About Uncle8888's late father and his late father-in-law
How much money they leave behind for others to spend?
Poor Dad
Uncle8888's late father leave behind a few thousand dollars that he has been saving up (actually he refused to spend) probably to leave behind something. For Chinese, leaving behind nothing is bad luck to future generations.
Rich Dad
Uncle8888's late father-in-law, a typical China man leave behind for his three sons only and four daughters get nothing.
- 4 room HDB flat.
- 4 Joint Bank accounts for his three sons and his wife. One account each.
- 4 Gold bars. One each for his three sons and his wife.
- Portfolio of stocks that were sold at "profit" and distributed among his three sons.
So Uncle8888 will have to decide to become Rich Dad or Poor Dad?
One thing he will not follow his late father-in-law.
In his Will, all three children have equal share upon his youngest son reaching the age of 27. At age of 27, his youngest son should have reasonable work life experience to manage his own affair and his own future.
Posts
Hi bro8888,
ReplyDeleteI'm glad you did it. Daughters are as precious as son, perhaps more so, as they will show more care and concern than sons usually. Age 27 is a good point to distribute inheritance. By then, it might hardly matter to them anymore, which is the point. You must give enough yet not too much so that they don't feel like they have to work anymore, at a time when the extra money that comes in doesn't matter much to them. Maybe age 30 is a good point :)
Age of 27 is the advice from lawyer who prepared my Will.
DeleteActually, I indicated age at 21 which is legally an adult but he advised differently. LOL!
Maybe we should have a scheme that allows inheritance to be used to offset against taxable income only. In this case, the kids (beneficiaries) would get the monetary help in bite sizes (spread across many years) and they only get to enjoy it if they are working / doing business (hence the inflow of taxable income / gains).
ReplyDeleteHi Uncle,
ReplyDeleteCan I be your godson! Already older than 27. Eligible Liao. Haha
Rolf
The most pitiful thing in our life is to die as Rich Godfather or Rich Godmother to someone else who then spend happily and laughing at us.
DeleteOhhh .. that stupid old man or old lady who didn't spend their money.
Remember China Tour guide!
Godson. right?
CW8888 : Good dad is more important than poor dad or rich dad :-)
ReplyDeleteCW, how come you will does not include your wife?
ReplyDeleteWife 100%.
DeleteWill of wife is the same.
Both of us gone then distribute.