Category Archives: Wills and estates

Sekere riglyne vir boedelbeplanning

01Die hoofdoel met boedelbeplanning is om toe te sien dat soveel as moontlik van jou geakkumuleerde rykdom vir jou eie voordeel aangewend word en vir die maksimum voordeel van jou afhanklikes by jou dood.

“Boedelbeplanning” word gedefinieer as die proses waarin ‘n program geskep en bestuur word om:

  1. Jou bates tydens jou leeftyd in stand te hou, te vermeerder en te beskerm;
  2. Die mees effektiewe en voordelige verdeling daarvan aan opvolgende generasies te verseker.

Daar bestaan ‘n algemene wanindruk dat boedelbeplanning net gaan oor die maak van ‘n testament of om jou sake so te reël dat boedelbelasting bespaar word.

Elke persoon se boedel is uniek en dus behoort die struktuur volgens haar/sy eie unieke behoeftes en doelwitte opgestel te word.

Die tekort aan likiditeit by afsterwe kan uiteraard baie druk plaas op die oorblywende familie van ‘n oorledene, omdat die tekort aan kontant kan veroorsaak dat die eksekuteur bates sal moet verkoop om kontant te genereer.

Likiditeit beteken daar moet genoeg kontant beskikbaar wees om:

  1. Boedelbelasting te betaal;
  2. Boedeluitgawes en administrasiekoste te betaal;
  3. Voorsiening te maak vir belastingverpligtinge wat met dood mag ontstaan, soos kapitaal- winsbelasting.

Tegnies word die boedel gevries totdat die Meester van die Hooggeregshof Eksekuteursbriewe uitgereik het.

Afsterwe sonder ‘n geldige testament, beteken dat jou boedel as intestaat hanteer sal word, en die wetgewing oor intestate erfopvolging sal geld. Die wet op Intestate erfopvolging bepaal dat die langslewende eggenoot die grootste gedeelte van R125 000 of ‘n kindsdeel erf. ‘n Kindsdeel word bepaal deur die totale waarde van die boedel deur die hoeveelheid kinders en die oorlewende eggenoot te deel. Waar partye binne gemeenskap van goedere getroud is, gaan een helfte van die boedel na die langslewende eggenoot as gevolg van die huwelik, en die ander helfte vererf volgens die intestate erfopvolging. Indien daar geen oorlewende eggenoot of afhanklikes is nie, word die boedel verdeel tussen die ouers en kinders. Waar daar geen ouers of kinders is nie word dit verdeel tussen die naaste bloedverwante.

‘n Eksekuteur is geregtig op die volgende vergoeding:

  1. ‘n Ooreengekome vergoeding in die Testament; of
  2. 3.5% van die bruto bate waarde; of
  3. 6% op die inkomste wat na dood die boedel toeval.

Eksekuteursvergoeding is onderhewig aan BTW waar die eksekuteur so geregistreer is.

Indien die waarde van die boedel meer as R3.5 miljoen rand beloop, is boedelbelasting  betaalbaar op die balans meer as die R3.5 miljoen, met die uitsondering van eiendom wat aan ‘n langslewende eggenoot bemaak is, aangesien dit vrygestel is van boedelbelasting en/of kapitaalwinsbelasting.

Artikel 3 van die Wet op die Onderverdeling van Landbougrond verhoed die onderverdeling van landbougrond en die registrasie van onverdeelde aandele in meer as een persoon se naam, en dit is onderhewig aan die Minister se goedkeuring.

‘n Minderjarige is ‘n kind jonger as 18 jaar, en enige bemakings aan so ‘n persoon word in die Voogdyfonds gehou, wat onder die administrasie van die Meester van die Hooggeregshof val. Hierdie fondse is nie vrylik beskikbaar nie en word gewoonlik belê teen onder markverwante rentekoerse. Dit is dus aan te bevele dat voorsiening vir minderjarige kinders gemaak moet word deur ‘n trust.

