Writer: China Department, HW Wealth Management Ltd.
Hui Sai Fun (許世勳), the former chairman of Central Development Limited (CDL) and the father-in law of actress Michele Monique Reis (李嘉欣), passed away on December 5th, 2018 at the age of 97, and during his lifetime, he extremely doted on Reis, especially, after she gave birth to his grandson – Jayden, he was in an ecstasy of joy and spent HKD$ 5 million on a “hundred-day banquet” for Jayden. According to the report by HK media, Hui Sai Fun had already arranged his tremendous heritage appropriately, so Reis and Julian Hui(許晉亨), her husband, both will get gigantic allowances monthly.
Reportedly, Hui Sai Fun had allocated his asset, HKD$ 42 billion, properly before he died, and instead of directly distributing the property to his family, he allotted the money to family trust funds and insurance policies with vast coverage, so every family member will get an allowance monthly; therefore, such as Julian and Reis, they will get HKD$ 2 million (nearly TWD$ 8 million) allowances monthly.
Living wills, trust funds, and life insurances are not only recognized by global wealth management experts but also regarded as the main tools of legacy planning. For those high-net-worth individuals, they need to focus on trusts and insurances. Insurances will make sure the asset can be passed to the next generation from the young age to the old age by annual payments like annuities, and by doing these arrangements can kill two birds with one stone, without worries about the property may be squandered in a short time and also giving the offspring quality lives with their abilities of independence. Moreover, trusts not only have the same function as insurances but also play other roles such as debt isolation, prevention risk from marriage, and tax planning, etc.
The wealth management department of HWG has well-experienced attorneys and CPAs, and this professional team can customize various plans of legacy for high-net-worth clients.
Original report is from:【Liberty Times on December 26th, 2018】
