Edmond Goh - Financial Advisory

This article caught my attention because it involves the Tipsy Collective, pubs which I enjoy visiting. We just visited Tipsy Flamingo last week.

Summary:
A legal battle has erupted at Tipsy Collective, a popular hospitality group in Singapore, after co-founder Derek Ong's untimely death. With no clear directive in place, his shares were sold by his widow, sparking a power struggle and hostile takeover between Indonesian shareholders and co-founder David Gan. This scenario underscores the importance of business succession planning. 1 common mistake that many business owners make, is that they don’t think that anything bad could happen to them, and therefore delay business succession planning.

Key Points:
- Business Succession: A carefully crafted will, buy-sell agreement or shareholder’s agreement can specify who takes over or inherits shares, avoiding disputes.

- Protect Your Wishes: Ensure your business continues as you intended.

- Prevent Legal Battles: Clear directives can save your business from costly court disputes.

Hopefully this power struggle won’t disrupt their business, so that I can continue to patronise them.

Article Link: https://www.straitstimes.com/business/property/legal-battle-emerges-for-control-of-homegrown-tipsy-collective-hospitality-group



Connect with me at www.linkedin.com/in/planwithed
Engage me at: https://engage.fa.com.sg/service/edmondgoh/will-writing-and-trusts

💰 𝗪𝗲𝗮𝗹𝘁𝗵 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿: 𝗧𝗵𝗲 𝗦𝗲𝗰𝗿𝗲𝘁𝘀 𝘁𝗼 𝗦𝗲𝗰𝘂𝗿𝗲𝗹𝘆 𝗣𝗮𝘀𝘀𝗶𝗻𝗴 𝗗𝗼𝘄𝗻 𝗬𝗼𝘂𝗿 𝗟𝗲𝗴𝗮𝗰𝘆 💰

Last week, I had the privilege of attending a 3-day intensive training on Practical Techniques for Wills and Insurance Planning, led by Stephen Chew, a veteran in the industry. The experience was both enlightening and transformative, reinforcing the importance of meticulous planning in wealth management.

One of the key takeaways was understanding the 9W’s of wealth management:

During Lifetime:

- Wealth Creation
- Wealth Accumulation
- Wealth Preservation
- Wealth Transfer
- Wealth Utilisation

Upon Death:

- Wealth Distribution
- Wealth Protection
- Wealth Equalisation
- Wealth Enhancement

What struck me the most was the concept of protecting your wealth when transferring it to your children. Many High Net Worth Individuals (HNWI) aspire to pass down their wealth during their lifetime to their children, but are often apprehensive. The concerns are valid: what if the wealth is squandered by their spendthrift habits? What if creditors seize it following a business failure? What if it ends up in the hands of an ex-spouse after a divorce?

These are real fears, but there’s a strategic approach that can address these concerns: the "Give Like Never Give" Gift. This method allows you to transfer wealth while simultaneously safeguarding it against such risks. It’s a powerful tool for ensuring that your hard-earned wealth is protected for future generations. It involves transferring wealth via an inter vivos trust and making certain provisions and caveats that will protect it.

The delicate balance of transferring wealth to your children—especially if they have shown tendencies that might not align with your intentions—requires a thoughtful and strategic approach.

If this resonates with you and you’re interested in learning how to implement these strategies, feel free to DM me. Let’s explore how we can ensure your wealth is passed on with the protection it deserves.



💬 Have questions or thoughts? Let’s connect in the comments below!

👍 If you found this helpful, give it a like and share it with your network.

🔗 Follow me for more insights on wealth management and financial planning.

Connect with me at www.linkedin.com/in/planwithed

Engage me at: https://engage.fa.com.sg/service/edmondgoh/will-writing-and-trusts/

🌟 𝗘𝘀𝘁𝗮𝘁𝗲 𝗮𝗻𝗱 𝗟𝗲𝗴𝗮𝗰𝘆 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴: 𝗦𝗲𝗰𝘂𝗿𝗲 𝗬𝗼𝘂𝗿 𝗙𝗮𝗺𝗶𝗹𝘆'𝘀 𝗙𝘂𝘁𝘂𝗿𝗲 🌟

Ensuring your assets are distributed according to your wishes is a crucial aspect of estate planning. Here are some key considerations:

𝗧𝗵𝗲 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗮 𝗪𝗶𝗹𝗹
Without a will, your estate will be distributed according to Singapore’s Intestate Succession Act, which might not align with your desires. This can lead to family disputes and increased legal costs.

𝗗𝗜𝗬 𝗪𝗶𝗹𝗹𝘀: 𝗔 𝗥𝗶𝘀𝗸𝘆 𝗦𝗵𝗼𝗿𝘁𝗰𝘂𝘁
DIY will templates often lack customization and may not meet legal standards, potentially resulting in disputes or invalidation.

𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝘄𝗶𝘁𝗵 𝗛𝘂𝗺𝗮𝗻 𝗘𝘅𝗲𝗰𝘂𝘁𝗼𝗿𝘀
Family members serving as executors can face conflicts of interest, emotional strain, and may lack the necessary expertise to manage estates effectively.

𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 𝗼𝗳 𝗧𝗿𝘂𝘀𝘁𝘀
- Confidentiality: Protect your estate’s privacy.
- Reduced Disputes: Provide clear asset distribution instructions.
- Asset Protection: Shield assets from creditors.
- Regular Distribution: Ensure inheritance is distributed over time, rather than in a lump sum.

𝗘𝗻𝗴𝗮𝗴𝗲 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀
Consider hiring professional estate planners for expert advice and to ensure your estate plan is comprehensive and legally compliant.

𝗥𝗲𝗴𝘂𝗹𝗮𝗿𝗹𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 𝗬𝗼𝘂𝗿 𝗣𝗹𝗮𝗻
Regular updates to your estate plan are essential to reflect changes in your life and ensure it remains aligned with your wishes.

🔍 𝗣𝗹𝗮𝗻 𝗬𝗼𝘂𝗿 𝗟𝗲𝗴𝗮𝗰𝘆 𝗧𝗼𝗱𝗮𝘆
Securing your family’s future is paramount. Consulting with professionals can provide peace of mind and ensure that your legacy is protected.

Connect with me at http://www.linkedin.com/in/planwithed

Engage me at: https://engage.fa.com.sg/service/edmondgoh/will-writing-and-trusts/

🎉 **Birthday Celebration at Colony, Ritz Carlton! 🎉**

Yesterday, I celebrated my 40th birthday at Colony, Ritz Carlton. Almost 20 years ago, this place was called Greenhouse, where I worked as a waiter after National Service while waiting for university admission.

Working there was very tough. Serving customers with perfect “6-star” service standards was demanding, and I had a supervisor who was always picking on his subordinates. Despite the challenges, I learned grit and resilience, often hustling by working through 16-hour double shifts back-to-back to earn extra income.

Waiting tables isn't just about serving food; it taught me valuable skills that have helped me in my 17-year career as a financial advisor:

1. **Customer Service**: Just like I provided great service to each restaurant customer, I help customise financial advice for each client.

2. **Resilience**: Handling long shifts and a tough supervisor taught me to stay calm and adapt quickly, skills I use often in the ever-changing financial industry.

3. **Attention to Detail**: Ensuring every customer's experience was perfect helped me develop a keen eye for detail, crucial for managing financial plans and relationships.

4. **Multitasking and Time Management**: Juggling multiple tables at once prepared me to handle several clients and their financial needs efficiently.

Working as a waiter might seem unrelated to being a financial advisor, but the skills I learned have been invaluable. Employers should look for this kind of experience when hiring staff, as it brings resilience, excellent service skills, and a strong work ethic to their team.

Have you also worked as a waiter before? Please share your experience! Thank you to everyone who has been part of my journey.

🚀 𝗝𝗼𝗶𝗻 𝗨𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗙𝗶𝗴𝗵𝘁 𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗖𝗮𝗻𝗰𝗲𝗿! 🚀

At Financial Alliance, we believe in making a difference beyond financial planning. As part of our CSR, we are proud to support the fight against cancer through two impactful campaigns: a Fundraising Exercise and a Colorectal Cancer Awareness Campaign.

🟢 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗢𝘂𝗿 𝗙𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝗖𝗮𝗺𝗽𝗮𝗶𝗴𝗻 🟢

Your donations will support vital cancer research and patient services. 100% of the donations will go to Singapore Cancer Society (SCS) and it is tax deductible. Click to donate: https://raceagainstcancer.org.sg/participant!P00756YZ

🔵 𝗖𝗼𝗹𝗼𝗿𝗲𝗰𝘁𝗮𝗹 𝗖𝗮𝗻𝗰𝗲𝗿 𝗔𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗖𝗮𝗺𝗽𝗮𝗶𝗴𝗻 🔵

Colorectal cancer is one of the most preventable cancers. Early detection and lifestyle changes can dramatically reduce your risk:

1. Regular Screenings: Detect precancerous polyps early.
2. Healthy Diet: Eat fruits, vegetables, and whole grains.
3. Lifestyle: Exercise regularly, avoid smoking and reduce alcohol intake.

Learn more here and get your Complimentary Screening FIT Kit from the SCS (for Eligible Singaporeans and PRs aged 50 and above): [email protected]" rel="ugc" target="_blank">https://chooseindependent.fa.com.sg/scs/?a_aid=[email protected]

🛡️ 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝗬𝗼𝘂𝗿 𝗙𝘂𝘁𝘂𝗿𝗲 𝘄𝗶𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 🛡️

A cancer diagnosis can be a financial catastrophe without sufficient insurance. Comprehensive health and critical illness insurance provide crucial financial support, ensuring you can focus on recovery without added stress.

Engage me for Wealth Protection planning at https://engage.fa.com.sg/service/edmondgoh/wealth-protection-planning/

By participating in these campaigns, you’re helping raise funds and awareness, and taking steps to protect yourself and your loved ones. Together, we can make a significant impact in the fight against cancer.

🙏 𝗧𝗵𝗮𝗻𝗸 𝘆𝗼𝘂 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗮𝗻𝗱 𝗴𝗲𝗻𝗲𝗿𝗼𝘀𝗶𝘁𝘆!