Khloe Kardashian, part of the Kardashian family which is one of the most recognizable surnames in the world and famous for their U.S. reality show, recently mentioned in an interview that “If I’m in a coma, I'm still getting my nails done once a week, and that’s in my will.” But is putting her coma wishes in the will the right way to do it? In Singapore, a will is a legal document that tells people your last words and how you want your assets to be distributed after one passes away. So technically, Khloe wouldn't get her wish when she is in coma because her family would only have read her will after she passes away. Therefore, if Khloe is a Singaporean living in Singapore, it would make more sense to either: Communicate it with the person she appoints to manage her personal affair in her Lasting Power of Attorney (LPA) , a legal document that gives people official powers to make decision for you if you can't make decisions for yourself (ie, lose mental capacity); or Write it down formally in her LPA. To learn more about LPA and will: Demystifying Lasting Power of Attorney (Singapore Edition) What Happens To My Stuff When I Die? (Singapore Edition) Guide To Making a Will - Singapore Edition If you have any specific wishes for when you can't make decision for yourself or just want to have a conversation about planning for potential mishaps, speak to Immortalize now and let us get these matters sorted out for you. Contact us now. WhatsApp us here , email us at j@immortalize.io , or leave your contact details here and we will reach out to you! All articles and resources > Want to get your other elderhood-related documents such as Advance Medical Directive (AMD) , and Advance Care Plan (ACP) done? Reach out and we'll help you get all these matters sorted. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io .

Singapore’s boom from money pouring in from mainland China and Hong Kong expats relocating to the financial hub may be making a comfortable retirement harder to achieve, according to a Bloomberg article on retirement for Singaporeans. Below is a summary of the key highlights from the article: Long-term savings being jeopardized Inflation hovering near the highest level in more than a decade; Insufficient wage growth; Accelerating housing costs; Reluctance by many to put money in riskier, higher-yielding investments; Other financial burdens. Growing Percentage of Elders, Retirement Age Impeding wave of retirees Government forecasting that a quarter of the citizens will be at least 65 years old by 2030. Singaporeans confronting the reality of having to work longer Life expectancy rising to 83.5 years — one of the highest globally. Cultural expectation that Asian children will support their parents being tested One of the lowest fertility rate in the world and old age support ratio (number of people capable of supporting a dependent elder) plummeted to a record low of 3.8 in June and is projected to fall to 2.7 in 2030. Dependence on CPF Close to half of Singaporeans plan to count on CPF savings for retirement, Bloomberg reports, citing a survey by digital wealth platform Endowus. It may not be sufficient to survive on CPF savings given the lifestyle you want, Bloomberg reports, citing Jacquelyn Tan, head of group personal financial services at United Overseas Bank Ltd as saying. Retirement Cost Surging in Singapore Below are examples of how much different lifestyle costs, Bloomberg writes, citing OCBC Bank and SingStat data. S$2,550 - Lifestyle A: Two regional holidays a year, commutes via public transport S$3,210 - Lifestyle B: Three regional holidays a year, commutes via taxi or owns mid-range car S$5,760 - Lifestyle C: Two international holidays a year, employs full-time domestic helper Link to article: https://www.bloomberg.com/news/articles/2022-12-12/singapore-retirement-crisis-pension-savings-dwindle-as-costs-surge? All articles and resources  > Check out things you can do during retirement in our Immortalize Marketplace . Want to do your legacy planning or talk to someone to check your financial health for old age? Speak to us now, let us help you come up with a plan and recommend the right providers for you. WhatsApp us here , email us at j@immortalize.io , or leave your contact details here and we will reach out to you! Immortalize is Singapore's most comprehensive elderhood marketplace and information provider. Find out all you need to know about ageing better , retiring more meaningfully and leaving a legacy that is uniquely yours here and let us help you get these sorted easily. Find a professional, compare prices, and kickstart your estate planning Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io .

Singapore’s laws are still in the early stages of determining how digital assets can be managed and distributed through a will and when someone passes away without a will, according to Lianhe Zaobao, a Singapore-based news agency, article discussing estate planning for digital assets. In recent years, more people are considering including digital assets, such as cryptocurrencies and NFTs, in their wills, the agency said. But if the location and access details are not properly recorded, the asset may never be found or retrieved. Here are some key points from the article on how to do estate planning for digital assets and issues to consider: Cryptocurrencies You can state the account of your cryptocurrency and leave instructions in your will on how to access and manage the account or you can also transfer it to a hardware wallet, which can be passed on to a beneficiary as personal property. Information that can be included for the executor in the will can include the type, the amount, and the keys of cryptocurrencies with clear instructions on how to manage them, the agency says, citing Fong Wei Li, a lawyer at Forward Legal LLC. Without the login details, your beneficiary will not be able to obtain the cryptocurrencies even if he or she is entitled to them, Fong said. Cryptocurrencies may get sold before one passes away, therefore some people don't spend a lot of time planning on how to bequeath them, the agency cites Low Seow Ling , a lawyer from Eden Law Corporation, as saying. Things that have tax or ownership implications, such as residential properties or shares in unlisted companies, are more likely to be seen in wills as specific gifts, the agency cites Regina Tan, CEO at Immortalize , as saying. With digital assets, it’s more likely to be lumped and distributed as part of the rest of the estate . NFT & Social Media Whether assets can be distributed through a valid will or the intestacy law when there's no will, will depend on whether it can be classified as "property" in law, the agency cites Chua Tju Liang, a lawyer from Drew & Napier LLC, as saying Digital assets, such as NFTs (non-fungible tokens) and cryptocurrencies, are yet to be classified as "properties" based on Singapore's law, according to Chua. Singapore has yet to determine whether social media accounts are considered assets as assets are usually owned and have monetary value, according to Fong. Since accounts, such as Facebook, don't have immediate determinable monetary value, whether they can be considered as assets is still in question at this point in time, Fong said. Accounts that have many followers may have commercial value, according to Low. If the account is owned by a company, the company or the company shares can be directly bequeathed through a will, Low said. However, one should note that different social media platforms may have different policies on how accounts are dealt with after someone’s death. Link to Lianhe Zaobao's article: https://www.zaobao.com/news/singapore/story20221204-1340051 Got questions or concerns about estate planning for your digital assets? Contact us now. WhatsApp us here , email us at j@immortalize.io , or leave your contact details here and we will reach out to you! Learn more about wills: What Happens To My Stuff When I Die? (Singapore Edition) , Guide To Making a Will - Singapore Edition All articles and resources > Want to get your elderhood-related documents such as Will , Lasting Power of Attorney (LPA) , Advance Medical Directive (AMD) , and Advance Care Plan (ACP) done? Reach out and we'll help you get all these matters sorted. WhatsApp us here , email us at j@immortalize.io , or leave your contact details here  and we will reach out to you! Immortalize is Singapore's most comprehensive elderhood marketplace and information provider. Find out all you need to know about ageing better , retiring more meaningfully and leaving a legacy that is uniquely yours here and let us help you get these sorted easily. Find a professional, compare prices, and kickstart your estate planning Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io .

