By paying them in millions taxpayers money is considered done in legitimate way. No need checks & balance on using public funds.
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Minister K Shanmugam transfers Astrid Hill GCB to UBS Trustees for S$88 Million following Ridout Road controversy
- Thread starter joemartini
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Calling him names won't hurt him...and he is an ah Neh.and a lawyer..soo thick skin ...
Last edited:
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Didn't he say he earn his millions as an atas lawyer? If he never join politics he will be even richer ..it seems he more atas than the bayi lawyer
Bayi started his own firm, so the clientele will shrink compared to big names like Draw a Nipple.
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But bayi rich mah...so who cares? But me thinks black snake n bayi don't see eye to eye
It's called 黑吃黑.
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Oh...sounds as good as Ghost Fight Ghost
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Nope
This is a trust arrangement.
He still owns the property and it is a tax saving venture for his beneficiaries.
No need to pay tax when he goes to Heaven
lol
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Minister K Shanmugam Transfers Astrid Hill GCB to UBS Trustees
for S$88 Million following Ridout Road controversy
Hope this helps ,
Here is What ChatGPT has
to say :
When a high-net-worth individual (HNWI) in Singapore transfers a Good Class Bungalow (GCB) to a trustee, such as UBS Trustees, for a significant amount like SGD 88 million, it typically involves trust management strategies aimed at estate planning, tax efficiency, and ensuring the smooth transfer of assets to beneficiaries. Here’s a breakdown of the possible implications:
1. Trust Structure and Asset Protection
Purpose of the Trust: The transfer of the GCB to UBS Trustees likely means that the individual has set up a trust where the trustee (UBS Trustees) manages and holds the property on behalf of the beneficiaries. The individual may no longer own the asset directly, but the trust ensures that it is protected and administered according to the individual’s wishes.
Asset Protection: By placing the property in a trust, it can be shielded from potential creditors and legal claims that could arise during the individual’s lifetime. This structure protects the property from being seized or liquidated in the event of financial difficulties or lawsuits.
2. Tax Savings
Estate Duty Exemption: Singapore does not currently impose estate duties (inheritance tax), which benefits individuals planning their estate. However, creating a trust can ensure the future-proofing of tax advantages, particularly if estate duties are reintroduced in the future or if the individual has global assets in countries that levy estate taxes.
Avoidance of Double Taxation: In jurisdictions where estate or inheritance taxes exist, trusts help avoid double taxation by ensuring assets are passed on in a tax-efficient way. This is especially relevant if the individual has beneficiaries residing in countries where inheritance tax might apply.
Capital Gains Tax: Singapore does not have a capital gains tax, so the transfer of the property itself doesn’t trigger any capital gains tax. However, by placing the GCB in a trust, the trustee could structure the sale or transfer in a tax-efficient manner if the property is sold later.
3. Inheritance Planning
Ensuring Smooth Transfer to Beneficiaries: When the individual passes on, the trust ensures the GCB and other assets are distributed according to the terms of the trust without the need for probate. This bypasses any potential delays or complications that may arise from the will being contested or undergoing the legal process.
Flexibility in Distribution: The trust structure provides flexibility in distributing assets to beneficiaries. It can specify conditions, such as timing (e.g., distribution at a certain age) or purpose (e.g., education or medical expenses), ensuring that assets are managed and distributed in a way that aligns with the individual’s wishes.
Avoidance of Family Disputes: Trusts can reduce family disputes over inheritance, as the trustee manages and distributes the assets based on the set rules, without needing family members to handle the estate.
4. Legal Benefits
Confidentiality: Trusts offer a degree of privacy that wills do not. Wills are subject to probate and can become public records, whereas trusts are private arrangements that are not publicly disclosed.
Avoidance of Forced Heirship Laws: Some jurisdictions have laws that force assets to be divided in a specific way among heirs (e.g., a portion going to the spouse or children). While Singapore does not have forced heirship laws, this may be relevant if the individual has global assets or beneficiaries residing in countries with such laws. Trusts can bypass these laws, allowing the settlor (the person creating the trust) to allocate their assets as they see fit.
Efficient Asset Management: UBS Trustees, as a professional trustee, can manage the assets within the trust, including the GCB, in a way that maximizes returns and ensures long-term preservation of wealth for future generations.
Conclusion
Transferring a GCB to UBS Trustees as part of a trust structure offers multiple benefits for a high-net-worth individual in Singapore. These include:
Tax efficiency, especially concerning future inheritance tax considerations.
