Andrew, 32, a single engineer in an oil and gas company company. He is currently living with his aging parents, a sister, aged 23 and a down-syndrome brother, aged 13, who is attending a special care center. His job requires him to be outstation very often. Hence, he wants his high paid salary to be invested in high performing unit trust and property(ies) located around Klang Valley and a vacation home in the outskirts of KL city. 

Andrew plans to create the trust to provide maintenance to his parents and down-syndrome brother with his liquid assets (bank account and investment) and all the properties in the event of his death. 

However, Andrew is aware of the huge amount of stamp duty if he transfers his properties into the trust immediately. In addition, he would like to reserve control on his liquid assets during his lifetime. As a financial planner how would you advise Andrew?

(Hint: your answer must include at least two types of trusts)

Answer rating: 100% (QA)

Given Andrews unique family and financial situation its important to provide him with a comprehensive estate planning strategy that considers his desire to provide for his aging parents and downsyndro... View the full answer