Step into the future of memorialization with Goldhill Memorial Centre, Singapore’s first smart columbarium. This sanctuary combines modern intelligence with treasured traditional values, providing families with a smart and convenient way to honor and remember their ancestors, according to Hoo Hung Chye, Deputy CEO of Life Corporation Services (S) Pte. Ltd. In our discussion with Hoo, we explored how technology has revolutionized traditional columbariums, as well as the importance of funeral pre-planning. Name: Hoo Hung Chye Company: Singapore Funeral Services & Goldhill Memorial Centre (subsidiaries of Life Corporation Services (S) Pte. Ltd.) Specialization: Smart Columbarium and Funeral-related services Base Country: Singapore Q: Can you tell me about yourself? How did you get into the funeral industry? H: My parents began in the food and beverage industry, wholesaling items like nuts and water to funeral wakes. This connection helped us build relationships with funeral service providers, and when family friends needed funeral assistance, they would always come to us. After my parents retired, I started my own funeral company called Singapore Funeral Services (SFS) in 2000. Today, we mark 23 years since its establishment. Q: How did the idea of a Smart Columbarium come about? H: In the year 2000, the funeral industry was quite outdated compared to other industries like hospitality. Funeral service providers were dressed casually, wearing slippers and shorts while escorting people to their seats, which seemed inappropriate. Recognizing the need for change, we traveled abroad to countries like Taiwan, Japan, Hong Kong, and Malaysia, where funeral services were already making positive changes. We learned many ways to enhance funeral services and decided to lead the change. We started by introducing black suits instead of casual attire. People were surprised at first, mistaking it for a wedding. However, I believed that wearing a suit not only reflected our professionalism but also respect for the grieving family. After that, we started bringing in new ideas and improvements. We introduced things like coffee machines, tablecloths, and even Wi-Fi at funeral sites. Many of the things that are now common in funeral services today were pioneered by us. The Birth of Singapore's First Smart Columbarium As pioneers in modernizing the funeral industry, we constantly look for new ideas and innovations to better celebrate and honor one's life. During our exploration, we discovered Japan's automated storage system used in temples for columbariums. This system maximized land usage efficiently. Considering Singapore's high population density and limited land availability, we realized that this concept could be applied here. Through a pilot project that we collaborated with the Ministry of National Development, we conceptualized, designed, and eventually launched Goldhill Memorial Centre (GMC), Singapore's first smart columbarium. Want to take a look at how Goldhill Memorial Centre looks like in person? Go on a GMC tour! Q: What sets Goldhill Memorial Centre apart from a traditional columbarium? H: GMC is a private columbarium that provides spaces called niches where families can keep the cremated remains of their loved ones. GMC's columbarium is smart and modern, eliminating many issues that exist in traditional columbarium while still maintaining the values and traditions associated with a columbarium. It offers privacy and convenience to family members who want to honor and remember their ancestors. There are three key advantages of our smart columbarium over traditional columbarium – privacy, welcoming environment and feng shui. Pain Points of Traditional Niches In a traditional columbarium, finding niches can be challenging due to the location having multiple blocks, levels, sections, and shelves of varying heights and orientations. Once you find it, the niches can be placed at inconvenient heights or at low positions, making the process of paying respect a little awkward. When you are paying respect to your deceased family member, it feels like an open party where you are also paying respect to everyone in the entire block. It is common to wait in line to use the space, especially when there are multiple families in the block. In the Chinese culture, it's customary to wait for the incense to finish burning before leaving, and those waiting behind you may observe your actions, which can compromise your privacy and create an uncomfortable experience. Scary Environment Additionally, in certain older temples, there are numerous old black and white pictures that are frightening to children. Children visiting these temples often feel scared because they feel that the eyes in the pictures are staring at them. These unsettling encounters make it difficult for the younger generation to establish a sense of connection with their grandparents or ancestors. Transforming Traditional Columbaria When we were designing GMC, we put in a lot of thought into solving the issues that people face at traditional columbarium. At GMC, you can easily access your designated niche with a simple card tap and password input. Our fully automated system makes it easy to locate specific niches within the columbarium. After which, you will proceed to a private booth or room where you and your family members can pay respect to the deceased and have personal and intimate moments with the deceased without worrying about being observed. You can grieve sincerely and have a quiet moment without any disturbances. The booking of the private space can be done online. During your allocated time, the multimedia screen can be used to display photos and videos, creating a special memorial tribute for the deceased. We believe that by making the experience welcoming and comforting, we can better bridge the gap and connect the different generations with their ancestors. Incorporation of Feng Shui Elements Next, the elements of feng shui were incorporated into the design of our columbarium to ensure the well-being of the deceased and their descendants. Chinese tradition believes that the burial placement of ancestors will affect the fortunes of the next three generations of descendants. Thus, choosing an ideal final resting place is important, such as burying the deceased underground with a mountain behind, ideally overlooking a vast and open expanse, or even having a sea view. The preferred orientation of the niche is “sitting north and facing south”. This concept arises from people’s desire to harmonize with natural forces and attune to the essence of mountains, rivers, the sun, and the moon. By doing so, it aims to cultivate both the body and mind with the earth's aura, fostering the growth of exceptional individuals. In the past, only wealthy families could afford to do this. Emperors, in particular, prioritized finding an ideal burial place for themselves as their feng shui would affect the fortunes of the whole nation and dynasty. So most of the imperial mausoleum faces south from the north, to show that these are treasure lands with superior geomantic omen (also known as feng shui). Want to know more about Goldhill Memorial Centre's niches? Book an appointment now to chat! Lack of Burial Space In Singapore In Chinese tradition, burial was the preferred final disposition after death, but this has been replaced with cremation in Singapore due to lack of space and most columbarium storage facilities are built above ground and facing different directions. Traditional columbarium are built like stacked “locker” units, where bottom rows are very near to the floor and the top rows very near the ceiling. This greatly inconveniences the families when they come to visit and pay respect. Thus private columbarium charge a premium for niches that are at optimal eye-levels where families can stand and the niche is in front of them, not needing to kneel down or use a ladder. Some columbarium also tag a premium to niches facing certain Buddhist statues as this is believed to bring more fortune to the deceased and their family. Premium prices can be double or triple the amount of the lowest and highest niche levels. At GMC, we make these prime feng shui elements available to more people. We created an underground storage for urns, thus fulfilling the wishes of many to be able to be “buried underground”, and consulted feng shui specialists to ensure positive energy for the descendants by incorporating the five elements of nature, which are water, earth, fire, metal, and wood, into the building’s design. Favorable Feng Shui GMC is also well situated feng shui wise. Singapore is likened to a pearl resting at the mouth of the Malaysian peninsula. Our location serves as a focal point where positive energy and vitality is generated and gathered from the vast landmass of the surrounding continent, much like a precious pearl formed by converging natural forces. It is believed to be protected by five hidden dragons that bring prosperity to the country, and that the closer you are situated near the dragon’s head the more powerful the positive force (“qi”) is. GMC is fortunate to be located on one of these dragons, aligned with this line of qi that is believed to bring greater fortune to descendants. Q: How does the price of Goldhill Memorial Centre's smart columbarium compare to that of a traditional columbarium? H: The price of a columbarium niche can vary based on factors like ownership (private or public), space, location, facing, the range of services provided, the ability to personalize the space and others. As expected, the cheaper ones tend to have more restrictions, less amenities, less consideration for feng shui, less maintenance, etc. It's somewhat like comparing public housing to private housing, and within each category, there's a wide range of offerings and pricing. But I would say that c ompared to traditional private columbarium, where a double niche (housing 2 urns) at eye level can cost between SG$20,000 and SG$40,000, our prices are slightly lower. Q: I’m assuming that most people buy the niche space as part of their funeral pre-planning. How does funeral pre-planning work? H: Whether you like it or not, death is an inevitable part of life. It’s important to plan and ensure that those you leave behind know exactly what to do and there won’t be any family disputes. Religious and financial differences within families can lead to disputes about funeral arrangements. For example, siblings who have different economic situations may argue about who is going to pay for the funeral, and multi-religious families can have disagreements about the type of wake to hold. Pre-planning a funeral is like writing a will . It allows you to clearly communicate your choices to your family while you still have mental capacity . This reduces confusion, alleviates concerns for your surviving family members, and minimizes unnecessary conflicts. You don't want to burden the next generation with difficult decisions. Inflation of Funeral Costs Funeral costs have significantly increased over the years. Nowadays, we are looking at an average cost of SG$15,000 to SG$20,000, whereas around 20 to 30 years ago, it used to cost about half of today’s price. To help deal with the increasing costs, Singapore Funeral Services is one of the few firms in Singapore that offers prepaid funeral plans to help our clients get a sense of security and relieve the burden on their mind by locking in today's prices for specific goods and services that they want in future. At present, there is no expiration on the prepaid funeral plan, and it covers the essentials such as the casket, wake duration, hearse, and transportation. You can also customize the plans to suit your needs. It’s quite similar to wedding planning, where you can customize your funeral based on your values and preferences, such as duration, religious rituals, and burial or cremation preferences. You can even choose a theme, like a specific color or a Star Wars theme, for a more personalized funeral. This interview has been edited for length. Back to profile interviews > All articles and resources > FAQs What is the difference between a traditional columbarium and Goldhill Memorial Centre's (GMC) smart columbarium? GMC's columbarium eliminates many issues that exist in traditional columbarium, such as inconvenient niche locations, a more welcoming environment, etc., while still maintaining the values and traditions associated with a columbarium. It offers privacy and convenience to family members who want to honor and remember their ancestors. How much does a niche cost in Singapore? The cost of a niche is can vary based on several factors, such as the ownership (private or public), space, location, facing, the range of services provided, the ability to personalize the space, and others. Book an appointment here with GMC to discover detailed information about their niche offerings and pricing. Immortalize Who's Who series seeks to profile service providers in the elderhood planning space to help you better identify and relate to the best, the most outstanding and the legitimate providers. Immortalize is Singapore's most comprehensive elderhood marketplace and information provider. Find out all you need to know about ageing better , retiring more meaningfully and leaving a legacy that is uniquely yours here and let us help you get these sorted easily. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io .

