Saturday, April 16, 2011
FISCA website
There are several new items of information available in the FISCA website (www.easysearch.sg/fisca). Some can be seen in the public section (without login) and others are available only to members (after login). Click on the Information tab and on the Events tab (for educational talks).
Probate and letter of administration
My friend faced this problem three years ago. His father passed away without a will and left a HDB flat, some money in the bank account and some investments. He was not able to withdraw the money. He approached a few lawyers for advice. They all quoted a fee of more than $5,000 to get a letter of administration. As he had no choice, he paid this fee. Even so, the process took a long time.
Recently, I found that the subordinate court had written clear instructions in their website on how to get a letter of administration (where there is no will) or a probate (where there is a will). The legal fees of $5,000 seemed to be excessive for the paperwork of getting a court order.
I wonder if the lawyer had overcharged my friend? Do you know of other lawyers who are willing to apply for the probate or letter of administration for a more modest fee?
Tan Kin Lian
Recently, I found that the subordinate court had written clear instructions in their website on how to get a letter of administration (where there is no will) or a probate (where there is a will). The legal fees of $5,000 seemed to be excessive for the paperwork of getting a court order.
I wonder if the lawyer had overcharged my friend? Do you know of other lawyers who are willing to apply for the probate or letter of administration for a more modest fee?
Tan Kin Lian
Grow and Share package - difficult to figure out
Dear Mr. Tan,
I have just received in the mail, details of the Grow & Share package. Frankly, it should be called the "buy votes for the PAP" package, as it is timed for the coming general election. I received a letter that tells me what I can get as a dividend and the rebate of income tax - which I can understand. The accompanying brochure shows the benefits to the household. This is the part that I do not understand. In total, there are 10 items, but I do not know which items apply to me and how much.
There are two glowing examples of the benefit for a family of 4 people living in a 3 room HDB flat and a family of 5 living in a 5-room HDB flat I do not fall under any of these categories. How can I find out what is the benefit that my family will get? Why does the government make it so complicated for the Singaporeans? Why can't they reduce the GST or remove some of the taxes and levies?
(name withheld)
REPLY
I also find it difficult to figure out what the benefits are and will usually ignore these complicated packages. If the money comes into my bank account, it is all right. If not, it does not really matter to me. The government said that the benefits are targeted. Some people say that it is a convoluted approach - typical of Singapore. (Meaning of convoluted - extremely complex).
I have just received in the mail, details of the Grow & Share package. Frankly, it should be called the "buy votes for the PAP" package, as it is timed for the coming general election. I received a letter that tells me what I can get as a dividend and the rebate of income tax - which I can understand. The accompanying brochure shows the benefits to the household. This is the part that I do not understand. In total, there are 10 items, but I do not know which items apply to me and how much.
There are two glowing examples of the benefit for a family of 4 people living in a 3 room HDB flat and a family of 5 living in a 5-room HDB flat I do not fall under any of these categories. How can I find out what is the benefit that my family will get? Why does the government make it so complicated for the Singaporeans? Why can't they reduce the GST or remove some of the taxes and levies?
(name withheld)
REPLY
I also find it difficult to figure out what the benefits are and will usually ignore these complicated packages. If the money comes into my bank account, it is all right. If not, it does not really matter to me. The government said that the benefits are targeted. Some people say that it is a convoluted approach - typical of Singapore. (Meaning of convoluted - extremely complex).
Film - Inside Job
Dear Mr. Tan,
I just finished watching an award winning documentary called Inside Job by Charles Ferguson. It shows how Wall Street cheated the ordinary investors. I highly recommend it to you and your readers. You can find the trailer at http://www.youtube.com/
Friday, April 15, 2011
Financial Savvy Test #26
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. What is acceptable reduction in yield? Keyword: benchmark for reduction
2. How can I understand the structure of a life insurance policy? Keyword: structure
1. What is acceptable reduction in yield? Keyword: benchmark for reduction
2. How can I understand the structure of a life insurance policy? Keyword: structure
Singapore's future and the PAP
Read this article in SGEP. It was written a few years ago, by a 17 year old girl.
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