I recently received a call from our company’s estate planner. During our conversation, he informed me about an issue encountered with one of his clients. He provided a brief background of the situation: Madam Siow, aged 56, has two sons, Alan (age 26) and Eric (age 30), and was divorced two years ago. She made...
I recently discovered an interesting conversation between our professional estate planner and Mr. Wong, a diligent accountant deeply invested in securing his family’s future. During our discussion, Mr. Wong raised a crucial question: Why is life insurance important? I realize that many of you might wonder why life insurance is important in financial planning and...
Mr. Lim, a successful businessman, committed to providing for his family – his wife, Mei Ling, and their son, Wei. Despite losing his parents long ago, he was determined to secure a stable future for his own. However, he forgot one important thing: making a will. He thought he had plenty of time to sort...
Emily Tan, a retired teacher from Kuala Lumpur, has always been passionate about education and humanitarian work. As she plans her estate, she wants to ensure that her values and passions are reflected in her legacy. Emily decides to include charitable donations in her Will. Through Will Emily identifies World Vision Malaysia, a charity...
A commorientes clause, as described in the Will, establishes that beneficiaries can only receive gifts if they survive the testator by a specified period, typically 30 days after the testator’s passing. This provision is particularly important in situations where both the testator and beneficiary pass away simultaneously, or when it’s impossible to determine the order...
Louis purchased a Semi-D house two years ago for RM 650,000. Louis still owes RM 600,000 on his loan, with monthly payments of RM 3,000 at 4.1% interest per annum. Louis lives in the house with his wife and 2-year-old son; both his parents have passed away. Let’s consider this question, “What happens to Louis’s...
In our previous discussion, we addressed concerns about the potential misuse of life insurance payouts in a buy-sell agreement. To establish a more reliable succession plan, we’re exploring an alternative approach that incorporates Wills. Here’s how it works: You and your business partner will still get life insurance policies, but with a twist. Instead of...
In our last article, we talked about how keyman insurance helps protect a business if something happens to a key person. Now, let’s talk about another helpful thing: the Buy-Sell Agreement. Think of the Buy-Sell Agreement as a safety net for business partners. It’s like a plan for what happens if one partner can’t work...
Mr. Tan, who’s the top sales guy at a local marketing company. He’s the one who makes sure the company sells its products and does well. But what if Mr. Tan suddenly can’t work because he got hurt in an accident? That’s when keyman insurance comes to help. Keyman insurance is not your usual insurance....
Based on a 2016 survey conducted by PricewaterhouseCoopers (PwC), it was found that almost one-third, or 31%, of family businesses in Malaysia do not have a plan for passing on their business to the next generation. This reveals a significant gap in long-term planning, which the survey terms the ‘missing middle’. In the realm of...
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