Thomas Tan-Financial and Estate Planning Services

27/02/2025

https://www.linkedin.com/posts/workwiththomastan_estateplanning-familyplanning-activity-7299629699373088768-XVTZ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAKr5SwBNkQCjrDVstKSPcelAQRz8TY8RlA

Thailand Says "I Do" to Equality: What It Means for You, Wherever You Are On January 23, 2025, Thailand took a giant leap forward, becoming the third country in Asia to legalize same-sex marriage! This isn't just about throwing a party; it's about ensuring LGBTQ+ couples have the s...

10/05/2022

Is a global recession looming? How will inflation and tightening central bank policies affect your investment portfolios?

Find out strategies to navigate the unchartered waters of a post-Covid recovery phase coupled with various economic challenges in the road ahead.

Join us and our guest speaker from Manulife Investment Management as we dive deeper into the strategies you can employ amidst such volatility.

👉 Find out more - https://www.summitplannerscluster.com/campaigns/investment-webinar-may2022?code=0X188

Receive a gift with complements on us when you register and attend this webinar!

17/11/2021

You've worked hard for your money. You've given your family a certain standard of living. The company you set up has grown and has become your cash cow. Now it's time to relax and enjoy life, knowing for sure that your personal assets and wealth will be kept safe and be shielded away from other people or company creditors by your private limited company.



But is this true? Can your private limited company shield your private and personal assets from company creditors?

A lot of people thought so. This is probably true.



But….if you have ever signed your name as a Personal Guarantor for the Business loan, then the private limited company might not necessarily shield your personal assets away from your creditors or the banks.



The simple reason is this, the personal guarantee (PG) that you've signed do not go away or die if there's no arrangement made. So whenever the company has trouble paying back the loan, or defaulted to service the loan due to cash flow or business problems, the banks can directly ask for payment from you as the Personal Guarantor.

If you do not have the cash to pay, they can access your personal assets to pay for the company loan.



What’s worse, this PG do not die even when we die!!!



Hence, if there's no arrangement made, this PG will continue to remain as long as the loan is not fully paid.

What are some of the arrangements one can consider to discharge this PG (if there is):-

1. to arrange for another guarantor to take over your PG;

2. to have the money ready to make payment whenever necessary;

3. to have the funds ready to discharge the contingent liabilities when something happens to you;

4. to set up legal structures to ring-fence your assets. Do take note of the timeframe needed and cost involved.

Why is it important and absolutely necessary to make these arrangements? Simply to make sure your family can continue to enjoy the standards of living you have created for them. You want to make sure the risk that everything you have provided might be taken away from them in an instant is minimized.



Make sure you talked to your advisors to see what arrangements make sense to you.

10/10/2021

When creating an Estate plan, what are some of the considerations one has to take?

Based on my experience, the most 2 important elements are speed and clarity to achieve what we want after we passed on.

Some of the ways to ensure speed and clarity are through the use of Will and Trust, Nominations, corporations and legal agreements.

And how do we achieve clarity before setting up these arrangements, my suggestion is to go through a death rehearsal. Imagine what would happen if something were to happen yesterday. Are these what you want to see happen? If there are any doubts of what will happen vs what might happen, then these are the areas to use the above mentioned instruments to ring fence your decision.

Cheers

01/02/2021

Happy February. Today is the first day of a new month. We are running a special webinar on 8th Feb on Passive Income Strategy. PM me if you are keen. Cheers

02/04/2019

Control the controllable!

Agree?

30/01/2019

Both Freedom and Happiness are important. But it has to do with “Doing” and “Liking”. If you manage them well, you will have both Freedom and Happiness.

But it will not be easy!

29/01/2019

Saw this quote. Very meaningful. Sometimes the good people in your life is silently supporting us in everything we do.

Just like heartbeats, we are mostly unaware of them but they are so important in life!

25/01/2019

The difference between playing it and training for it.

18/01/2019

From impossible to possible is POSSIBLE!

Dreaming is required to start...

But taking massive action is what turns impossible to possibility!

17/01/2019

Don’t cry over the past.

Treat today as a brand new piece of paper.

You decide what to type on it.

Cheers!

11/01/2019

In all journeys, to start, we need to set sail and not tie at anchor.

Who’s with me?