In an increasingly interconnected world, estate planning for global assets can pose significant challenges, especially when it comes to navigating legal complexities across international borders. In this article, we discussed with Sarah Ip, co-founder of NobleWills, an online will-writing platform, on the common problems that people neglect when estate planning for their global assets and how NobleWills tackles these challenges by combining the benefits of technological convenience with the personalized approach of will-writers. Name: Sarah Ip Company: Noble Wills Limited Specialization: International Wills – Cross border estate planning Base Location: Hong Kong, with operations in Singapore & United States Service Style: Modern, Patient, and Personal Anything Interesting: History lover Enjoy up to 10% discount off your Will when you use Immortalize's coupon codes. Find out more here ! Q: Can you tell me about yourself and how NobleWills came about? Ip: I was born in the U.K. and was raised in both HK and the U.K. I am a lawyer by training and was in the legal industry for over 10 years, before starting my own will-writing business. Will-Writing vs Law Firms The will-writing industry is very different from law firms. Most law firms can only write wills for your local assets, but for will-writing companies, many have cross-border support to take care of the clients’ assets globally. This involves understanding the requirements for a will to be valid in different jurisdictions. As comprehensive as will-writing companies can be, there are many issues as well. People are increasingly doing things online. My co-founder, a programmer by trade, and I saw an opportunity to bring the benefits of what will-writing companies offer - the personalized, human touch, with the convenience of what technology can offer. We started NobleWills two years ago to disrupt the industry and to bridge the gap so that people can get the benefits of both using an online service and writing a will using a will-writing company. The online will industry in the U.S., U.K. and Australia are much more developed and saturated compared to those in Asia. With Asia’s growing economy and increasing demand for online services, we believe that there will be great growth potential for online wills in Asia. Read more: Online will vs Lawyer vs Will Writing Company - Which to Choose? Q: What are the issues that NobleWills is trying to solve? Ip: There are 2 important issues. One, many online will services are overly simple. You just fill in a form, make payment, then you get your product. There is no real person or a will specialist to review your will and answer any of your concerns. People don’t understand or even know what the repercussions of their decisions are. Additionally, there is no upscale online will service that deals with international assets. Read more: The Ultimate Guide to Online Wills (Singapore) Q: How is NobleWills different from other online will platforms? Ip: First, online wills are not common in Hong Kong. There are a few competitors out there, but their services are not very comprehensive. We offer not only online wills, but also other estate planning documents, such as Enduring Power of Attorney (EPA) and living will. [ EPA is a legal document in Hong Kong that is similar to Singapore’s Lasting Power of Attorney (LPA) . Both documents allow you to appoint someone to make decisions for you when you cannot make decisions for yourself. A living will, which is commonly known as Advance Directive in Hong Kong, has some similarities with Advance Care Plan in Singapore. Living will allows you to express your preferences and instructions regarding medical treatments and care if you become mentally incapacitated and can’t make decisions for yourself.] Beyond Just Online Services Second, even though our service is online, we still offer a personal touch to it. Our platform helps you get started on your will by asking a few basic questions. If you have overseas assets but your distribution is simple, you can straight up fill in your details for your will. You can also upgrade to our “Advanced Online Will” and have a will specialist review your will to help you identify any issues. If any issues or conflicts are found, we will mention this in our 30-minute consultation to clear up any concerns. If you have a complex situation or complicated assets, an “Advanced Online Will” won’t be enough. In this case, you can opt for our premium service and have a will specialist write a comprehensive will that caters to your specific needs. Third, we cover overseas assets which most online wills don’t. We study the different laws in different jurisdictions and stay up to date with all the law changes to make sure that our wills comply with the laws of these jurisdictions. Our wills are created based on precedence, official legal documentation from those countries, and my 10 years of experience in the legal industry. Lastly, we also offer professional printing where we use a special kind of paper with golden binding products to commemorate this important and significant document. It may be a small touch, but it shows the thoughts that go into our work. Want to conveniently complete your will online? Try NobleWills now. Q: What is your typical client? Ip: Many of our clients are in their 30s and married with children. They want to use a will to protect their kids. We have many U.K. clients, because structuring their wealth can help them reduce a lot of inheritance tax . We also have clients from Australia, U.S., and countries such as Thailand. Q: What are the key problems that people face when it comes to international assets? Ip: One of the key problems when it comes to planning for international assets is the need to consider rules in different countries. To resolve that, people will usually go to different lawyers in different countries to create different wills that are specific to the jurisdictions that the assets are in. This could create serious complications, such as not taking inheritance tax into account which may mean losing the opportunity to optimize and save on taxes. For example, in some countries such as the UK, inheritance law may extend to someone’s global assets. The global assets may then be subjected to UK taxes. One of the most catastrophic outcomes that could happen when the wills were not written in consideration of each other is that the wills could end up revoking one another. Q: What is the benefit of going to NobleWills rather than engaging a lawyer? Ip: Convenience and cost. A lot of our clients have multiple assets in different countries and wish to get things done in one place. At NobleWills, you can get everything done online and covered in one place rather than having to physically visit different law firms. Moreover, we allow unlimited updates to your will under our “Editing Membership” for a small fee. The cost is significantly lower than getting your will amended at a law firm and even some will-writing firms. Q: Can you tell me about your interests and hobbies? Ip: I love reading, travelling, technology, and learning about history from different countries. Before I travel to a new country, I always like to read up on its history first. This interview has been edited for length. Read more: Online will vs Lawyer vs Will Writing Company - Which to Choose? What Happens To My Stuff When I Die? (Singapore Edition) The Ultimate Guide to Online Wills (Singapore) Enjoy up to 10% discount off your Will when you use Immortalize's coupon codes. Find out more here ! Back to profile interviews > All articles and resources > FAQs Are online wills legal? The legality of online wills can vary depending on the jurisdiction. In many countries, including Singapore, the United States, and United Kingdom, online wills can be considered legally valid if they meet certain requirements. Should you use an online will? Whether to use an online will or not depends on your specific circumstances and preferences. Here are a few factors to consider when making your decision: complexity of your estate, legal requirements, confidence in your ability to navigate the process, need for legal advice, and cost considerations. It's essential to make an informed decision based on your unique circumstances. Want to inquire more about online wills? Speak to Immortalize here now. Immortalize is an Elderhood marketplace and information provider. We make planning and executing your plans for ageing, retirement, legacy and everything elderhood-related simple, easy and comprehensive! Immortalize Who's Who series seeks to profile service providers in the legacy planning space to help you better identify and relate to the best, the most outstanding and the legitimate providers. Find a professional, compare prices, and kickstart your estate planning Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io .

