Latest news with #Master
IOL News
4 days ago
- Business
- IOL News
Is a family trust the best choice for your wealth protection?
Explore the complexities of family trusts in estate planning. Understand the benefits, potential pitfalls, and whether a family trust aligns with your long-term financial goals. Is a Family Trust the Right Move for You? When it comes to estate planning, few decisions are more complex—or more personal—than whether to establish a family trust. High-net-worth individuals often grapple with this choice, prompted by advice from financial advisors, legal professionals, or well-meaning friends. While trusts can serve as powerful estate planning tools, they are not a one-size-fits-all solution. The key lies in understanding whether their benefits align with long-term financial and familial goals. Family trusts are often promoted as a silver bullet for wealth protection, but the reality is far more nuanced. A trust can absolutely safeguard generational wealth and provide asset protection—but only if it's properly set up, actively managed, and regularly reviewed to adapt to changing financial and legal landscapes. The Benefits—and the Catch Trusts offer several well-known advantages: they can shield assets from creditors, ensure financial stability for future generations, and maintain privacy over one's estate. They may also serve as an effective tool for estate duty reduction. But they come with strings attached. Dissolving a trust is far from straightforward—it can be legally and administratively burdensome. Too often, we meet clients who didn't fully understand the long-term commitments involved. Once a trust is established, unwinding it can be costly and time-consuming. Loss of control & risk of 'sham trusts' One of the most misunderstood aspects of trust ownership is the required separation of control. According to the Trust Property Control Act, once assets are transferred to a trust, the donor must genuinely relinquish control to ensure compliance. Sars is cracking down on sham trusts—those where founders try to keep one hand on the wheel. If there's no clear separation between the founder and the assets, the trust could be disregarded for tax purposes, and income could be taxed in the founder's hands. That's a costly mistake. Many older trusts have not been reviewed in decades. If your trust deed still reads like it was drafted on a typewriter in 1987, it's probably time for a compliance audit. The Real Cost of Running a Trust Beyond initial setup fees, family trusts come with ongoing legal and administrative responsibilities. Under current regulations, every trust must appoint an independent trustee—someone who manages trusts as part of their day-to-day profession and who must be compensated accordingly. Trusts are also required to: Maintain a dedicated bank account Submit annual financial statements File annual tax returns Maintain full compliance with SARS and the Master of the High Court These obligations aren't optional, and they aren't cheap. You need to budget for annual accounting and trustee fees, and you need to stay on top of your compliance. A poorly managed trust can do more harm than good. Taxation Realities Contrary to popular belief, family trusts are not inherently tax-efficient under current South African tax law. Income retained in a trust is taxed at a steep 45%, and capital gains at an effective rate of 36%. Unlike individuals, trusts do not qualify for personal tax rebates or exemptions, making careful planning essential. Outdated assumptions from the 1990s still influence many decisions today. Trusts can offer tax planning advantages, but only when structured carefully with the right professional advice. So, Is a Trust Right for You? Trusts can be exceptional vehicles for estate planning, but they are not a one-size-fits-all solution. The right decision should be based on your long-term financial goals, family dynamics, and the complexity of your estate. Careful planning and regular reviews are so important to ensure a trust fits one's specific needs. Many people think of trusts as a once-off transaction, but they're actually living legal structures that require care and maintenance. If you don't have a clear reason to set one up—and the commitment to maintain it—you may be better off with a different estate planning route. Her advice? Do your homework. And do not go it alone. Consulting a qualified estate planning specialist is crucial. They'll help you weigh the benefits against the costs, risks, and obligations. That's the only way to know if a trust is truly the right fit for your life and legacy. * Rouchos is a managing director at Bannister Trust and an Estate Planning Consultant at Hobbs Sinclair. PERSONAL FINANCE
Indian Express
5 days ago
- Entertainment
- Indian Express
Coolie budget revealed; Rajinikanth charges Rs 150 crore; Lokesh Kanagaraj earns record fee: report
One of the most anticipated Indian movies of 2025, director Lokesh Kanagaraj's Coolie, starring 'Superstar' Rajinikanth in the lead role, is currently in its post-production stage. The film is gearing up for release on August 14. Expectations for Coolie are already sky high, thanks to its star-studded ensemble that includes Nagarjuna, Upendra, Soubin Shahir, Sathyaraj, and Shruti Haasan, as well as rumours that Bollywood icon Aamir Khan will make a cameo appearance. What adds to the hype is that this marks the first time Rajinikanth is entering a cinematic world created by Lokesh Kanagaraj, known for helming blockbusters such as Kaithi (2019), Master (2021), Vikram (2022) and Leo (2023). While the movie's team has been careful not to reveal too many details about its plot to the media, with even its recently released teaser offering only vague glimpses, a new report has shed light on just how ambitious Coolie is expected to be. According to Pinkvilla, the movie is being mounted on a massive budget of Rs 350 crore, which includes the remuneration for Rajinikanth and Lokesh Kanagaraj. While Rajinikanth has charged a whopping Rs 150 crore for the movie, Lokesh has been paid Rs 50 crore, likely a record for a director. The remaining Rs 150 crore has been allocated to production costs and the salaries of other actors and technicians. According to the publication, this figure does not include promotional expenses, for which an additional Rs 25 crore has been earmarked. Although the budget is big, Pinkvilla quoted a source associated with the movie's production as saying that Coolie has already managed to sell several of its rights, easing the pressure to recoup the entire amount through its theatrical run. While its OTT rights have been sold for Rs 130 crore, Coolie, bankrolled by Kalanithi Maran under the banner of Sun Pictures, has earned Rs 90 crore from satellite deal and Rs 20 crore from music rights.
