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Asset Protection and Preservation Health Check (2)

Answer the 3 questions below. The answer shall clearly acknowledge your current position against protecting and preserving your hard earned wealth. You may tick more than one response for each question.

1. Which of the following best describes your current stage of life?
(a)
Middle age and single with few financial commitments. Basically you are not worry about finances. Have high steady flow of monthly employment income and ignorant about your wealth succession planning.
(b) Growing family.
(i) Your property (ies) are under joint ownership with your spouse. You have no idea that the other half share does not belong to you in the event your spouse predeceases you. You are looking for more wealth generating opportunities.
(ii) You are providing the best for your family and have named them as your nominee in your life insurance coverage. You wonder whether they should inherit the insurance monies in full or in the form of gratuity to prevent possible funds mismanagement and squandering heir(s).
(iii) You have acquired substantial wealth at this young age. Although death has never crossed your mind, you are concerned about losing and risking it. You want to know more options of preserving it for your family.
2. Which of the following best describes your current business(es)
(a)
Initial stage. You decided to venture into business and are sourcing for business partners. You neither foresee the potential risk between you and your future partners nor have the right corporate structure. The need of having a corporate Will has not crossed your mind.
(b) Growing company.
 
(i) You have borrowed for your business expansion. As your partners and you are jointly and severally liable, you are extremely concerned should your company failed to service the loan. As a guarantor, your personal wealth is exposed to potentail lawsuits and bankruptcy risks.
(ii) Sensing rifts among the business partners, you are concerned about the effects of their death and how to prevent the deceased partner's heir(s) from entering the business. You may have a shareholders agreement but not a Corporate Will to implement your succession plans.
(iii) You have Muslim nominees in your business(es). You plan to tender for government project using the Bumiputra status company. You are unaware of the Syariah implications when he or she predeceases you.
(c) Mature company
 
(i) Approaching retirement, questions like "can my children take over my position. Will my partners allow it?" or "Can I sell my share to outsiders if my existing partners are not interested?" or "Will I be paid at least 50% of my last drawn salary when I retire?" or "Upon death, will my partners pay my heir(s) the fair value to my shares in the business(es)"?
(ii) Reaping the fruits of your hard work, you have vague ideas on how to exit and cash out from your business(es). You have never thought of how to pass down your baton but want to ensure smooth generational change among your children in your family business(es).
(iii) You have more than 5 companies. You are not in total control over your current holding structure. You are concerned upon your death, what will happen to all these companies?
(iv) You are ready to pass down your successful business(es) to your children. Apparently, they are not interested nor are they ready.
(v) Your business(es) are run by professional managers. Your children are not ready to take up such a big role yet. You intend to have provision for them to join the organization in future.
3. Which of the following best describes your current situation?
 
(a) You have more than one family (whether Muslim or Non Muslim). You want to ensure equal/proportionate distribution of your wealth and preserve family harmony. You want your wealth to last for generations and prevent squandering heir(s).
(b) You have complex wealth structures and want to achieve total confidentiality on your wealth and have written only a Will. You are ignorant about the implications of putting all your assets in a Will.
(c) You are in the midst of marriage dissolution and risk a substantial wealth due to divorce settlement terms with your spouse. You need more options to plan further.
(d) You are vulnerable to Tax Liability risk and have not prepared for any audit or investigation by Inland Revenue Bureau.
(e) You have many foreign assets and concerned about your current holding structures. You have not written an offshore Will. You want to ensure smooth transfer of your offshore assets to your heir(s).
(f) You foresee and/or are vulnerable for potential lawsuit by creditor(s) and want to understand your options before planning ahead. Your intention is to keep them away from your hard earned wealth.
(g) You have named nominees in various companies but have not planned its legal holding structure. Upon death, your Muslim nominees will be subjected to Syariah law of distribution and you want to know its implications on your hard earned wealth.
(h) You are a Muslim convert and are unaware that your Non Muslim family members are not entitled to your wealth when you passed on.
 
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