Bonsai cultivation, a therapeutic pastime commonly associated with middle-aged individuals and retirees, is now enthusiastically embraced by the younger generation, according to Han San Chong, co-founder of Bonsai Inc., a bonsai plant supplier and specialist firm. We spoke to Han San to learn more about what to look out for and how to prevent rookie mistakes when cultivating a bonsai tree. Name: Chong Han San Company: Bonsai Inc. Specialization: Bonsai plant supplies and Bonsai Appreciation Workshop Base Country: Singapore Get 10% discount when 2 or more people sign up! Q: Can you tell me about yourself? How did Bonsai Inc. come about? Han San: Bonsai Inc. really came about to solve many problems that exist in this industry. The market is opaque about prices and many bonsai shops charge based on who the customer is. The shops don’t manage their inventory well, and so, prices can vary a lot. It might be $10 today and $15 tomorrow. My business partner saw a chance to improve the industry and make it more open. He wanted to start a transparent, customer-friendly retail business that offers a special experience for both bonsai enthusiasts and beginners. We launched Bonsai Inc. in 2021, the second year of the COVID-19 pandemic. At that time, more people became interested in plants and buying plants for homes was a trend. Q: What sets Bonsai Inc. apart from other bonsai stores? Han San: Bonsai tree prices are determined by objective factors like size, age, and rarity. However, a significant part of the valuation also depends on subjective components like the artistic appeal to the customer. That makes it hard to be very sure on how much a bonsai tree is worth. At Bonsai Inc., we try to make pricing clear and transparent. You can find out about the price of our bonsai plants on our website and decide whether that’s suitable for you. Second, we have a unique bonsai showroom that is a hybrid of indoor and outdoor spaces. Our outdoor garden allows you to appreciate bonsai trees in nature, while our indoor gallery offers a comfortable air-conditioned environment where you can learn about different types of bonsai, their history, and how to identify them before making a purchase. Next, our bonsai collection is diverse. While popular Japanese species like black pine and juniper are available, we also offer rare options like the silverberry, pepper plant, Korean Hornbeam, and olive, which aren't commonly found in the Singapore market. Our range includes bonsai from Japan, Korea, Taiwan, and Southeast Asian countries like Vietnam, Indonesia, and Malaysia. Q: What challenges do you encounter in the bonsai industry? Han San: Entering the bonsai market in Singapore is challenging because suppliers must meet specific requirements and obtain a special license for importing bonsai. We also had to personally visit nurseries in Japan and other Southeast Asian countries to find bonsai trees. This became even harder during the COVID-19 pandemic when travel was restricted. For example, Japanese providers often prefer to focus on their domestic market, making it tough to convince them to export bonsai. Nonetheless, we managed to overcome the challenges posed by the pandemic and successfully brought Japanese bonsai to Singapore. Q: Who is bonsai cultivation suitable for? What makes bonsai interesting? Han San: Bonsai is suitable for people of all ages. Bonsai has a rich history spanning centuries. While it used to be associated primarily with the older generation, it has evolved to become a hobby embraced by people of all ages. Many, especially the younger generation, find bonsai to be incredibly therapeutic. Bonsai allows individuals to bring a piece of nature into their homes. Unlike the typical potted flowers or herbs, bonsai trees are miniature versions of real trees that can thrive for many years. Many corporate clients have also shown interest in bonsai, using them as gifts for important clients or as office decorations to improve feng shui. Some bonsai types are believed to have spiritual meanings, attracting those who believe in feng shui and want to create spaces with positive energy and conducive for success. Lastly, bonsai offers a canvas for creativity. Enthusiasts can sculpt and trim bonsai to achieve their desired shapes, allowing for artistic expression and personalization. Q: What are some important aspects about bonsai that people may not be aware of but should keep in mind? Han San: One common misconception is that people believe bonsai is easy to care for. Since bonsai are miniature trees, they often think that they can simply purchase one, take it home, and let it grow on its own. While it's not overly complicated, it does require dedication. Bonsai requires daily care, including regular watering in the right amounts, and ensuring the plants receive adequate sunlight. It's somewhat akin to having a pet dog – you must feed and walk it regularly. Another misconception concerns whether bonsai can be kept indoors, as trees are typically associated with outdoor settings like gardens or roadsides. In the past, growing bonsai indoors was impractical because they require water and natural sunlight, like any other tree. However, with the advent of artificial grow lights, it's now possible to cultivate bonsai indoors. Lastly, some people mistakenly view bonsai as an expensive hobby. While there have been reports of extremely valuable bonsai trees selling for millions of dollars, beginners can start with a budget of less than SG$100. This affordability is why we initiated our Bonsai Appreciation workshop – to help individuals understand what to look for when selecting a bonsai and how to create their own without having the need to break the bank. Q: Could you share some of the key topics you cover during your Bonsai Appreciation workshop? Han San: Our Bonsai Appreciation workshop begins with a tour of both our indoor and outdoor galleries. Following this, we provide a brief introduction to various bonsai species, essential bonsai knowledge and care guidelines. The primary focus of our workshop is teaching participants how to avoid inadvertently harming their bonsai. Many beginners struggle because they don't have the right guidance or knowledge. For instance, they may have difficulty figuring out how much water to give, which can lead to overwatering (suffocating the bonsai) or underwatering (causing it to dry out), or not giving proper amount of sunlight. Another crucial aspect we emphasize in the workshop is the choice of soil for bonsai. It's important to understand that various bonsai species need specific soil formulations. Over years of practicing bonsai cultivation, we've created distinct soil formulas tailored to the diverse bonsai species. For instance, bonsai originating from temperate regions like Japan require a specific soil mixture, while local bonsai, which are of tropical origin, demand a different type of soil. Furthermore, we stress that a bonsai is not solely about the tree itself - it includes the pot that it is placed in. The term "bonsai" finds its roots in Japanese, originating from the fusion of two Japanese words: "bon," signifying "tray" or "pot," and "sai," denoting "planting" or "cultivation." In Chinese, it is referred to as "盆栽" (pronounced as "pen zai"), which literally translates to “pot cultivation". Many people mistakenly assume that when they visit a nursery, they're acquiring only the plant, which is often housed in a cheap plastic pot. Bonsai must be designed, and that includes selecting the appropriate pot. Thus, we teach participants on how to design a bonsai, transforming a natural element into something unique. While you can't alter the core appearance of a bonsai, as you gain familiarity, you'll learn what to look for and how to adapt its design to your preferences. It's akin to collecting wine. At first, you may have little knowledge, but as you delve into it, you begin to distinguish better options. Q: What are the drawbacks of owning a bonsai? Han San: In the end, a bonsai is a living thing. It requires regular care and attention, just like taking care of a pet. You need to water them appropriately, provide the right amount of sunlight, and groom and trim them to keep them healthy and aesthetically pleasing. This commitment can be challenging for people with busy lifestyles. So if you travel a lot, this can be a big problem. Leaving your bonsai alone for days could result in your bonsai being infested with pests or diseases, and it might even die. Q: Are there any interesting new trends happening in the bonsai community? Han San: One noteworthy trend that has caught our attention is the increasing number of young newcomers embracing this hobby. Historically, bonsai-keeping was often associated with middle-aged individuals and retirees. However, there is a growing phenomenon of youngsters in their twenties enthusiastically adopting bonsai as a pastime. Many have expressed how cultivating bonsai gives them a pleasant mental state of mind in today's fast paced world. On social media, we've also noticed a growing trend where