Farid and Aminah have been married for 15 years. The couple has two daughters of their own
Question:
Farid and Aminah have been married for 15 years. The couple has two daughters of their own and an adopted son. The daughters are Khalisha, aged 9, and Zulaika, aged 12, while the adopted son is Arif, 4 years old. Knowing the importance of estate planning, Farid and Aminah would like to effectively manage their wealth. Both their parents have passed away. Aminah has a handicapped brother, who is staying with them, while Farid has two brothers and one sister.
Farid and Aminah would like to give their assets to all their children including the adopted son equally. At the same time, Aminah wants to make sure his brother’s welfare is taken care of when she is no longer around.
- As a financial planner, what are the possible estate planning options available that you may advice for both Farid and Aminah (that are Shariah compliant)?
- In the event of Aminah die preceeding Farid, how will the distribution of a saving worth RM300,000 be carried out according to Faraid Distribution?
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill