Archive for the ‘Uncategorized’ Category

Your Legacy – making a difference in the lives that follows…

Thursday, November 13th, 2014

The joy of living is in the giving…

We all seek a purpose in life and wonder how we can make a positive difference during our brief sojourn here on earth. The answer lies in one word – GIVING. Arthur Ashe once famously said, “From what we get, we can make a living. What we give, however, makes a life.”

When we leave a legacy that makes life better for our loved ones and the needy in our society, it keeps us focus on the “big picture” and helps us experience self-healing, emotional fulfillment and a purpose-driven life. A national study has shown that people in Singapore who donate are more likely to be satisfied and happy with their lives*. Our loved ones would be inspired knowing our values, memories and accomplishments as a result. As for the charities or non-profit organization that receives our legacy gifts, they would be able to devote precious time and resources to pursue their mission rather than spending them on fundraising activities.

*(Source – Subjective Well Being Study 30 Sept 2013 National Volunteer & Philanthropy Centre)

(more…)

A Christian approach to Estate Planning … leads a Giver’s heart to Jesus

Thursday, November 12th, 2009

Does the Bible have specific instructions regarding inheritance, legacies and other matters that are important to our Estate Plan? What distinguishes Christian Estate Planning from a secular one?

From the conversations I had with many of my fellow Christians friends I noticed that there is a general lack of understanding of what Christian Estate Planning is all about. To begin with, a Christian’s “Estate” refers not only to material assets that we leave behind when we passes on, but also to our Christian faith, value and beliefs. We have to plan for the transfer of these spiritual assets as well.

What is so unique about Christian Estate Planning?

Christians need to understand the meaning of Stewardship and how it affacts our Estate Plan. God owns all of our worldly possessions (regardless of how we acquired them)

(i) God owns everything (Ps 24:1) “The world and all that is in it belong to the LORD; the earth and all who live on it are His.”

(ii) Our ability to create wealth is given to us by God (Deuteronomy 8:18) “Remember that it is the LORD your God who gives you the power to become rich.”

(more…)

Why I had a Will and Living Trust drawn up?

Saturday, April 18th, 2009

As a parent with children and elderly parents, I am always concerned of how their lives would be if I were to leave this World suddenly. Who will take care of them? Will my wife be able to cope with taking care of them both emotionally and financially?  Or will she be too distraught to do anything at all? If common disaster happens to me and my wife, who is to take care of my children and parents?

I might not be the best father, son or husband on this earth, but the least I could do is to plan my Estate in such a way to ensure that my loved ones are well taken care of when I am no longer around. Beside my family, I have always wanted to give to my preferred Charities on a long term basis. To do so, I had a Will done together with a Living Trust set up. A life insurance was assigned into my Living Trust to provide for immediate Estate liquidity with a pour over provision in my Will so that a portion of my Residuary Estate will be transferred into my Living Trust. My wife was appointed as the first Executor & Trustee and having Precepts Trustee Ltd (formerly known as Rockwills Trustee Ltd) as the contingent Executor & Trustee.  In my Letter of Wishes, I made provisions for annual payments to my loved ones and designated Charities as well as payouts for medical treatments of my elderly parents and tertiary education funding for my children.

(more…)

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

Friday, 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 –

(more…)

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

Wednesday, 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?

(more…)

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

Wednesday, 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.

(more…)

So this is Christmas and what have you done?

Monday, December 22nd, 2008

“So this is Christmas
And what have you done
Another year over
A new one just begun
And so this is Christmas
I hope you have fun
The near and the dear ones
The old and the young”

Many of us have heard this song by the late John Lennon almost every Christmas. It never fails to remind us to reflect on our past experiences and the events so far. This song has greater significance in view of the financial crisis, the greatest hedge fund scam, the melamine scare, retrenchments etc.

(more…)

What financial lessons can we learn from the Ants?

Friday, November 28th, 2008

In my 16 years of working in the financial services industry, I had witnessed financial follies or mistakes that individuals committed resulting in broken families and sufferings inflicted on their loved ones.

And now in times of financial crisis, we are beginning to read them in the newspapers as well as hear among our friends and relatives. The common mistakes include –

1. Overleveraging – investing in several investment properties thinking of flipping them to make quick profit but incurred losses when the property bubble burst.

2. Speculating in shares – savings lost due to speculations in the stock market.

3. Living beyond one’s means – incurring credit card debts to finance the high life and unable to pay back when they lose their jobs. Recent numbers from Credit Counselling Singapore (CCS) reviewed that overspending was the main culprit in 57% of cases of debtors seeking help this year compared with 52% in 2006.

The reasons for such predicaments could be due to the lack of financial literacy, misplaced values as well as refusal to seek proper financial advice etc.

How can you avoid the financial follies and manage your finances well? You can if you choose to. Let us look to the Ants for guidance and inspiration…

(more…)

Dick and Rick Hoyt – it’s all about a father’s love for his son…

Monday, October 27th, 2008

Would you run an Ironman Triathlon for your disabled son with YOUR son, in a wheelchair, pushing him ahead of you or pulling him behind you? Would you do it just because your teenage son asked you to? Even if you were in your late 60s?

Dick Hoyt would, a retired Lieutenant Colonel with the Air National Guard in US. Together, Dick and his son Rick Hoyt have run numerous Triathlons (including Ironmans) as well as marathons. After watching this story via youtube, one couldn’t hold back the tears and be inspired. When we sit back and reflect upon it, whatever problems we might have is little when we experience this story of a father’s love for his son and a son’s love for his father. What frustrates life is not pain but a lack of love. We may have achieved numerous accomplishments but the one great failure in life is to have lived without loving.

(more…)

Will is only one of the estate planning document…Do you know you need an Estate Planning Organizer too?

Saturday, September 20th, 2008

This Estate Planning Organizer serves as a roadmap that details your wishes, personal documents & assets as well as essential information necessary to assist your Executor or Donee in administering your Estate effectively with minimal difficulties. This Organizer, a copy of your Will as well as other Estate Planning documents are to be kept in a secure and convenient place for ease of reference so as to spare your family a lot of aggravation in the event you pass on or become mentally incapacitated.

(more…)

Will Writing

Trust Planning

Planned Giving

Illustrations