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For the sake of your loved ones, do not procrastinate and have your Will done!

March 27th, 2009

Mdm Tan (not her real name) was divorced from her husband a few years ago having custody of their only daughter. Her ex-husband had since remarried another lady who bore him a few children. Mdm Tan detested her ex-husband very much for being unfaithful to her. For several years now her ex-husband had not visited the daughter and cared about their livelihood. As a strong woman, Mdm Tan worked hard as an executive and together with her elderly parents took care of her only daughter. In my conversation with her, I realized that she had not drawn up a Will. A check with our legal counsel reveals following potential problems -

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Why life and health insurance are important to your Estate Plan?

February 25th, 2009

Being permanently disabled may mean a drain on your income or bank account. Beside the initial medical treatment cost, there may still be recurring expenses needed for medicine, physiotherapies etc. If you are the breadwinner of the family or contribute most financially to your family, it is important to ensure that you protect your family and yourself financially against permanent disability and pre-mature death.

You may have drawn up a Will and had decided on the distribution of your Estate but your Estate may be significantly depleted due to outstanding medical expenses incurred prior to death. As a result, little or no money left behind to take care of your loved ones or survivors. In a worse scenario, your survivors may have to look for money to pay for the medical expenses you left behind when you are gone.

So what are the types of Insurance you need to consider?

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Charitable Bequests - a simple and effective way of Planned Giving.

January 28th, 2009

Most people would donate money on an ad hoc basis - usually in the form of buying donation tickets or writing cheques to some mailings from Charities soliciting for funds. Planned Giving is more than that, it requires one to consider his/her financial affairs in a comprehensive manner to ensure that loved ones and self are adequately provided for while at the same time providing a lump sum or constant flow of money to your favorite charity.

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