An individual sued his family members over a disputed property. Quek Hung Heong (QHH - the plaintiff) lays claim to the entire beneficial interest in the property in the lawsuit although the property was held under tenancy-in-common with the other 4 family members. The other 4 family members are his father, mother, an older brother and older sister. His father, mother and older brother have … [Read more...]
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Father who did not have a Will drown in NUS leaving 3 and 6 years old children
In the news was a man who drown in NUS’ swimming pool. The incident happened in 2007 and the deceased left behind his wife and the young children aged 3 and 6. The deceased widow tried to sue for $1m but failed even after appealing. The written judgment for the appeal was dated 9 January 2014. It took 7 years for the widow and her family to come to a closure. It must have been so tiring. I … [Read more...]
Launch of Rockwills Trustee’s ONE-TRUST
Rockwills Trustee Limited, a holder of Trust Business Licence by the Monetary Authority of Singapore, launch the Rockwills Trustee’s ONE-TRUST. Basic features of the trust product: Affordable trust Just need to assign ONE insurance policy Easy to understand Has no annual fees (until proceeds are paid out) Offers protection against creditors and even divorce Withholds payments to … [Read more...]
Radio advertisement on “No medical insurance, no Lasting Power of Attorney, no WIll”
The following radio advertisement were made on Gold 90.5 FM from 24 June - 8 September 2013. … [Read more...]
Very Large Government Subsidy for Special Needs Trust Company
It was announced on 14 June 2013 that Ministry of Social and Family Development have begun subsidizing the cost of setting up a trust with Special Needs Trust Company (SNTC). This is very good news especially for caregivers who cannot afford setting up trust with private trust companies. The following is a summary of the subsidy: The following are some tips to parents who have children with … [Read more...]
Question on Will Writing for Muslims
Question: Wilfred, I asked a lawyer for Will Writing for Muslims. I want to write a Will so that I can bequeath 90% of my estate to my wife and the remaining equally among my children but he charges me at a price that is too expensive. Answer: A Muslim can only Will up to 1/3 of his estate. Moreover, the beneficiaries must NOT be his own family members. To be precise, the beneficiaries of the … [Read more...]
4 young children lost both parents within 2 months and how the credit default swap can help
Recently, 4 young children - ages from three to 13 - lost both of their parents in just two months. The deaths of both of their parents were unrelated. According to the articles 4 kids lose mum to cancer, dad in crash and She's 13, and mum and dad to siblings, their mother Madam Wang Shu Rong died of colon cancer when she was just 29 years old. Two months later, their father Lim Guang Chin died … [Read more...]
What happens to the CPF Minimum Sum Top-Up when the recipient dies?
Question: My wife does not work and she does not have her own CPF money. I make regular contribution to my spouse’s CPF account using the CPF Minimum Sum Scheme Top-up every year to save on taxes. Can I assume that if she makes a CPF Nomination, all her CPF money will go to whoever she nominates? Answer: For cash and CPF top-ups made before 1 November 2008, the remaining top-up monies will be … [Read more...]
What will happen to the Child Development Account (CDA) when parent die?
Question: Wilfred, I’ve maximize the CDA account by giving birth to six children. With the government 1-1 matching, the Child Development Account accounts are worth $144,000. What happens if both my wife & I die? Will the government take back all the money away? Answer: The Child Development Account account belongs to your children. It does not form part of your estate. In fact, the CDA … [Read more...]
Association of Persons with Special Needs – APSN (e-Learning)
Recently, Association of Persons with Special Needs (APSN) invited me to speak to their members on the topic on estate planning for persons with special needs. I was told that APSN is the largest association in this sector. APSN has 4 schools and 1 adult learning center. One of the objectives of the APSN is to cater for the needs of the mild intellectual disability. I spoke on two days 31 Oct and … [Read more...]
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