VBlog #71: Part 2 With Mr. Lee Chiwi, CEO of Rockwills International... Rockwills Malaysia Will Writing Malaysia Estate Planing ... Malaysia Will Writing & Online Rockwills Estate Planning Professional Blog - 30 Sept , 2010
Speaker#4: Mr. Lee Chiwi
Profile: CEO of Rockwills International Singapore
Topics#4: Wealth Management Structures beyond Borders
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.