Single with mom

Client Profile
Trainer, early 40s, single
3 other siblings, mom has diabetes, dad passed away 10 years ago.
Client adores his nephew, but he is not very close to his siblings as they are all overseas.

CPF: $220,000
Cash: $65,000
Investment: $150,000
Insurance: $1.0 mil
Property: Private condo in Paya Lebar worth $1.15 mil
Company: N.A.

1. Client leads a stressful lifestyle, and he is concern that in the event of Mental incapacity, or illness, he loses the incapacity to manage his own assets
2. At the same time, no one would look after his aged mother

1. A Stand-by Trust was set up to hold his assets in the event of mental incapacity or illness. Assets means insurance proceeds, cash savings & investments. They will be liquidated and put into the Trust to be managed by Rockwills Trustee. The house will not be sold but to house him and his mother as long as either one is alive.

2. Assign Lasting Power of Attorney to Rockwills to take care of his Financial Affairs, assign his mother to be donee to take care of his personal affairs like employing a maid etc.

3. From the trust, Rockwills were to pay
(i) monthly nursing fees to mother
(ii) $3,000 per month for living expenses for both
(iii) Any other medical fees as required by him and the mother

4. Upon his death, Rockwills will continue paying his mother her nursing fees and monthly allowance for living expenses.

5. Upon his mother’s death, the remaining amount (if any) in the Trust account will be kept in the Trust till his nephew turns 25 years of age.

6. He also put in place a few plans to save up for his retirement i.e. endowment plans, regular investment plans into Singapore Blue Chips