Die Wet op Beslote Korporasies bepaal dat, onderhewig aan ‘n samewerkingsooreenkoms, waar ‘n erfgenaam ‘n ledebelang moet erf (in terme van ‘n testament), die toestemming van die oorblywende lede (indien enige) verkry moet word. Indien toestemming nie gegee word binne 28 dae nadat dit deur die eksekuteur versoek is nie, is die eksekuteur verplig om die ledebelang te verkoop.

Artikel 3(3)(d) van die Boedelbelastingwet bepaal dat waar bates aan ‘n trust oorgedra word gedurende die boedelbeplanner se leeftyd, maar hy/sy as trustee die mag behou wat hom/haar sou toelaat om eensydiglik van trustbates ontslae te raak vir sy eie of sy begunstigdes se voordeel, dan mag dit wees dat sulke bates beskou kan word as sy/haar eie en deel sal vorm van sy/haar boedel vir doeleindes van boedelbelasting.

Waar partye binne gemeenskap van goedere getroud is, het die oorlewende eggenoot ‘n eis vir 50% van die gekombineerde boedel, wat die werklike waarde van die boedel met 50% verminder. Die boedel word verdeel nadat al die skuld in die oorlye boedel betaal is (uitgesluit begrafniskoste en boedelbelasting, omdat hierdie verpligtinge van die bestorwe boedel is en nie die gesamentlike boedel nie). Slegs die helfte van die bates in so ‘n boedel kan dus bemaak word.

Die opbrengs van lewensversekeringspolisse kan gebruik word om:

  1. Inkomste te genereer om na afhanklikes om te sien terwyl met die boedel gehandel word;
  2. Boedeluitgawes te betaal, vir begrafniskoste, inkomstebelasting, boedel-administrasie en boedelbelasting.

Die opbrengs van alle Suid Afrikaanse “huishoudelike” polisse uitgeneem op die beplanner se lewe, en waar daar geen begunstigde genomineer is nie, sal binne die bestorwe boedel val.

Waar ‘n begunstigde wel genomineer is op die polis, sal die opbrengs as bates in die boedel geag word vir boedelbelasting doeleindes, afgesien daarvan dat die opbrengs direk betaal word aan die begunstigde (onderhewig aan die gedeeltelike uitsluitings gebaseer op die polis- premies).

Polisse wat uitgesluit is van insluiting vir doeleindes van boedelbelasting,  is koop en verkoop, sleutelman polisse, en daardie polisse gesedeer aan ‘n eggenoot of kind in terme van ‘n huwelikskontrak.

Sekere bates in ‘n bestorwe boedel is uitgesluit van kapitaalwinsbelasting:

  1. Bates vir persoonlike gebruik (met sekere uitsonderings);
  2. Bates bemaak aan die langslewende eggenoot;
  3. Bates bemaak aan ‘n openbare voordeelorganisasie;
  4. Die opbrengs van lewensversekeringspolisse, belange in voorsorg- of annuïteitfondse, belange in pensioenfondse;
  5. Die eerste R2 miljoen ten opsigte van die primêre woning;
  6. Die eerste R750 000 ten opsigte van klein sakebates;
  7. Geldeenhede, uitgesluit goud en platinummunte.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Some pointers for planning your estate

01The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the maximum utilisation of dependents on your death.

“Estate planning” has been defined as the process of creating and managing a programme that is designed to:

  1. Preserve, increase and protect your assets during your lifetime;
  2. Ensure the most effective and beneficial distribution thereof to succeeding generations.

It is a common misconception that it revolves solely around the making of a Last Will and Testament, or the structuring of affairs so as to reduce estate duty.

Each person’s estate is unique and should be structured according to his/her own unique set of circumstances, goals and objectives.

The lack of liquidity on the date of death may cause for the deceased’s family members and dependents to suffer hardship, as certain assets might be sold by the executor to generate the cash needed.

Liquidity means that there should be enough cash funds to provide for:

  1. Paying estate duty;
  2. Settling estate liabilities and administration costs;
  3. Providing for other taxation liabilities that may arise at death, such as capital gains tax.

Technically the estate is frozen until such time as the Master of the High Court has issued Letters of Executorship.

