Comments on: Child Protection: Setup Incentive Living Trust

By: KCLau

KCLau — Wed, 27 Apr 2011 06:33:25 +0000

Hi Jac,

You will need to talk to someone who deal with this professionally.
I have an associate who are really good at doing this.
Please email me at kclau [at] kclau [dot] com with your contact number and your location so that I can arrange a discussion with you.

thanks

By: Jac

Jac — Wed, 27 Apr 2011 04:33:03 +0000

May I know how to setup a trust and what is actually needed? Who do we contact and how do we find these contacts?

My situation is like this. My parents are in their 60′s and they are independent folks and would like to setup a trust fund for their own old-age care. The would just like to play it safe, making sure that they will be taken care of when they are not able to. After seeing many real life horror stories their neighbours and relatives who has grown old and abandoned by their kids, they feel that they should setup a trust for their old age(just in case they lose their faculties etc). They came to me and ask me of my opinion. I have no objections as I know where they are coming from but at the same time, I do not have any idea on how to do this. What are the things that need to be considered when setting up a trust fund? Who do we contact? How much is the cost of setting up a trust fund and have someone professional to run/invest for us? Altogether, without their insurance policies, they have about 300K savings combined.

By: KCLau

KCLau — Tue, 16 Mar 2010 08:05:01 +0000

Hi Pearly,

You will need a trust setup in this situation.
For your GE policy, you shall be able to do “absolute assignment”. Please visit the nearest GE branch to get this sorted.
For your other policies, you can nominate your son. If you have a trust, you can also assign the policies to the trust since your son is still young.

By: Pearly

Pearly — Mon, 15 Mar 2010 05:40:49 +0000

Dear KC,
Currently me and my husband is going tru divorce and during our marriage both of us have bought GE insurance with either:- ( me on the life of my husband as insured person ). Will divorce has any effect on insurance and the nomination? I also bought another saving policy – Maybank Etiqa whereby I put 100% beneficiary to my son which is just 5 years old. I’m confused now as after reading your article on whether to include my sister name for the nomination. Cause in case I die early how do my son get the money and he might not mature enough to handle his finance. Any advice on the beneficiary?

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