Evanna Phoon chats with Mr. Lee Chiwi, CEO of Rockwills International Singapore on Wealth Management Structures beyond Borders. This is applicable especially to Malaysians who are owning assets in many countries.
Q1: Why the current Malaysian Families need complex Wealth Management Structures?
A1: Growing Malaysian families’ trends are as below
1. Children overseas to receive education, they may stay @ foreign countries & marrying a foreigner (inheritance tax problem)
2. Business in foreign countries (tax not efficiently minimized)
3. Purchase properties overseas (underlying inheritance tax issue)
4. Family members living or working overseas
Q2: Since this trend of Malaysian families has underlying HEAVY tax issues (a lot of us might not be aware of), what are the alternatives to reduce their taxes?
A2: Trust (highly flexible to minimize taxes) & offshore vehicles like the BVI
Will Writing is the key component in Estate Planning; however, we need other structures like Trust/Foundation to compliment the WILL to avoid heavy taxes and thus increase the profit & return.
About the Guest Author:
Evanna Phoon is the “Most Sought After Rockwills Will & Trust Specialist”. Her website is www.malaysiawills.com, where anyone can register for FREE SEMINARS on Will Writing & Trust and watch FREE Video Education Series to help increase awareness of Will, Trust and Estate Planning services in English, Mandarin and Cantonese.
She had done over 200+ video blogs on the topic of Will, Trust, Funeral & Bereavement care and Estate Planning. She was invited as a speaker at International World Bloggers Summit 2011@PWTC, Rockwills CEO achiever´s congress, Negeri Sembilan Chinese Chamber of Commerce & Malaysia SME Business Networking Seminar.
Evanna writes regularly for Malaysia SME newspaper and two Chinese medium magazines “mystudy.my” and QiJi.
Prior to joining the financial planning industry, she worked for a few years as an electronics engineer with Intel, Freescale, Motorola and Western Digital. While still studying in the university, she appeared in billboards and did catwalk modeling. She was Miss Astro Chinese International Finalist 1998/99 and had won Miss Sunway Beauty Pageant title in Year 1999. She is currently married with two children and love to spend her time mountain biking and outdoor sports with her family.
This article is posted at: KCLau's Money Tips
Proper Wealth Management Structures when Your Assets Go Global