Finance Assignment Help 22
Despite Peter Ma’s busy schedule with his financial planning firm, he volunteers five hours a week in a community centre to help answer questions about retirement planning from the individuals in his community. Today, several individuals ask the following questions. Help Peter Ma answer these questions.
(a) ‘I am 30 years old. My monthly salary is $9,000. I make a 5% contribution to an MPF scheme. I have directed all the funds from my employer and me into an equity fund. The scheme estimates that there will be, on average, a 7% return every year. How much will I have when I retire at 65?’ State your assumptions when you do the calculations?
(b) ‘I have saved regularly for the last 30 years. The total of my retirement funds is now $10,000,000. I plan to retire next month, and I am afraid that I may use up the $10,000,000 funds I have. Is there any way to address this issue?
(c) ‘I have accumulated enough funds for a comfortable retirement. I plan to move to mainland China to retire in the next few years. Besides the monetary factors, what other qualitative aspects do I need to consider?
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Tom Lee consults Peter Chan, a new client, regarding his estate planning needs. Peter is a very successful small business owner. Peter has awonderful wife and a 14-year-old son. Peter consulted another financial planner a few years ago. He, however, does not know much about estate planning except the importance of having a will. Nonetheless, he’s heard various terms such as ‘probate estate’, ‘non-probate estate’, ‘living will’ and ‘durable power of attorney’. Hence he asks Tom Lee the following questions:
(a) What are the differences between a probate estate and a non-probate estate? What are the advantages of having a non-probate estate relative to a probate estate?
(b) What are the differences between a living will and a durable power of attorney?
Peter Chan wants to have a living will. Peter shows Tom Lee the living will of John King, one of Peter’s friends. The following is the living will:
I, John King, am of sound mind, and I voluntarily make this declaration.
If I become terminally ill or permanently unconscious as determined by my doctor and at least one other doctor, and if I am unable to participate in decisions regarding my medical care, I intend this declaration to be honoured as the expression of my legal right to consent to or refuse medical treatment.
My desires concerning medical treatment are:
Continue to try every possible medical treatment to keep me alive.
My family, the medical facility, and any doctors, nurses and other medical personnel involved in my care shall have no civil or criminal liability for following my wishes as expressed in this declaration.
I understand that I cannot change my mind at any time.
Photo static copies of this document, after it is signed, shall have the same legal force as the original document.
I sign this document after careful consideration. I understand its meaning and I accept its consequences.
(a) Before Tom Lee drafted the living will for Peter, he found several errors in the above sample. State these errors and recommend the changes needed?
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