Asif and Fawa are young parents with 2 children, ages 4 and 11, whom both are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Asif and Fawa are young parents with 2 children, ages 4 and 11, whom both are adopted. Both have a combined annual income of RM115,000. They have recently taken up a mortgage loan of RM450,000 as joint borrowers. The market value of the property is valued at RM590,000. Ahmad has RM90,000 in group term life insurance and an individual life policy for RM200,000. They heard from a friend about will/wasiat. However, they still have not thought about doing so as they feel that it is not important. They feel that if anything were to happen, both children are taken care of with life insurance and the property they will leave for them that will divided according to faraid. As for retirement plan, they feel that EPF should be sufficient for them to retire with. As their financial planner, knowing that there are some obstacles, assist them to understand and be more aware of the importance of drafting will/wasiat and estate planning is a way to save heirs' money problem. Discuss. Asif and Fawa are young parents with 2 children, ages 4 and 11, whom both are adopted. Both have a combined annual income of RM115,000. They have recently taken up a mortgage loan of RM450,000 as joint borrowers. The market value of the property is valued at RM590,000. Ahmad has RM90,000 in group term life insurance and an individual life policy for RM200,000. They heard from a friend about will/wasiat. However, they still have not thought about doing so as they feel that it is not important. They feel that if anything were to happen, both children are taken care of with life insurance and the property they will leave for them that will divided according to faraid. As for retirement plan, they feel that EPF should be sufficient for them to retire with. As their financial planner, knowing that there are some obstacles, assist them to understand and be more aware of the importance of drafting will/wasiat and estate planning is a way to save heirs' money problem. Discuss.
Expert Answer:
Answer rating: 100% (QA)
As their financial planner knowing that there are some obstacles assist them to understand and be more aware of the importance of drafting will was ia... View the full answer
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Posted Date:
Students also viewed these accounting questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Terry and Breanna Joyce had a recent conversation with their friend Jake about life cycle changes and the importance of seeking financial advice. They have recently found out that Breanna has fallen...
-
Draw Lewis structure(s) showing all possible equivalent resonance forms for the nitryl chloride molecule (NOCI). Draw one structure per sketcher box, and separate any added sketcher boxes with the...
-
Sale of Asset A machine with a cost of $100,000 and accumulated depreciation of $80,000 was sold at a loss of $6,000. What amount of cash was received from the sale?
-
Work the problem. What are the inverses of I n , -A (in terms of A), and kA (k a scalar)?
-
What are the four phases of decision making?
-
The following information is from the June 30, 1998, balance sheet for Delta Air Lines (all dollar amounts are in millions): Delta also included this note to its financial statements: Depreciation...
-
Using the link above, could you please summarize the case. And determine who is witness, victim, suspect, accused. https://www.canlii.org/en/on/onsc/doc/2013/2013onsc7865/2013onsc7865.html Using the...
-
European Styles, Inc. manufactures womens blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews...
-
The output voltage of the panel is related to the load current. The change is that 70V decreases to 60v while the current increasing 0 to 100 with a straight line. This solar panel system, an input...
-
Suppose there is a structure that is free from zero-input limit cycles, when employing magnitude truncation, and that it is also forced-input stable when using saturation arithmetic. Discuss whether...
-
By replacing \(z\) with \(-z\) in an RRS filter, where will its pole and zeros be located? What type of magnitude response will result?
-
Use the information given in Problem 24 to find: (a) P(A 1 |E) (b) P(A 2 |E) (c) P(A 3 |E) Data from Problem 24 Suppose that events A 1 , A 2 , and A 3 form a partition of the sample space S with P(A...
-
Discuss the distinct feature of an RRS filter with even and odd values of \(M\).
-
A lattice-like realization with second-order section allows the design of linear-phase two-band filter banks with even order where both \(H_{0}(z)\) and \(H_{1}(z)\) are symmetric. In this case...
-
Suppose Global Co. currently has no debt and its equity is worth $20,000. If the corporate tax rate is 21%, what will the value of the firm be if Global borrows $6,000 and uses the proceeds to buy up...
-
What are some of the various ways to implement an awareness program?
-
After graduating from college last fall, Jennifer Grant took a job as a consumer credit analyst at a local bank. From her work reviewing credit applications, she realizes that she should begin...
-
Vivian and Rowen Wells are college students who opened their first joint checking account at the American Bank on September 14, 2020. Theyve just received their first bank statement for the period...
-
Preparing for a Tax Audit. John and Evelyn Harris have been notified that they are being audited. What should they do to prepare for the audit?
-
What is strategic analysis? Discuss the types of knowledge that auditors strive to obtain from the analysis.
-
Describe and discuss the categories of strategic risks, including both macroenvironmental forces and industry forces, that the auditor should consider in strategic risk analysis.
-
Describe the position of strategic analysis in the auditor's knowledge acquisition process and its relationship to the other parts of this process (use Figure 5-2 as a guide). Figure 5-2 Risk of...
Study smarter with the SolutionInn App