people are showcasing unique bonsai creations. For example, there's a Taiwanese artist who excels at making super miniature bonsai, often called "bean-sized" bonsai, which can be as tiny as 1-3 inches tall. This interview has been edited for length. Back to profile interviews > All articles and resources > FAQs Are bonsai easy to take care of? While it's not excessively challenging, there are some important considerations to keep in mind. Bonsai demands consistent care and attention, which includes providing the correct amount of water and ensuring they receive sufficient sunlight. It's somewhat comparable to the responsibilities of having a pet dog – you need to provide regular nourishment and exercise. Is growing bonsai expensive? While many believed that bonsai are costly, there are budget-friendly choices options for beginners, with prices starting at around SG$100. If you're interested in delving into the fundamentals of bonsai, such as various species and proper care, you can explore these topics by attending a Bonsai Appreciation class offered by Bonsai Inc. here . Immortalize Who's Who series seeks to profile providers in the elderhood planning space to help you better identify and relate to the best, the most outstanding and the legitimate providers. Immortalize is Singapore's most comprehensive elderhood marketplace and information provider. Find out all you need to know about ageing better , retiring more meaningfully and leaving a legacy that is uniquely yours here and let us help you get these sorted easily. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

CPF Investment Scheme allows us to invest our CPF savings in something that can potentially pay us more than CPF's 'high' interest rates. But should we do it? Is it worth it? How does it work? What happens to these investments if I die? We will investigate these concerns in Part 5 of this CPF x Inheritance series. Related: Part 1: CPF Inheritance: How It Works, Tips & More! Part 2: CPF LIFE - The Best Gift From The Government? Part 3: CPF LIFE, Retirement Sum Scheme or Private Annuity? Which is Better? Part 4: How Can I Maximize the Payout From CPF LIFE What is CPF Investment Scheme (CPFIS)? Before you turn 55 years old, your CPF should have Ordinary Account (OA), MediSave Account (MA), Special Account (SA). After you turn 55, a Retirement Account (RA) will be set up for you and later on, you will also get involved with CPF LIFE. CPF Investment Scheme allows you to invest using your OA and SA savings. You can use your CPF savings to invest in products such as insurance, unit trusts, fixed deposits, bonds and shares through two investment schemes: CPF Investment Scheme-Ordinary Account (CPFIS-OA) CPF Investment Scheme-Special Account (CPFIS-SA) You are eligible to invest under CPFIS if you: are at least 18 years old; are not an undischarged bankrupt; have more than $20,000 in your OA; and/or have more than $40,000 in your SA; and have completed the CPFIS Self-Awareness Questionnaire (SAQ) Should you invest your CPF savings? CPF saving rates are very attractive compared to fixed deposit rates but if you are young, this should be the case as you are locking up your funds for a longer period of time and should be compensated for this illiquidity. Whether you should forgo that attractive interest rate and direct your CPF OA and SA funds to somewhere else depends on whether you can find an investment that pays more than CPF saving rates and whether that investment suits your risk profile. What are the interest rates on CPF accounts? While we can't advise you on what to invest in, we have included an overview of CPF saving rates below for your comparison convenience. Ordinary Account - At least 2.5% p.a. Special Account - At least 4% p.a. Medisave Account - At least 4% p.a. Retirement Account - At least 4% p.a. CPF LIFE - Same as RA Note that these rates may change. Check here for the latest rates and here for how the rates are determined. What can you invest your CPFIS-OA and CPFIS-SA in? Check here for the list of CPF-approved investments. Note: If all these comparisons seem complicated, you can consider outsourcing the work to someone else. You can find and compare a list of financial consultants here or speak to us here for recommendation on a financial consultant that suits your needs and style. How to invest your CPF savings? You will first need to take a Self-Awareness Questionnaire (SAQ), which assesses basic financial knowledge and suitability, before you can start investing under CPFIS. There are different rules and requirements for investing via your OA compared with investing through your SA. We will illustrate them in turn. For CPFIS-OA You have to set aside $20,000 in your Ordinary Account (OA) before you can invest You can only invest up to 35% and 10% of your investible savings in stocks and gold (referred to as stock and gold limits) Investible savings = Sum of your OA balance and the amount of CPF you have withdrawn for investment and education. You need to open a CPF Investment Account with one of the following CPFIS agent banks with your CPF statement before you can buy/sell your investments: ● DBS Bank Ltd (DBS) ● Overseas-Chinese Banking Corporation Ltd (OCBC) ● United Overseas Bank Ltd (UOB) Note: You can only maintain one CPF Investment Account at any one time. For CPFIS-SA Have to set aside S$40,000 before you can invest You don’t need to open a CPF Investment Account to invest your SA savings. You can directly buy/sell your investments with the service and product providers. See the list of providers here. You will need to bring along your identity card and a copy of your CPF statement for the product provider to verify your CPF account number. The product provider will also require you to declare your SAQ status and/or ask to view a copy of your SAQ status. After which, CPF Board will liaise with the various product providers to settle your purchase and sale of investment, and keep track of your investment holdings and transactions. Note: These procedures may change. Check here for the latest instructions on how to invest via the CPFIS. Where does the money go when you sell your investments in CPFIS? For CPFIS-OA, the sale proceeds will be credited into your CPF Investment Account. The money will remain there unless you instruct your agent bank to transfer the amount into your OA. Your agent bank will also automatically transfer the cash balance held in your CPF Investment Account to your OA if your Investment Account has been inactive/there's no investment transactions for two consecutive months. For CPFIS-SA, sales proceeds will be credited into your SA. Are my profits from CPF Investment Scheme taxable? No, the profits, interest earned from investments and dividends are not taxable under the CPF Investment Scheme. Can I withdraw my CPFIS investments? Yes, but only upon reaching 55 years old and you have set aside the Full Retirement Sum (which is 2 times of Basic Retirement Sum) in your Retirement Account. The Full Retirement Sum can be set aside fully with (1) cash, or (2) if you have a property, cash to at least the Basic Retirement Sum. You can check the Basic Retirement Sum that's applicable to you here. You do not have to sell your investments. Once your application has been approved, the CPFIS investments will be transferred to you. Your CPF Investment Account will be closed once you apply to withdraw your investments. What happens to my CPFIS investments after I die? The investments will form part of the estate and be distributed based on will or if you don't have a will, based on intestacy law. The administrators or executors of the estate can claim investments and cash balances from the product provider or agent bank. Note: Because your CPFIS forms part of your estate, your funds in CPFIS are not protected from creditor claims on any outstanding debts. This is in contrast with CPF OA and SA which fall under CPF nomination and thus, are protected from creditor claims. Related: Estate Distribution Under Will and Intestacy Laws CPF Inheritance: How It Works, Tips & More! Immortalize is a Last Mile of Life marketplace and information provider. We make planning and executing your retirement plans, legacy plans, eldercare and everything related to this spectacular last stage of life simple, easy and comprehensive! Outsource the work and start planning for you and your family's legacy with Immortalize Prime, your personal last mile of life assistant! Next: Supplementary Retirement Scheme: How It Works, Inheritance & More Subscribe to our mailing list to get the articles delivered straight to your inbox. Back to CPF, CPF, SRS X Inheritance Series > Back to Resource > FAQ Are profits from CPF Investment Scheme taxable? No, the profits, interest earned and dividends earned are not taxable under the CPF Investment Scheme. What happens to my CPFIS investments after I die? The investments will form part of your estate and be distributed based on will or if you don't have a will, based on intestacy law. The administrators or executors of the estate can claim investments and cash balances from the product provider or agent bank. Does CPF nomination cover my cash and investments under the CPF Investment Scheme? No, cash and investments under CPF Investment Scheme are not covered by CPF nomination. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