Dying without executing a valid Last Will and Testament, your estate will be dealt with as an intestate estate, and the laws relating to intestate succession will apply. The Intestate Succession Act determines that the surviving spouse will inherit the greater of R125 000 or a child’s share. A child’s share is determined by dividing the total value of the estate by the number of the children and the surviving spouse. If the spouses were married in community of property, one half of the estate goes to the surviving spouse as a consequence of the marriage, and the other half devolves according to the rules of intestate succession. If there is no surviving spouse or dependents, the estate is divided between the parents and/or siblings. In the absence of parents or siblings, the estate is divided between the nearest blood relatives.

An executor is entitled to the following remuneration:

  1. Remuneration fixed by the deceased in the Last Will and Testament; or
  2. 3.5% of gross assets; or
  3. 6% on income accrued and collected from date of death.

Executor’s remuneration is subject to VAT where the executor is registered as a vendor.

Where the value of the estate exceed R3.5 million, estate duty will become payable on the balance in excess of R3.5 million, with the exception of the property bequeathed to a surviving spouse, which are exempt from estate duty and/or capital gains tax.

Section 3 of the Subdivision of Agricultural Land Act prevents the subdivision of agricultural land, and such land being registered in undivided shares in more than one person’s name is subject to Ministerial approval.

A minor child is a person under the age of 18 years of age, and any funds bequeathed to a minor child will be held by the Guardian’s Fund, which falls under the administration of the Master of the High Court. These funds are not freely accessible, and are usually invested at below market interest rates. It is thus advisable to provide for minors by means of a trust.

The Close Corporations Act provides that, subject to the association agreement, where an heir is to inherit a member’s interest (in terms of the deceased’s Will), the consent of the remaining members (if any) must be obtained. If no consent is given within 28 days after it was requested by the executor, then the executor is forced to sell the member’s interest.

Section 3(3)(d) of Estate Duty Act determines that where an asset is transferred to a trust during an estate planner’s lifetime, yet the estate planner, as trustee of the trust retains such power as would allow him to dispose of the trust asset(s) unilaterally for his own or his beneficiaries’ benefit during his lifetime, then such asset(s) may be deemed to be property of the estate planner and included in his estate for estate duty purposes.

Where the parties are married in community of property, the surviving spouse will have a claim for 50% of the value of the combined estate, thus reducing the actual value of the estate by 50%. The estate is divided after all the debts have been settled in a deceased estate (not including burial costs and estate duty, as these are the sole obligations of the deceased and not the joint estate). Only half of any assets can be bequeathed.

The proceeds from life insurance policies can be used to:

  1. Generate income to maintain dependents while the estate is dealt with;
  2. Pay estate expenses: funeral, income tax, estate administration, estate duty.

All proceeds of South African “domestic” policies taken out on the estate planner’s life, where there is no beneficiary nominated on the policy, will fall into his estate on his death.

Where a beneficiary is nominated on the policy, the proceeds will be deemed property for estate duty purposes, even and although they are paid directly to the beneficiary (subject to partial exemptions based on policy premiums).

Policies which are exempted from inclusion for estate duty purposes are buy and sell, key man policies, and those policies ceded to a spouse or child in terms of an antenuptial contract.

Certain assets in a deceased estate are excluded from capital gains tax:

  1. Assets for personal use (with certain exceptions);
  2. Assets that accrue to the surviving spouse;
  3. Assets bequeathed to approved public benefit organisations;
  4. The proceeds from life assurance policies; interests in pension, provident or retirement annuity funds;
  5. The first R2 million in respect of a primary residence;
  6. The first R750 000 in respect of small business assets;
  7. Currency, excluding gold and platinum coins.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

The impact of Capital Gains Tax at death

3Capital Gains Tax was implemented on 1 October 2001 but is still relatively new to many people, especially when it comes to estates and Estate duty.   

When a person dies, two tax entities come into existence for the purposes of Capital Gains Tax: the deceased and his/her estate.