News18
23-05-2025
- Sport
- News18
Is Sachin Tendulkar's Test Record In Danger? Joe Root Has Entered The Chat
Last Updated: Why are cricket fans suddenly comparing Joe Root to Sachin Tendulkar? There isn't a single day that goes by without Sachin Tendulkar being mentioned on social media. A true gentleman of the game in every sense, Tendulkar showed no respect for the best bowling attacks in the world. When the Little Master batted, the streets of India went empty. And he batted for long. Tendulkar's lengthy cricketing career was a testament to his physical and mental endurance. His exceptional stroke play and unmatched technique made even his opponents pause in their tracks and admire him. Not only did Tendulkar inspire a whole generation in the country to pick up a bat, but he also set heaps of records that are still unbroken to this very day. One of the many records from the cricket books that belongs to Tendulkar is the staggering amount of runs he scored in the Test cricket. Tendulkar piled up 15921 runs in his Test career from 1989 to 2013. But is the record of most Test runs by Tendulkar under threat? Enter Joe Root who has been a hot topic on social media. But why? Unstoppable Joe Root One of the modern greats of Test cricket, England's Joe Root, recently became the fastest batter in the world to clock 13,000 runs in the longest format of the game. On Thursday, he brought up this feat against Zimbabwe at the Trent Bridge in Nottingham. With this, Root beat South African Jacques Kallis's record who brought up 13,000 Test runs in his 159th match. While Root reached the landmark in his 153rd Test. It's worth noting that Root took 279 innings to reach 13,000 runs while Tendulkar achieved the same in 266 innings. Kallis, second on the list, hit the milestone in 269 innings. Seeing Root inching closer to all-time great Tendulkar bamboozled the cricket community. 34-year-old Root is only 2921 runs away from becoming the leading run scorer in the Test cricket. 'Joe Root has completed 13k runs in Test cricket, but I'm hardly seeing any appreciation posts for him here. He truly deserves a better fanbase imo, (sic) a fan on 'X' wrote. Sachin Tendulkar – 15921 Root – 13,000* runs. THE RACE IS ON FOR THE TOP…!!! :crown: — Johns. (@CricCrazyJohns) May 22, 2025 A photo of Root reaching the 13K mark in the red-ball format also began doing rounds on the Internet. (Sony Liv / X screengrab) Most Runs In Tests Root is only the fifth batter in the world to hit 13,000 runs in Test cricket. The English batter and former England Test captain made his debut against India in Nagpur on December 13, 2012. It is only a matter of time before Root will race past the other greats who grace the top five list. Sachin Tendulkar – 15921 Ricky Ponting – 13378 Jacques Kallis – 13289 Rahul Dravid – 13288 Joe Root – 13006 Root averages 50.80 in 153 Test matches. He has 36 centuries and 65 fifties to his name. tags : Joe Root Location : New Delhi, India, India First Published: May 23, 2025, 09:56 IST News explainers Is Sachin Tendulkar's Test Record In Danger? Joe Root Has Entered The Chat
TimesLIVE
14-05-2025
- TimesLIVE
Witness 'doesn't believe' Usindiso fire accused was forced to confess
A woman who survived the Usindiso fire in which 76 people were killed doesn't believe Lawrence Sithembiso Mdlalose, accused of setting the building alight, was coerced into confessing by an alleged Tanzanian drug dealer. Noluthando Khumalo-Mzizi testified at the Johannesburg high court sitting in Palm Ridge magistrate's court on Wednesday, a day after Mdlalose's confession was read in court. Mdlalose is accused of setting fire to the Usindiso building in Johannesburg in 2023, resulting in the deaths of 76 people and leaving 12 others injured. After the incident, a commission of inquiry led by former justice Sisi Khampepe to probe, among other aspects, the circumstances that led to the deaths was established in September 2023. Mdlalose gave testimony on January 23 2024, allegedly implicating himself as the person who started the fire, resulting in an order by Khampepe that he be taken to a magistrate to reduce his confession to writing. He is facing 76 counts of murder, one count of arson and 12 counts of attempted murder. Khumalo-Mzizi testified that she knew the alleged Tanzanian drug dealer as she used to do her hair at his salon. She told the court that she only knew tenants who were living on floor one, where she was staying, and didn't know Mdlalose. She said that night of the fire, she heard noise from the basement, where Master stayed, late in the evening before the fire started. 'I said to myself that those are Tanzanians, they had already started as they used to fight and make noise and hurt one another,' she testified, adding that it was normal for them to make noise. 'Upon hearing the noise, I ignored it.' She said that was around 11pm and she subsequently heard people screaming around 2am. She peeped through the window and realised that the smoke was emanating from Master's side, who lived on the ground floor. 