CPF LIFE, Singapore's national longevity insurance annuity scheme, is a retirement scheme that most Singaporeans and permanent residents born after 1958 have to be enrolled it. But should we try to maximize it or should we try to get out of it in search for a better longevity risk hedge? In Part 1 of Immortalize's CPF LIFE series, we went through the basics of how CPF LIFE works and pitted CPF LIFE against the Retirement Sum Scheme (RSS). Recap: CPF Inheritance: How It Works, Tips & More! We've concluded that CPF LIFE is better than RSS in terms of payout duration but RSS is better than CPF LIFE in terms of monthly payout and inheritance. But does that mean we should minimize our contributions to CPF LIFE? Is CPF LIFE comparable to private annuity offered out in the market? In Part 2 of this CPF LIFE series, we'll explore these considerations. Note: Annuities are financial products that provides a stream of payouts for a predetermined period of time. Is Retirement Sum Scheme or CPF LIFE better? Here's a table to summarize what we have discussed. In short, the longer you live, the more 'worth it' CPF LIFE becomes. So which should you choose? It depends on your agenda and needs. (Note that the following discussions are the author's opinion and not advice of any sort) Choose CPF LIFE if you can and try to maximize the payout from it. The purpose of RSS or CPF LIFE is to ensure that you have enough money to spend in your old age. It's about protecting you and your welfare, not maximizing what you leave behind for others. There are other tools you can use to protect your family. "If You Can" To maximize payouts from CPF LIFE means to sacrifice what you can have now for what you can have in future and not everyone can sacrifice now for the future, especially if you need the money now to survive. Scenarios where CPF LIFE may not be the best option Scenario 1: If I am terminally ill now, I would apply to withdraw my CPF. Whether you need the money now or not, CPF LIFE is not worth it from an investment viewpoint if you expect to die soon. Scenario 2: If I am super rich and have (1) a huge portfolio generating perpetual income; (2) mechanisms in place such that I won't accidentally get scammed and lose my money, especially when I'm older and more vulnerable, then longevity risk is not an issue for me. I will stay with RSS or opt out of CPF LIFE. Check here for the criteria to opt out of CPF LIFE. Examples of why people don't want to be in CPF LIFE Example 1: "I don't think I will live that long because my parents/grandparents didn't live that long." The life expectancy in Singapore in 2020 was ~84 years old, which means there's ~50% chance you will live past 84 years old. 50 years ago, the live expectancy was ~66 years old. Better technology, healthcare and quality of life will only improve the average life expectancy and this means that there's going to be a higher and higher chance that you will live older and older. If I die early, there's nothing much I can do. But what if, just what if, you live past 100 years old? Are you prepared for that? Example 2: "My family will take care of me if I run out of money." Sure. But having additional cashflow from CPF LIFE can lessen their financial burden and help them better take care of you. How CPF LIFE Compares to Private Annuity Plans? CPF LIFE is a non-profit scheme administered by CPF Board. As such, it doesn't incur advertising, agents' commissions and other costs that a private operator will incur. The lower costs, together with a large member base, allows for longevity risk and costs to be better spread out among many people. This means that the pricing of CPF LIFE premium for the same kind of return will be better compared to privately run annuity plans. Pays out for as long as you are alive Most private retirement income plans that are available for the masses only last for a fixed period of time. High return and close to zero risk Backed by the Singapore government, CPF LIFE offers one of the highest return on any close to risk-free asset, ie, not only will you get the payout, the entity guaranteeing you the payout won't go bust and will definitely give you your money. Best Gift From the Singapore Government? There are definitely situations where CPF LIFE is not ideal. But for most of us, CPF LIFE is the best gift from the Singapore government to hedge longevity risk. And as with all good things, there is a limit to CPF LIFE. You can't have unlimited amounts of it. CPF LIFE is a great tool, but it may be inadequate as a complete longevity risk hedge, especially if you have a high monthly maintenance. There is a cap to the amount you can put in and thus, a maximum amount that you can get. In Part 3 of this CPF LIFE series, we'll explore how to optimize your funds to ensure the maximum payout from CPF LIFE. Next: How Can I Maximize the Payout From CPF LIFE? Subscribe to our mailing list to get the articles delivered straight to your inbox. Back to CPF, CPF LIFE, SRS X Inheritance Series > Back to Resource page > Immortalize is a Last Mile of Life marketplace and information provider, helping people find the right providers to do all their life, death, estate and legacy planning and execution all on one platform. Need someone to help with your CPF inheritance, will, lasting power of attorney and other last mile of life affairs? Outsource the work to Immortalize Prime, your personal last mile of life assistant! FAQ CPF LIFE, Retirement Sum Scheme or Private Annuity? Which is Better? CPF LIFE is probably the best priced hedge against longevity risk because it pays out for as long as you are alive and has the highest return for any close to risk-free asset. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

Have you thought about the possibility of living pass 100 years old? Given that Singapore's life expectancy is about 84 years old (which means 1 in 2 of us are going to live past 84) and with advancement in technology, healthcare and living conditions, the likelihood of you living pass 100 is not remote at all. How much do you need to live a dignified elderhood? Are you afraid of living too long because you don't want to be a burden to others or worried that you might outlive your economic resources? These are some of the questions that Immortalize encountered when we help people plan their last mile of life, spanning from retirement all through to their legacy. In Part 1 of this CPF LIFE series, we explore CPF LIFE, Singapore's national longevity insurance annuity scheme introduced in 2009, and why we think it's one of the best gift from the government. Base Case Scenario In Singapore, when you hit 65 years old, what usually happens is that you can apply to start receiving monthly payouts from your CPF accounts or choose to defer the payouts till later. If you don't do anything, your payouts will automatically start at 70 years old. If you were born before 1958, you can choose to either be in the Retirement Sum Scheme (RSS) or the CPF Lifelong Income for Elderly Scheme (CPF LIFE). If you were born on or after 1958, you are most likely going to be automatically enrolled in CPF LIFE. If not automatically enrolled, you can voluntarily opt in or CPF will pay out your retirements savings till it runs out. How to Join CPF Life? In Singapore, you will automatically be included in CPF Life if you are: A Singaporean or Permanent Resident (PR); Born in 1958 or after; Have at least S$60,000 in your retirement savings before you reach 65. If automatically included, before you turn 65, you’ll be informed on the options available to you. If not automatically included, you’ll receive monthly payouts until your retirement savings run out. You can join the CPF Life scheme voluntarily: If you are a Singapore Citizen or Permanent Resident Anytime between 65 to one month before you turn 80 years old (when you want to start receiving payouts) If you want to opt out, you can do so if you meet certain criteria. Now, let's decide if we want to be in CPF LIFE or whether we should try to get out of it. In the following section, we will compare RSS with CPF LIFE to decide whether we are better off in CPF LIFE. How does the Retirement Sum Scheme work? Under RSS, your monthly payout amount will be calculated such that your current retirement savings will be able to last you up to 20 years, taking into consideration the base interest rate, which is 4% p.a. at the time of writing. Any extra interest paid will be used to extend your payouts beyond 20 years, up to 90 years old or another 5 years, whichever ends later. Note: Check out here for the extra interest that the Singapore government pays on CPF savings. If you are eligible, you can check out how much gets paid out under RSS here. Payout stops once all the savings run out. If you pass away