All parents with children with special needs (or PSNs – Persons With Special Needs) are burdened by two things: The huge financial resources to support their children on a long-term basis. Assuming the PSN require $5000 per month in living expenses, medical, special school, special education and cost of care giver – the total amount required for a 1 year old child is 5000 x 12 x 82 = $4.92 … [Read more...]
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Event – Introductory talk on Estate Planning for Persons with Special Needs, 6 November 2012, 4pm-6pm
The event is over. For video recording, click HERE. Parents and caregivers of persons with special needs face a unique challenge because they have permanent dependents. Many are concerned about what will happen to their dependents if parents and caregivers pass away. Parents and caregivers must develop a robust estate plan. Association of Persons with Speical Needs (APSN) will be … [Read more...]
Event – Introductory talk on Estate Planning for Persons with Special Needs, 31 October 2012, 4pm-6pm
This event is over. For video recording, click HERE. Parents and caregivers of persons with special needs face a unique challenge because they have permanent dependents. Many are concerned about what will happen to their dependents if parents and caregivers pass away. Parents and caregivers must develop a robust estate plan. Association of Persons with Speical Needs (APSN) will be … [Read more...]
Seminar on “The Importance of Wills & Trusts planning for Parents with Young children”
Yesterday (13/10/2012), I conducted the above talk at Singapore Management University. It was a great turnout with many questions asked on Wills & Trusts (estate planning). The following is an excerpt from the talk: https://www.youtube.com/watch?v=VBplkR1ceCY For those who missed it, you can view the entire video recording (2 hours 30 mins) HERE. Of course, you need to purchase the video … [Read more...]
Analysis on fees charged by the Public Trustee (PT) and Special Needs Trust Company (SNTC)
This is an article on the fees charged by the Public Trustee and Special Needs Trust Company. Although fees are public information but people often asked whether are these fees worth paying. In examining fees, it is important to differentiate between value and price. Price is what you pay but value is what you get. Given two items: X and Y and it cost $5 and $50 respectively. Which is cheaper? … [Read more...]
Girl,11, molested by uncle 20 times. This can happen to your daughter
According to a Straits Times article Coach driver molested niece when she was 11, it was reported that the girl’s uncle molested her 20 times. She did not dare to report it earlier due to out of fear. Of course, this can happen even for young boys as well. Sometime, the greatest enemy turns out to be a relative. This highlights the fact that young children are extremely vulnerable. First, for … [Read more...]
Commentary on “Four child corpses found buried under Chinese bridge”
There is an article entitled “Four child corpses found buried under Chinese bridge” published by Asiaone dated 7 February 2012. The link can be found HERE The following are my comments with regard to that article: Children are extremely vulnerable. They are physically weaker than adults; mentally and emotionally vulnerable. They do not know their rights. Even they know their rights, they may … [Read more...]
CPF Nomination ends up with Official Assignee due to poor financial planning
Central Provident Fund (CPF) monies bequeathed to a bankrupt by a deceased member stands to be seized by the Official Assignee (OA). This is the verdict by the Court of Appeal in the case ofLim Lye Hiang v Official Assignee (Singapore Law Watch). The Straits Times carried the same story available from CPF’s IM$avvy link: HERE. Last year, I wrote a blog on this sad story (available from this … [Read more...]
The Singaporean DIY approach to financial planning (or lack of it)
Singaporean's DIY approach to financial planning is really pathetic. According to HSBC’s 'The Future of Retirement' report: Half of those 30-39 do not have any short-term savings (probably spent it all away). Only 30% of those 40-49 are protecting their assets. 24% of parents do not have any life insurance (probably they thought they are superman). 34% of those 50-59 are not saving for … [Read more...]
Four mentally incapacitated adults found abused in dungeon
The Philadelphia Police arrested three suspects for kidnapping, aggravated assault, false imprisonment and unlawful restraint after four mentally incapacitated adults were discovered in a dungeon. The adult victims were said to have only the mental capacity of 10-year olds. It was reported that these victims were falsely imprisoned so as to be robbed of their social security disability … [Read more...]
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