Capital Gains Tax is levied on the value increase of an asset in the hands of the deceased, in other words the fair market value of the asset on the date of death, minus the cost at which the deceased had acquired the asset. When a person dies, it is regarded as alienation of all his/her assets on date of death, and the calculations are done as if the assets were sold by implication on the day preceding  death. All debarments to which the deceased would have been entitled during his lifetime are still available to the estate.

As in the case of Estate duty a bequest to the surviving spouse shall not be taken into account for the calculation of capital gain, as it is regarded as a so-called roll-over. The capital gain will then only be calculated in the estate of the surviving spouse. It is important, however, to take cognisance of the fact that the initial value at which the property was acquired shall, in such a case, be valid as base cost in the surviving spouse’s estate and not the value at which the roll-over took place in the deceased spouse’s estate.

In the case of primary property the estate will also qualify for the R2 million rebate applicable to primary property. The definition of a primary residence is a residence in which a natural person or a special trust holds an interest and in which the natural person or a beneficiary of the special trust or the spouse of the person or beneficiary is or was normally residing as his/her first residence and which he/she used mainly for domestic purposes.

Interest means among others the right of use or right of occupation. Consequently the right of existence in a retirement village does mean among others the right of occupation, therefore it will be subject to Capital Gains Tax yet qualify for the rebate applicable to primary property.

The estate also qualifies for an annual rebate of R300 000 in the year of death.

Deceased estates are subject to Capital Gains Tax. Upon death the property is valued against market value which is deemed to be the selling value of the property. With the implementation of Capital Gains Tax the Minister of Finance reduced the Estate duty rate from 25% to 20%, most probably to provide for the additional liability of Capital Gains Tax. Furthermore the rebate on Capital Gains Tax in the year of death amounts to R300 000 and not the usual R30 000 which is applicable to individuals.

The interaction between the CGT and Estate duty can be explained with the following examples:

Uncle Koos is a widower who dies without debt, but he owns a residence worth R1.8 million, a vehicle to the value of R160 000, furniture and household appliances which are worth R200 000 and a beach house to the value of R1.5 million, which he bought for R700 000. His Income tax rate in the year of death is 30%. The primary residence, the vehicle and the furniture and household appliances are exempt from Capital Gains Tax. The beach house, however, is subject to CGT which is calculated as follows:

Value at date of death: R1.5 million

Minus base cost: R700 000

= R800 000

Minus Capital Gains Tax rebate in year of death: R300 000

= Capital gain R500 000

Taxable portion (33,3%): R166 500

The amount of R166 500 is added to Uncle Koos’ normal taxable income and taxed at 30% (his Income tax rate). The tax on that is ±R50 000.

His estate’s Estate duty is calculated as follows:

Residenc: R1.8 million

Vehicle: R160 000

Furniture and household appliances: R200 000

Beach house: R1.5 million

Total assets: R3 660 000

Minus liabilities (Income tax): R50 000

Net value of estate: R3 610 000

Minus estate rebate: R3 500 000

= Taxable portion of estate: R110 000

His estate’s Estate duty at 20% on the taxable portion of the estate is R22 000. His estate thus pays a total of R72 000 to the Receiver of Revenue. It is clear that it is not tax upon tax (compound tax) as many people argue, but in fact two different types of tax.

It is therefore extremely important to plan your estate thoroughly to ensure that it doesn’t find itself in a dangerous position as far as owed Capital Gains Tax and Estate duty are concerned.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

Usufruct and capital gains tax

BWhat is a usufruct?

“A usufruct provides to the usufructuary a right of use of property or assets, lifelong or for a specific period, but the usufructuary does not acquire ownership of the relevant property or assets.”

Usufruct is often applied as part of estate planning in order to save on Estate duty, as the calculated value of the usufruct qualifies as deduction for Estate duty, should the usufructuary be the surviving spouse. E.g. a woman may bequeath her property to her son provided that her spouse has lifelong usufruct from it.

Obviously this kind of bequest may create problems, as the son is not able to utilise the property for personal use or rent it out as long as his father is still alive. If we talk about agricultural property the problems escalate and the practical administration of the usufruct can result in many a headache.

