It was supposed to be a happy family vacation but it turns out to be a total disaster. By now everybody knows what happened. On 23 August 2010, Rolando Mendoza, a former high-ranking commissioned police officer hijacked a tour bus carrying 25 tourists from Hong Kong in an attempt to get his job back. After a botched rescue attempt by the Philippine National Police, 8 persons died. Those who … [Read more...]
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Left nothing to legally married wife including the dependants protection scheme
I read with dismay about a case in which a man left nothing to his legally married wife upon his demise. Instead, it appears that the only insurance – dependants protection scheme – was left to his children born from previous marriage through nomination. You can read about it on Mr. Tan Kin Lian’s blog post: HERE. It is difficult to comment on the case as little facts are presented. But in my … [Read more...]
You Too Can Be A Philanthropist
It is often thought that to be a Philanthropist means one need to be very rich. This is a common fallacy. What many people do not realised is that to be a Philanthropist can be very easy and does not need to be rich at all. In this article written for INVEST August 2010 issue, Wilfred Ling writes about this subject matter. The article can be downloaded from this link: HERE … [Read more...]
Professionalism goes beyond instruction taking (Wills) Part 1
There is a current court case in which two sisters are fighting over their inheritance. This was reported by Straits Times "CJ: Be diligent when making wills for elderly" dated 11 August 2010 in which Ms Caroline Chee, 48, and her elder sister Muriel, 54, had each produced a will by their late mother, Madam Goh Hun Keong, who died in 2004 at the age of 83. The lower court and the Court of Appeal … [Read more...]
Question of being guilt stricken after writing will
Question: “Wilfred, my widowed mother wrote a Will giving her entire estate in equal shares to her children. She has an ‘adopted’ son whom she raised since he was born until he got married. He was not formally adopted though. For us as a family, we always treat him as part of the family. My mother thinks that she should only give her estate to her ‘real’ children. However, she has been feeling … [Read more...]
Crane killed sole breadwinner leaving behind 5 needy dependents
The Straits Times article “Family of bus accident victim left in dire straits” dated 18 July 2010 reported that a 50-year old man was killed by a smashing crane when he was sitting at the upper deck of a public bus. That is not the end of the story. The article reported that he is survived by a 47-years old housewife and 4 boys. The youngest son is being test for IQ and kidney problems; second … [Read more...]
2-years old daughter becomes fatherless because of the falling tree
“A MAN was crushed to death when a rain tree uprooted and crushed the car he was driving, pinning him to his seat during Tuesday's afternoon's heavy downpour. The 32-year-old driver was alone when the accident happened, sustained injuries to his spine.” – Straits Times 20 July 2010. According to the newspaper report “Man killed by tree: Family seeks compensation” dated 22 July 2010, the … [Read more...]
Educational Seminar – Estate Planning for Parents with Young Children (1 hour)
AS ON 28 JULY 2010 11:59PM, REGISTRATION CLOSED. To be informed of future seminar events, click HERE Topic: Educational Seminar - Estate Planning for Parents with Young Children (1 hour) Speaker: Wilfred Ling Date/time: 31 July 2010 Saturday 10:00am Singapore time Venue: Video telecast over Internet Content level: Basic / Intermediate / Advanced Registration fee with money back … [Read more...]
Financial Planning For Persons With Special Needs
Special Needs Saving Scheme (SNSS) and Special Needs Trust Company (SNTC) are one of the various tools one can use for persons with disability. Before using these tools, it is more important to have a game plan. In this issue of June 2010 INVEST magazine, Wilfred Ling explores the various considerations for individuals with special needs. The article can be downloaded from this link: HERE … [Read more...]
Lack of estate planning ends up leaving to dogs instead for children
I read with great amusement in the newspaper about a heiress who left S$16.5m to her 3 dogs upon her demise. Now, her son is challenging her Will in court (see article Son's fury as heiress mother leaves £8m to her DOGS, £17m to her housekeepers... and just £650,000 to him< ). Well, perhaps that is what the rich people do with their money like leaving large sum to dogs. But on a more serious … [Read more...]
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