before the savings run out, the balance on your Retirement Account (RA), including any interest earned, will be paid out to your beneficiaries. Related: CPF Inheritance: How It Works, Tips & More! How does CPF LIFE work? CPF LIFE hedges against your longevity risk by providing payouts to you for as long as you are alive. Note: For an individual, longevity risk refers to the risk of you living longer than expected, which may mean living longer than your money or economic resources can provide for. Overview Once you have decided to start your payout, all or part of your savings in the RA will be deducted as CPF LIFE premium. A monthly payout will be determined and paid to you. The monthly payout will first be deducted from your CPF LIFE premium. If your premium gets fully deducted, CPF will continue to pay you your monthly payout (this is the insurance component). If you die before your premium gets used up, the remaining premium, will be distributed as inheritance to your CPF nominees. Round 1: Duration CPF LIFE wins. CPF LIFE pays you for as long as you are alive while RSS ends when your RA runs out. Now, let's look at the payout. How much can you get from CPF LIFE each month? You can check the amount that you are eligible for via the CPF LIFE estimator. But to summarize, the CPF LIFE payouts are determined by an independent actuarial consultant and depends on factors such as: Age Gender Females tend to live longer than males and so everything else the same, the payout for a female will be lesser than an equivalent male. CPF interest rates The higher the CPF interest rate, the higher the payout. Mortality rates The longer the population is expected to live, everything else the same, the lower the payouts. CPF LIFE premium - The retirement savings used to join CPF LIFE The more you join CPF LIFE with, the higher premium you are paying and thus, the higher the payout. CPF LIFE plan type The plan type determines whether you will get a constant payout throughout, payout that keeps increasing, etc. Let's illustrate with an example. If you turn 55 years old in 2022, the maximum amount that you can use for CPF Life, which is your Enhanced Retirement Sum, is S$288,000. By the time you reach 65 and if you are on the CPF LIFE Standard Plan, you can expect a monthly payout of about S$2,140 - S$2,300, till you die. What is the difference between the CPF LIFE payout plans? There are three CPF LIFE payout plans that you can choose from: Standard Plan - Fixed payout every month This is the default plan that we will use for comparison. It gives the same payout every month and is suitable for people who don't mind adjusting their spending pattern by buying lesser or living more frugally even as the price of things rise. Escalating Plan - Increasing payout every month Protects you against inflation/rising cost of living. Payouts starts lower and increase by 2% every year. The payouts for the Escalating Plan will initially be lower than the payouts for the Standard Plan but will eventually be higher as time goes by. Basic Plan - Fixed and lower monthly payout than Standard Plan This is a legacy plan from when CPF LIFE was first introduced in 2009. Under this plan, about 10-20% of your Retirement Account (RA) savings will be deducted as CPF Life premium. Your monthly payout will first be paid from your RA and after RA is depleted, payouts will continue from CPF LIFE and carry on till you die. You can play around with the different payouts under the various plans here. Does CPF LIFE earn interest? Your CPF LIFE premium continues to earn you the interest that you would have otherwise earn in the RA and that interest is factored into the higher monthly payout. The interest earned on you and other CPF members' CPF LIFE premium is what allows you to continue receiving payout even after your CPF LIFE premium has been depleted. How far can I defer CPF LIFE payouts? You can ensure a higher payout by deferring the date you start receiving to payments till as far as 70 years old Can I change my CPF LIFE payout plan? Once you have selected the payout plan, you can only change the plan type within 30 days from the date of your policy letter via “My Mailbox” in your CPF account. After that, you will not be able to change the payout type. If you are on a legacy plan such as the Basic, Balanced, Plus or Income Plan, you can make the switch to Escalating or Standard plan before the age of 80. Are CPF LIFE payouts fixed and guaranteed? No. The size of CPF LIFE payouts are not guaranteed, but they are designed to be stable. Any adjustments to CPF LIFE payouts are expected to be small and gradual. CPF LIFE is a self-sustaining insurance scheme where payouts are matched to premiums. Guaranteeing a minimum payout would require higher premiums. Round 2: Monthly Payout On a monthly basis, RSS can pay more than CPF LIFE. Here are two examples to illustrate. (Note: Some figures have been rounded up and were correct at the time that they were recorded. The figures may become inaccurate over time.) Scenario 1: Singaporean male born in 1954 named John. Has S$395,000 in RA. Assume John starts his payout now. RSS will pay ~$2,650 for ~18 years. CPF LIFE will pay ~$2,270 till John passes away. Scenario 2: Singaporean male born in 1955 named Peter. Has ~S$108,700 in RA now. Peter already started RSS payout. His current RSS payout is ~$680 for another ~22 years. If he switches to CPF LIFE , Peter will get ~$670 till he passes away. Obviously, the longer you live, the more CPF LIFE make sense. But what if I die early? Let's look at inheritance. What happens to my CPF LIFE premium when I die? After you pass away, any unused CPF LIFE premium will be paid out to your beneficiaries. Unlike inheritance under RSS, for CPF LIFE, only the unused CPF LIFE premium gets paid to your beneficiaries. Your beneficiaries do not get the interest accrued on your CPF LIFE premiums. Here's an example to illustrate: Under RSS, if a member has $450,000 in his/her RA and had already received S$50,000 of payout. When the member passes away, the member's beneficiaries will get $400,000 + accumulated interested. On the other hand, if a member joins CPF LIFE with S$450,000 of CPF LIFE premium and had already received S$50,000 worth of payouts, S$400,000 will be refunded to the member's beneficiaries. Round 3: Inheritance RSS pays more to your beneficiaries than CPF LIFE if you pass away before you could finish using your retirement savings/CPF LIFE premium. Is Retirement Sum Scheme or CPF LIFE better? CPF LIFE wins RSS in duration but RSS wins CPF LIFE in terms of monthly payout and inheritance. So does that mean RSS is better? No. CPF LIFE is better. We'll explain why in Part 2 of this CPF LIFE series, where we'll explore the pros & cons of RSS, CPF LIFE and private annuities to see which is better. Next: CPF LIFE, Retirement Sum Scheme or Private Annuity? Which is Better? Subscribe to our mailing list to get the articles delivered straight to your inbox. Back to CPF, CPF LIFE, SRS X Inheritance Series > Back to Resource page > Immortalize is a Last Mile Of Life marketplace, helping people find the right providers to do all their life, death, estate and legacy planning and execution all on one platform. Need someone to help with your CPF inheritance, will, lasting power of attorney and other last mile of life affairs? Outsource the work to Immortalize Prime, your personal last mile of life assistant! FAQ What is CPF LIFE? CPF Lifelong Income for Elderly Scheme (CPF LIFE) is Singapore's national longevity insurance annuity scheme. CPF LIFE gives you monthly payout regardless of how long you live. What is the difference between CPF LIFE and Retirement Sum Scheme (RSS)? CPF LIFE gives you a monthly payout for as long as you are alive while RSS payout stops when your retirement account is depleted. If you pass away before using up your CPF LIFE premium, the unused premium will be distributed to your CPF nominees whereas for RSS, your balance plus accrued interest will be paid out to your nominees. Are CPF LIFE payouts fixed and guaranteed? No. CPF LIFE payouts are not guaranteed, but they are designed to be stable. Any adjustments to CPF LIFE payouts are expected to be small and gradual. CPF LIFE is a self-sustaining insurance scheme where payouts are matched to premiums. Guaranteeing a minimum payout would require higher premiums. Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

