I want to tell a fictitious story of Mr. Sam and his family. Mr. Sam Senior started work as a salesman when he was just 18 years old. He worked hard and become very good in what he was doing. At age 30, he decided to setup his own business only to become bankrupt when he was just 35. It took him another 15 years to get himself out of bankruptcy. At age of 50, he became his own boss again. For … [Read more...]
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Estate planning mistakes made by ultra rich celebrities like Princess Diana
In my course of work, I always get request from clients who wants advice on investments and insurances. But when I mentioned about estate planning, they thought that it is only for the ultra rich and hence do not wish to seek advice on this subject matter. Most of the time, I will reject such cases if I feel that estate planning is an important component especially those with children, foreign … [Read more...]
Nicoll Highway collapse accident and lessons parents can learn
In 2004, a catastrophic construction accident happened when a MRT tunnel collapsed. The tunnel supposed to be part of the Circle Line and Nicoll Highway. 4 workers were killed and 3 injured. All six lanes of the Nicoll Highway were heavily damaged. The partially built MRT was abandoned and shifted 100 meters from the original site. The Nicoll Highway MRT station is now located just few minutes’ … [Read more...]
Lasting Power of Attorney – its deficiency relating to financial planning
Lasting Power of Attorney is now more simplified The Office Public of Guardian announced[1] that the simplified version of the Lasting Power of Attorney, also known as “Form 1”, is now further simplified because the previous simplified version was just too complicated. Since 1 March 2010, there were over 6,000 applications[2] for Lasting Power of Attorney. Based on annual reports[3], 68% were … [Read more...]
ST Forum: What’s involved in writing a will
The issue of a will turning out to be invalid is not new. The press often reports these cases. For instance, recently a lawyer by the name of Johnny Cheo Chai Beng was sued by 18 beneficiaries because the will he prepared turn out to be invalid. But what never appear in the press is that many valid wills are not suitable resulting in similar outcome as an invalid will. I decide to write to the … [Read more...]
Lawyer Johnny Cheo Chai Beng sued for not knowing how to prepare a will
A lawyer by name of Johnny Cheo Chai Beng did not know that two witnesses were required for a will. As a result, he was sued and ordered to compensate more than A$719,000 to the 18 children and grandchildren of an Indonesian businessman . An Indonesian businessman contacted Johnny Cheo Chai Beng by telephone on April 2006. They met within the same month at Citibank’s office at along Church … [Read more...]
What Kind of Estate Planning Is Required When Investing In Overseas Properties?
http://www.youtube.com/watch?v=cWoQoEPhgY8 For those who prefer to read, below is the transcript of the video: It is increasingly common for Singapore residents to invest in properties overseas. However, there are 3 estate planning issues that need to be addressed. First, real estate is subjected to the law of the land. Every country has different laws with regard to how real estate is to be … [Read more...]
Madam Pusparani, widow of killed Changi Airport worker, is now broke but no fault of hers
Reasons why Madam Pusparani lost the entire $1m and why is not her fault? By now everybody have read about the story of a widow named Madam Pusparani Mohan who lost the entire $1 million of money mostly from donors due to poor money management[1]. She was hit by the firestorm from social media which saw countless people cursing her for mismanaging the entire amount within just less than 2 … [Read more...]
Franklin Heng’s Rockwill Trustee multimillion dollar lawsuit for liposuction death
(This was originally published on 3 June 2014 but was updated 27 May 2015) First high profile death involving liposuction is Franklin Heng Botched plastic surgeries met its first death case in Singapore in 2009. The first death case was also a high profile case as it involved a high networth individual. 44-year-old Mr. Franklin Heng, the CEO of YTL Pacific Star REIT Management Ltd, died after … [Read more...]
Mental Incapacitation Planning for Retirees
Retirees often face numerous challenges during their ‘golden years’. While many are living longer, they are not necessarily becoming healthier. One of the risk for retiree is the fear of mental incapacitation such as dementia. In the year 2012, 1 in 20 persons age 60 and above had dementia. The incident of dementia is expected to more than double[1] in 2030. You can view a video to learn more … [Read more...]
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