15 years, and never missed a rent payment, tried to get a home loan from his bank in Cresta centre ... I had offered him the home at a much lower cost than I paid for it, just to get it off my name .. and his bank told him that "they don't grant mortgages in the Windsor area"
Any input comment / suggestions welcomed
We had set up an appointment to discuss what should happen to our respective assets when one of us departs this earth.
Frankly I am more confused now that I was before the Attorney spoke to us.
She has two sons (both living overseas), and is a widow, and I have two sons (both living in Europe), and my wife died many years ago, as did her ex-husband.
We own our current home in the WC jointly & equally, and the title deed is registered in both our names, and we have no outstanding home loan. We are in possession of the home Title Deed
The market value of the home is just more than R2-million.
The home contents, plus a vehicle we bought , and although the vehicle is registered in my name, we own all fixed & movable assets jointly.
We both intend to leave our respective 50/50 fixed & movable property share to the surviving partner. This would include any and all furniture / appliances, as well as the one vehicle we own, although this is registered in my name only.
The attorney basically told us that it would be better if we got married, as otherwise the deceased estate tax burden would decrease the eventual payout to the surviving partner. Apparently there are tax-breaks allowed if we get married.
I also own another property in Windsor, Randburg, Jhb, which I still have an outstanding home loan on (really only because I can claim the interest portion of the mortgage payments on that Jhb home as an expense, so reducing tax that I would pay on the rental income).
This property is in the once-vibrant Windsor Park area of Randburg ... now it's "little Nigeria". My tenant, who has been renting it from my for over 15 years, and never missed a rent payment, tried to get a home loan from his bank in Cresta centre ... I had offered him the home at a much lower cost than I paid for it, just to get it off my name .. and his bank told him that "they don't grant mortgages in the Windsor area"
Any input comment / suggestions welcomed
