Hi Fellow Automated Millionaires,

This is the preliminary results of my research on Estate Planning:

1. According to IRAS, our life insurance is NOT exempted from estate duty tax,unless if the beneficary is either your children or wife. Hence, if beneficary is you and the total other assets (excluding CPF and dwelling house) is more than S$600,000, it is due for estate duty tax. (click here for more info)
2. According to IRAS, voluntary CPF contribution is also due for estate duty tax.
3. In addition, money situated at CPFIS will be also due for estate duty tax unless it has been transfer back to your CPF account before hand :)
4. IRAS informed me that unlike America where Living Trust is transparent to IRAS, in Singapore, any income from the Trust is deemed for tax at 20%! OMG!

All are fine except point 4. Let me talk to some professionals in living trust area to see if there is any way to avoid the tax. Maybe a Living Will or a Pour-over Will might help in this? :)

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.