These issues are, however, of a personal nature and our opinion is that the root of the problem is actually the accountability of Capital Gains Tax which will revert to the owner when the property is eventually sold.

The value of the usufruct when it is created is recovered from the market value of the property in order to determine the bare property value. This calculated value will then represent the base cost of the property when it is eventually sold.

Example:

I, TOUGH TINA, bequeath my immovable property to my son, LITTLE JOHN, subject to the lifelong usufruct of my spouse, BIG JOHN. BIG JOHN is thus the usufructuary and LITTLE JOHN the bare owner.

Suppose the value of the property for the purpose of this example is R1 million. The usufruct value is calculated by capitalising R1 million allowing for BIG JOHN’s life expectancy (according to tables) and multiplying it by 12% (or a % as approved by SARS), in other words R1 million x 6,74206 x 12% = R809 047.

The bare property value at the death of TOUGH TINA is thus R1 million minus R809 047 = R190 953. Should LITTLE JOHN sell the property at R1.5 million after BIG JOHN’s death, taxable Capital Gains will potentially amount to R1 309 047 on which tax is payable.

We are not in principle against usufruct, but it is clear that costs and the influence of Capital Gains Tax on usufruct should be studied thoroughly before considering such a stipulation in your will.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

Your will and foreign assets

2Each country has its own legislation regarding inheritance and signing of wills. It would therefore be possible that your South African will does not comply with all the requirements of the country where your foreign assets are located. This may result in the non-inheritance of your foreign assets in terms of your last will and testament. It is therefore imperative that you should have two wills if you have foreign assets; one for your South African assets and one regarding your foreign assets according to the regulations of the country where these assets are located. It is always important to plan your estate carefully; should you have foreign assets, however, you must take extra care to ensure that you meet all the requirements of the relevant country’s legislation.

The aim with planning an estate is ultimately to reach your goals in the distribution of your assets and liabilities. These goals should make provision for the management of your estate during your lifetime, but also after your passing.

A further consequence of the increasing  exposure to international investments is that South Africans are also exposed to foreign fiduciary services, including wills for their foreign assets.

Whether it is truly necessary to draw up a separate foreign will or just one global will depends on the following:

  1. where your foreign assets are located;
  2. the nature of the assets and the type of products in which these assets have been invested; and
  3. who takes care of the administration of your foreign assets/investments.

Should your South African will be drawn up in Afrikaans, it may be necessary to have it translated and sealed before sending it to the foreign executor/agent. This could be time-consuming and very costly.

A separate foreign will also has other advantages: your foreign will is administered in line and simultaneously with your South African assets; an executor/agent who is familiar with the required procedures in the relevant country where your assets are located will save you time and money; and someone who draws up wills professionally within the jurisdiction of the relevant country can provide you with advice regarding the possible dangers in relation to tax accountability and hereditary succession when it comes to assets outside the borders of South Africa.

Although we would recommend drawing up a second will with reference to foreign assets, we suggest that, should there be any mention of foreign assets, your South African will must be drawn up in English and it should not pertinently refer to the fact that the document is only applicable to your South African assets.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

What happens to my bank accounts when I die?

Main03In previous articles we suggested that the best way to ensure that your assets are distributed as you want them to be distributed, is to draw up and maintain a will. Should you die without a valid will, your assets will be distributed in terms of the Intestate Succession Act. This may result in unpractical distribution of assets and may lead to someone inheriting whom you did not want to inherit.

In your will you have the choice to determine what should be done with your assets. You should also appoint an Executor who will distribute your assets and manage the administrative tasks in order to fulfil the stipulations of the will and finalise the administering of your will.

As mentioned in previous articles, the death must first be reported to the Master of the High Court and the original will (or the lack of relevant required documentation) must be sent to him. The Master will then formally appoint the Executor by sending him an Executor’s letter and allocating a unique estate number to the estate. This estate number will then be used in all future correspondence with and enquiries from the Master’s Office.

