Yes, that is the sound of your LIFE CLOCK. Are you marching to a life of success and satisfaction or frustration, stress and failure?
As the adage goes, life is not a dress rehearsal but most of us carry on as if life is, exposing our assets to our business dreams, paying too much tax and not planning for our inevitable death.
This is not an article on doom and gloom but a call to action to slay the Dragon and grab life by the scruff of the neck.
In our experience in having assisted over 30 000 business owners there is always one Dragon that lurks large in the shadows that keeps us from achieving our goals, FEAR!
FEAR comes in many forms and guises but in the business realm that FEAR is the FEAR of loss.
This FEAR can be a debilitating factor that has crushed many a dream before the dream saw the light of day or if you do get going that FEAR keeps you up at night.
We are all prone to want and wish for success yet this FEAR is an Achilles heel because of the unknown, the FEAR of what if. There are many and varied routes to success but no one has yet bottled the formula. Whilst there is no guarantee for success, we can assure you of avoiding loss and minimising taxes.
So, how to overcome or deal with this FEAR?
What if you had nothing to lose? Surely that will quell the FEAR?
This may appear to be counter-intuitive but like all paradoxes they become obvious. We are not suggesting that you own or have nothing but that you personally own nothing.
Almost a thousand years ago a concept of a trust was conceived that allowed one to enjoy the use of an asset and “control” the asset but not actually own the asset. This creates peace of mind in that one cannot lose the asset.
In essence you own ZERO but are the Master and in charge of your assets.
As a business owner this is the ultimate parachute, you can pursue your dreams and goals without the FEAR of losing what you already have and accumulate over time. If you hit a road bump you may end up with a bruised ego and not popular but you will have learnt how not to do things but you WILL hold onto your assets!
Over time our “partners” at Treasury (i.e the State) have consistently changed the laws to stop smart business people utilising structures through continued changes in our laws (specifically tax laws) but the more things change the more they stay the same.
There are structures available to you to allow you to secure your assets from possible creditors if things don’t work out (bad planning, cash flow, COVID, looting sprees etc). You can achieve tax efficiencies by only paying the taxes the law demands from you. We see many business owners voluntarily pay too much tax!!!
You will also entrench your legacy through effective succession planning on your demise by avoiding the massive capital gains taxes (maximum 18%) executors fees (3.5% plus VAT) and estate duty of 20% on a deceased estate in excess of R3.5 million or 25% on estates in excess of R25 million. If you own ZERO your estate pays ZERO.
Knowing that you can secure your home for your family and secure your assets and the fruits of your labour for yourself and future generations can only allow you to spread your wings and venture forth and execute your business plans and goals.
We look forward to being of assistance in making you financially bullet proof and structuring your personal affairs and business.
Can you overcome the FEAR?