Addressing the specific needs of our high net worth clients, Stephen delved deep into the intricacies of Legacy Planning at the recent seminar.
On the 16th of August, we gathered 32 of our high net worth clients for an intimate session at the distinguished Tower Club on the penthouse level of 9 Raffles Place. Led by our Principal Consultant Mr Stephen Chew and his expertise in the matters of Legacy Planning, he took us through a fruitful and informative seminar.
An aging population is one of the many problems faced by developed countries, Singapore included. Add increasing affluence and personal assets into the picture and you get rather worrying prediction for the future. If no plans have been made, no wills drawn up; what will happen to all that money, property and assets? Stephen lists a few famous case studies where court cases have been fought due to the lack of estate and legacy planning. He also listed the late Hong Kong star Anita Mui’s case as a good example of estate planning. In her will, she had arranged for a regular monthly income of HKD$70,000 for her mother – an example of a testamentary trust which is getting more popular in legacy planning.
Stephen sums up the intricacies of legacy planning in a simplified equation like this:
(Wealth Creation + Wealth Accumulation + Wealth Protection) – (Retirement + Liabilities) = Legacy
“We always think Wealth Creation is tough.
However, the reality is Wealth Protection is even tougher.
This is where Legacy Planning comes in!”
What exactly is legacy planning? It is essentially how you choose to protect and preserve your wealth by identifying, defining, preserving and passing down your assets to the next generation. It also encompasses acts of charitable giving and shapes the legacy you choose to leave behind. Take for example the Ng Teng Fong General Hospital and Khoo Teck Phuat Hospital; brilliant legacies of two Singaporean tycoons who chose to leave their money to good and helpful causes.
Faced with rising inflation rates, Singaporeans should realise the pressing need to plan for their retirement, their golden years and beyond. Legacy Planning is a MUST for everyone!
Check out our photos during the seminar!
