ARTRIGHT is a project established to promote professional practice and business acumen in the South African visual arts community.
 
 

Life Planning

Not only is it important to manage your business, it is also very important that your plan your personal life.

You should run the financial aspects of your life like a business. Life Planning covers topics that will help you to plan and organise your life. We look at various financial considerations you will have to take during your life time.

For instance we look at how you can easily plan your estate and financial position so that you can plan your pension for a comfortable retirement, put money away for your children's education, go on more holidays and save money that otherwise would have gone to the tax man, or just be wasted. We also look at financial implications after your death. For instance, we investigate what a will is and how to write one. A will is an important document for an artist because copyright (and other assets) can be inherited by the persons of your choice. The will can contain your wishes. When you die, however, the Death Duty tax is placed on all your possessions. If you are smart or lucky enough to accumulate allot of money and assets in your life, there are ways to manage those assets so that they do not get taxed after your death. One way to do this would be to put those assets into a trust. When you die, the trust does not die with you, it continues to operate. Which means the Death Duty tax on your estate will only be on what belongs in your name and not what is in the trust. This has huge benefits to your family as they don't have to pay large sums Death Duty tax on your death.

All these topics will help you to manage your personal life as well as your estate. By doing so you can save and even make quite a lot of additional money. It is well worth speaking to a financial advisor who understands your financial position, life style and future needs in life.

Everyone, should speak to a financial advisor and start planning now.