An Additional Buyers' Stamp Duty (ABSD) of 35% will now apply to any transfer of residential property into a living trust, according to a statement posted on the Ministry of Finance's website. The new rule ("ABSD (Trust)"), will apply to transfers that occur on or after May 9, 2022 A living trust is a trust that is created by a person when he/she is alive Previously, when a residential property is transferred into a living trust, Buyer's Stamp Duty is payable but whether there will be ABSD depends on who is benefiting from the residential property that is transferred into the living trust. When a living trust is structured such that there is no identifiable beneficial owner(s) at the time when the residential property is transferred, ABSD does not apply Now, the ABSD (Trust) is payable upfront regardless of whether there's identifiable beneficial owner(s) A trustee may apply for a refund of ABSD (Trust) if certain conditions are met For more information, please refer to MOF's statement here Back to Resource page > Immortalize is a Last Mile of Life marketplace and information provider, helping people find the right providers to do their life, death, estate and legacy planning and execution all on one platform. Subscribe to our mailing list to get the articles delivered straight to your inbox. Need someone to help with your will, lasting power of attorney and other last mile of life affairs? Outsource the work to Immortalize Prime, your personal last mile of life assistant! Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

Choosing the right lawyer is very important but also extremely tough. It’s important to find a right and trusted fit because this is the person you will be telling all your darkest secrets to and revealing your personal information like where all your assets are. Finding this perfect mate is also extremely tough. There’s a lack of information (before Immortalize was launched) and trying to compare whatever little information you can gather is a dreadful pain. Unpleasant Customer Service In our attempt to get pricings from law firms through mystery calling, we found that to get an answer for even the simplest question like “How much does your will cost?” takes between 20 minutes to 6 weeks (some didn’t even answer their calls or reply to emails). There’s very little customer service to talk about and the experience was generally unpleasant. In today’s service-oriented world where consumers want information now, this is just unacceptable. That’s why we gathered the information on behalf of everyone to make it easier for all to find the right lawyer. Finding The Perfect Fit Through this article, you will get an idea of what factors to consider when choosing your lawyer, why those factors matter and see how to easily filter through the data we’ve collected for you to find your perfect fit. Let’s start with an overview of the factors to consider. These factors are a combination of your constraints and your personal preferences. Your Constraints Type of Service Provider Type of Services Office Locations & Operating Locations Specialized/Other Services Your Personal Preferences Mode of Contact Firm Size Price Service Style Reviews We'll discuss them individually, starting from your constraints. Type of Service Provider There are many life, death, estate and legacy planning providers, going from online wills, financial firms, insurance companies all through to funeral parlor. For the purpose of this article, we will only look at lawyers (but feel free to explore others). Type of Services Not all lawyers do wills. In fact, in our conversation with lawyers, some have expressed that they try to avoid doing wills if they can because it’s not very profitable and there’s a high liability. Find law firms that actually say they do wills. Office Locations & Operating Locations Next, office location and operating location and why they matter. Office locations are where a law firm have an office or physical presence so that you can arrange for an in-person meeting. For example, if you live in Australia and needs to do a Singapore will, you may want to engage a law firm that has an office in Australia so that you can sign your will in person. Operating locations are where the law firms/lawyer can operate in. For example, the law firm/lawyer may have an office only in Singapore but is licensed to advice on matters in Singapore and Australia. This will be applicable when you have assets in more than one location as the will you do in one location may not be applicable to your assets in all locations. Specialized & Other Services Not every lawyer can advice on Syariah law for Muslims or is an expert in LGBT+ estate planning matters. If you have such needs, find providers that can advice on such specialized areas. Next, let's narrow the search to accommodate for your personal preferences. Mode of Contact In today’s Covid-19 world, you may prefer to have conversations with your lawyer over video call first and go down to the office only when you need to. Alternatively, you may prefer the traditional way of seeing your lawyer in person. Immortalize Search Tip: Select "Bookable via Immortalize" to seek out law firms that you can get real time information and/or book instantly. Firm Size Some people prefer bigger law firms for their wide presence while others prefer to do their private matters with smaller, more relatable law firms. Price This is probably the key decision factor for many. Here’s a disclaimer because this area is controversial. We have collected price information based on what’s on the law firms’ website, through mystery calling and also voluntary by providers who have signed up on Immortalize platform and graciously agreed on giving price transparency to the public. For those without a pricing or companies not on Immortalize platform, it could be because 1. They complained and didn’t want price transparency. For law firms who aren’t for helping make it more convenient for you, we are fine with dropping them off your radar. 2. We didn’t manage to get it. 3. We haven’t got around to getting it (we will get there soon!). Lesson Learned One thing we learn from collecting pricing information and doing mystery callings are 1. You always need to check what’s included in the price – the cheapest ones often have many restrictions like limits on number of beneficiaries; and 2. Everything else the same, does the more expensive offering means you are getting better advice? There really isn’t an objective standard for this. If you decide to go to a lawyer, what you really should be paying for is someone’s time and the quality of their advice. Make sure you choose a lawyer that spends sufficient time to understand your circumstances and what you want. Once you have shortlisted some firms, you will be able to compare offering details. [Note: The price comparison function will be available soon. For now, you can view the law firm's pricings through their booking page.] Service Style Some lawyers are professional and straightforward while others are personable and thoughtful. What kind of advisor can you relate most to and work best with? For lawyers on Immortalize’s platform, we have sought to enhance convenience for you by profiling them. You can get more information about individual lawyers through their profile link or our interviews with them. [See profiles of the best, the most outstanding and the legitimate providers.] Reviews What’s a marketplace without recommendations from other users? As with all precautions regarding reviews, good reviews can often be fake while bad reviews may sometimes be from unreasonable clients. We make the system as fair as possible for both sides so you can make the judgement call. Conclusion We have now gone through all the key factors you need to know to find the right lawyer for you. Once you have shortlisted a few, make use of our other functions like Quick Consult, where you can have a quick chat with the lawyer, ask them more details on what you need to know and interview them before committing to one. Start your legacy planning journey now. Other Useful Guides: How to Write & How Much to draft a Will? How to Choose a Will Provider? The Ultimate Guide to Online Wills (Singapore) Best Digital, Online Wills in Singapore Read more: What Happens To My Stuff When I Die? (Singapore Edition) Guide To Making a Will - Singapore Edition All About Probate & Administration (Singapore Edition) Find a professional, compare prices, and kickstart your estate planning Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io

What is Estate Planning? Estate planning involves the preparation of transfer of one’s wealth and assets to heirs and beneficiaries after one’s death. What is Legacy Planning? By definition, legacy means: (1) money or assets left to someone in will; (2) something handed down by a predecessor, an ancestor or from the past Legacy planning involves the preparation of transfer of tangibles such as money and assets, as well as intangibles such as family values or contributions and impact on society, to heirs and beneficiaries after one’s death. Legacy planning includes estate planning. What is Last Mile of Life Planning? Last mile of life planning involves legacy planning (what happens after death) as well as planning for how one wants to live life during retirement all through to before death. Find a professional, compare prices, and kickstart your estate planning Disclaimer: Nothing in this article or site should be construed as providing legal advice or advice of any sort. The information provided are general in nature and may become inaccurate over time. Please consult a professional for advice. For any issues or queries, please contact j@immortalize.io