'I took the phone, the gown and ended up opening the door. After that, I tried to run towards the west direction. I took two steps and I could feel there was heat on my face,' she testified, adding that she had been sleeping naked. 'I made a turn, heading to the other side where there is another gate. I could feel I was stepping on bodies.' She testified that she stumbled upon about 11 bodies while naked in the darkness. She said it was dark as there was no electricity in the building. She added that she jumped over the balcony from the first floor when one of the tenants advised her to put on her gown. She testified that she last saw the alleged Tanzanian drug lord, Master, three months after the incident. She testified that she didn't know who could have burnt the building, but she knew that it was set alight. When asked about Mdlalose's confession during cross-examination, she testified that she did not believe he was forced to confess. When asked if Master was responsible for the fire, she told the court that she didn't know anything. 'He is lying. Do you think someone will threaten you to do that, and agree to go to jail? If he was threatened, why didn't he go to the police and inform them? 'We are talking about Master, who is a foreign national, and when we talk about Sithembiso, we are talking about a South African citizen. How come he was threatened by a foreign national?' she asked. 'We were left with nothing because of him. We are left with no friends, no families, and some of the children have lost their parents. He must just come forth and tell the truth,' she said. She added that she knew Master was selling drugs, but she did not know who was selling drugs on his behalf. In his confession, Mdlalose said the man he had asked to sell R300 merchandise for him had not returned and he had already told Master that he gave the merchandise to KB and Master wasn't really happy with this explanation. 'I had to find him as my life was at risk. We found him on Wednesday evening,' he said in his confession. He said that he and Siwe took KB to Usindiso Building, ground floor, where they had a room called Slaghuis — a room where people are tortured. He said at the time he didn't squander the proceeds and had to prove himself to Master by assaulting KB. 'Based on the fact that I acted in rage, I think I overdid the assault. I returned later, saw he was conscious, so I started beating him again. There was a kettle cord which I used to strangle him,' he said in his confession. He said he wasn't intending on killing KB, but when he realised that he was no longer breathing, he was in a state of confusion and panic he had to devise a way to get rid of the body or move it. 'I decided to go buy petrol. I didn't expect my actions would lead to innocent people dying and being injured. I came back after buying the petrol and I doused his [KB's] body with petrol and I went to stand near the doorway, struck a match and threw it at his body,' read the confession. The trial was adjourned until Friday.
Digital Trends
14-05-2025
- Entertainment
- Digital Trends
Kingdom Hearts: Missing Link cancelled, but there's a silver lining for fans
Kingdom Hearts fans are witnessing one door closing and another opening up — literally. Square Enix has announced that Kingdom Hearts: Missing Link, the mobile spin-off title that was being developed for Android and iOS, has been cancelled. The company made the announcement in a statement shared on X, formerly Twitter, on Wednesday explaining its decision to cancel the game, which was set in Master Xehanort's hometown of Scala ad Caelum between the events of Kingdom Hearts Union Cross and Kingdom Hearts Dark Road. Square Enix said it would be hard to serve up a Kingdom Hearts live-service game that fans would enjoy for a long time despite its best efforts to fine-tune its development and hold multiple closed beta tests, causing the game to be delayed more than once. The release of Missing Link was last delayed to the end of 2024, but that has since passed. Recommended Videos The statement reads in part, 'We have made the decision to cancel the development of Kingdom Hearts: Missing Link. We wish to convey our heartfelt apologies to everyone who has been looking forward to the start of service. Although we worked hard on developing and adjusting the game in the hope that it would be enjoyed by lots of players, we determined that it would be difficult for us to offer a service that players would find satisfactory over a long period of time, leading us to the decision to cancel development.' An important announcement regarding KINGDOM HEARTS Missing-Link. — Official KINGDOM HEARTS Missing-Link (@KHMLink_NA) May 14, 2025 The rest of the statement reveals a silver lining that Kingdom Hearts 4 is still in development. The sequel to Kingdom Hearts 3, which would kickstart The Lost Master Arc, was announced alongside Kingdom Hearts: Missing Link during the franchise's 20th Anniversary event in Japan on April 10, 2022. However, Square Enix only released the announcement trailer, which finds Sora taking on a real-world form (sort of) in a city inspired by modern-day Tokyo, and went radio silent on updates for the game for the last three years. Kingdom Hearts 4 has yet to receive a release date.
