Estate Planning

The best gift any parent can give to their children is to provide them a good foundation to start off their life and it is through good education. The parent’s income and consistent habit plays a vital role in making it possible.

What is Estate Planning?

Estate planning is the process of transferring wealth from one generation to the next. Every individual with assets should do estate planning to pass on their legacy (or otherwise, it goes to the government).

The best time to do estate planning is when you own an asset or have a dependent you want to transfer your wealth to in the event an accident, mishap, early or natural death, sickness, and so on.

Estate Planning

There are 7 layers of estate planning:

  1. Having a valid will
  2. Tax structuring
  3. Inheritance – the allocation and distribution of assets as well as liabilities. For property transfers, did you know that loans will be passed on to the family to bear the principal and interest payments? Properties also typically require refurbishment and renovations every 5 years which require substantial amounts – who will maintain these? Will the heirs have sufficient cash flow?
  4. Charity giving – some would like to support certain causes and organizations
  5. Retirement – EPF savings is not enough to enjoy the golden years, most people now have their own private retirement plans to ensure a certain standard of lifestyle enjoyment
  6. Income – even after you retire, income flow is important. Property rental is not sufficient and it can fluctuate. Our clients ensure that they have guaranteed income
  7. Asset transfer – there are costs and fees involved such as legal fees, paying off of loan, etc. It is important to plan sufficient cash flow so that your dependents do not end up having financial distress

Estate planning is about ensuring that there will be guaranteed sufficient cash flow for the heirs. Someone who has many assets may end up passing nothing to the next generation because they overlook cash planning.

Our team has helped families to plan their estate so that they can maximize and multiply what they have.

To know more, speak to our wealth advisors today for free consultation with no obligation (that’s our promise!). Schedule a 15 minute meeting by filling out our inquiry form.