Mr. Xavier Chan, the Founder and Chairman of CWK Global and Mr. Ray Lee, Vice-Chairman of Hong Kong Accounting Professionals Association, share their views towards financial planning every month on “Privilege Vita”.
When it comes to financial planning, in particular for retirement planning, money issues are complicated.
Retirement life involves various financial issues and needs, but meanwhile you need to deal with the issue of wealth inheritance. Your inheritance expectations or goals can also affect a series of post-retirement spending and investment plans and other deployment.
In recent years, Hong Kong has seen another wave of emigration, and many retirees’ children have moved to other countries. Traditional thinking such as “leaving a flat” to your children may seem out of place, as the children may not want to manage the property remotely. Some may even feel pessimistic about the future property market in Hong Kong and prefer to cash out. If the retiree operates and manages the property and leaves it to the next generation, but eventually it will have to be sold, the offspring will have to face high and complicated taxes in foreign countries. Therefore, if family members are scattered all over the world, converting property into life insurance could be a better financial planning choice.
Read more on Privilege Vida.