What happens to my bank accounts?

The Administration of Estates Act determines that all bank accounts in the name of the deceased should be frozen and closed eventually, therefore it is extremely important that you make provision for your loved ones, so that they will have cash in hand when you pass away. Usually the accounts are frozen immediately after word of the passing has been received, so money can still be deposited, but no withdrawals will be allowed. As soon as the Executor has been appointed he/she should open a new bank account in the name of “Estate Late XYZ” according to the stipulations of the Administration of Estates Act. This is because you leave your assets to what forms your “estate”. A new bank account will be opened by the Executor and all monies of the deceased in any other bank accounts (as well as his/her spouse in the case of a marriage in community of property) will be transferred to the new bank account in the name of the estate. All estate funds will then be administrated in the estate’s bank account by the Executor until the Liquidation account (statement of assets and liabilities) is approved by the Master and has been open for inspection and remained unchallenged. The Executor will then be in a position to proceed with the distribution of estate assets and finalising of the administration of the estate.

Support to the next of kin

It may, however, take anything from 3 weeks to 3 months or longer for the Master of the High Court to formally appoint  the Executor. The fact that the Administration of Estates Act requires that all bank accounts be frozen as soon as possible after date of death may result in the next of kin or other financially dependent parties not being able to access the funds of the deceased while awaiting the appointment of the Executor. In case of a marriage in community of property the bank accounts in the name of the surviving spouse will also be frozen and closed, according to the stipulations of the Administration of Estates Act, which may have dramatic consequences. Once the Executor has been appointed, he/she may start administering the estate assets, and only then will he/she be in a position to consider interim advances against inheritance. We therefore urge you to make provision for the time following your passing, so that your next of kin have money available for their immediate needs.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

What is the cost of my estate duty?

Main02In terms of the stipulations of Article 4 of the Act on Estate Duty No 45 of 1955 certain deductions (known as rebates) from the net value of an estate are allowed in order to determine the final value of the estate which will be subject to estate duty.   

The following two rebates are the most well-known:

  • Article 4(q) – This is the total value of all the benefits bequeathed to the surviving spouse. The value of a usufruct also qualifies as an Article 4(q) rebate; and
  • Article 4A – This is the value of the rebate applied to all estates, which is currently R3.5 million.

Given the value of the Article 4A rebate you can rest assured that your estate will not be accountable for estate duty if the net value (assets minus liabilities) is less than R3.5 million. The amount with which your estate exceeds R3.5 million will, however, be taxable for estate duty at 20%.

The Taxation Laws Amendment Act amended the Article 4A rebate by allowing the part of the R3.5 million rebate not used by the estate of the first deceased to be carried over to the estate of the surviving spouse. This amendment applies to the estates of everyone passing away after 1 January 2010.

The carried over rebate between spouses can be illustrated with the following example:

  • Mr A, who is married to Mrs A, passes away. The net value of his estate is R800 000 after the rebate according to Article 4(q) has been calculated.
  • This amount is bequeathed to his children and therefore not deductible for estate duty.
  • There is no accountability for estate duty as Mr A’s estate only used R800 000 of the Article 4A rebate of R3.5 million.
  • At Mrs A’s passing the net value of her estate is R8 million. The following rebate is applicable to her estate: Article 4A rebate to the value of R7 million minus the R800 000 deduction already utilised in the estate of Mr A.
  • Mrs A’s estate will therefore pay estate duty on R1.8 million (R8 million minus R6.2 million).
  • R1.8 million @ 20% = R360 000.

We have to put the utmost stress on the importance of estate planning and a will which gives you the best benefits regarding the composition of your assets and liabilities should the net value of your estate exceed R3.5 million. This does not mean that the use of trusts becomes obsolete in estate planning due to the larger rebate in the surviving spouse’s estate. There are still valid reasons why the bequeathment of a trust by the first deceased is an excellent option, even though it does not initially effect a saving in estate duty. In case of such a trust the assets can be managed by the trustees to the benefit of the surviving spouse and children. A small effort today for much peace of mind tomorrow!

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.