Case Study: Single with Elderly Parent

Client Background:

Ms H, in her early 40s, has an elderly mother and is currently an entrepreneur who owns a private limited company and has 100% shareholdings. She is providing for her mother, as her mother has no active income. She wants to take care of her mother in the event of her unexpected demise.

Outcome Achieved for Client:

1. Appointed Precepts as the Corporate Executor / Trustee
2. All assets go into Testamentary Trust that is meant to provide for her mother, until her demise
3. Provide $4,000/month for her mother’s living expenses, until her demise
4. If her mother demise, the remaining funds in the Trust shall be donated to a charity
5. Her business shall also be wound up, and any debts or liabilities to be paid off

Note

Depending on the type of business, it may or may not be feasible to sell to another peer competitor. Always seek professional advice before deciding on the next course of action.