Inheritance planning, ensuring a smooth and structured transfer of wealth to beneficiaries.
Legal protection against claims or disputes, while maintaining privacy.
By using a trust, the individual can ensure that their wealth is preserved and distributed according to their wishes, with the potential for significant tax and legal advantages.
Last edited:
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But This Service Offers by UBS Trustees
can be quite expensive , according to
ChatGPT :
The fees associated with transferring a Good Class Bungalow (GCB) to UBS Trustees, or any professional trustee service, can vary depending on the complexity of the trust, the value of the assets, and the specific services required.
Here’s a general overview of the fees typically incurred and how UBS Trustees might bill for such a service:
1. Setup Fees
Trust Establishment Fee: A one-time fee charged for setting up the trust. This covers legal documentation, structuring the trust, and any advisory services provided during the creation of the trust.
Estimated Range: SGD 10,000 to SGD 50,000 or more, depending on the complexity and size of the trust.
Factors Affecting Cost: The type of trust (discretionary, family, or charitable), number of assets, and any tax or legal advisory work required during the setup.
2. Annual Trustee Fees
Management Fee: Trustees, such as UBS Trustees, charge an annual fee for managing the trust. This fee typically depends on the value of the assets under management (AUM) and the complexity of managing them.
Percentage of AUM: Usually ranges from 0.25% to 1% of the total value of the trust's assets, though this can vary.
Example for GCB: If the GCB is valued at SGD 88 million, an annual management fee of 0.25% to 1% would equate to around SGD 220,000 to SGD 880,000 annually.
Fixed Fees: Some trustees may charge a fixed annual fee, which could range from SGD 20,000 to SGD 100,000+, depending on the complexity of the trust and services provided.
3. Transaction and Asset Management Fees
Property Management Fees: If the trustee actively manages the GCB (e.g., leasing it out or handling maintenance), there may be additional fees for property management.
Percentage of Rental Income or a Flat Fee: These can vary depending on the complexity of managing the property, typically around 5-10% of the rental income or a flat fee for maintenance and administrative services.
Investment Management Fees: If the trust holds other investments (e.g., stocks, bonds), UBS may charge fees for managing those investments, either as part of an integrated wealth management service or separately.
Fees for Investment Management: Typically 0.75% to 1.5% of the value of the investment portfolio, depending on the investment strategy and complexity.
4. Legal and Tax Advisory Fees
Ongoing Legal and Tax Advice: If the trust requires ongoing legal advice, or if there are complex tax planning requirements, UBS Trustees might engage legal and tax experts, whose fees are often billed separately.
Hourly Rate or Fixed Fee: Legal and tax advisors may charge hourly rates (e.g., SGD 300 to SGD 800 per hour) or fixed fees for specific tasks, such as reviewing documents or preparing reports.
Example: For complex cross-border tax planning, fees could range from SGD 10,000 to SGD 50,000 annually.
5. Distribution Fees
Beneficiary Distributions: If the trust distributes income or assets to beneficiaries, there might be administrative fees for processing these distributions, especially if they are complex or involve multiple jurisdictions.
Administrative Fees: Typically a few thousand dollars annually, or a small percentage of the distributions (e.g., 0.1% to 0.5%).
6. Other Potential Costs
Trustee Change Fees: If the individual decides to change trustees or dissolve the trust, there may be termination fees or transfer costs.
Extra Services: UBS Trustees might charge for additional services like regular financial reporting, audits, or managing specific family governance matters.
Billing Structure
UBS Trustees typically bill clients in a combination of the following ways:
Initial Setup Fee: Paid upfront when the trust is established.
Annual Management Fee: Paid annually, either as a percentage of the assets under management or a fixed fee.
Transaction-Based Fees: Invoiced separately when specific actions are taken, such as property management, legal consultations, or beneficiary distributions.
Investment Management Fees: If UBS is managing the trust’s investment portfolio, these fees are usually billed quarterly or annually, based on the portfolio’s value.
Summary of Likely Fees
1. Setup Fee: SGD 10,000 to SGD 50,000+ (one-time).
2. Annual Trustee Fee: 0.25% to 1% of the trust’s assets (SGD 220,000 to SGD 880,000 annually for an SGD 88 million GCB).
3. Property and Investment Management Fees: 5-10% of rental income, or 0.75% to 1.5% of the value of other managed assets.
4. Legal/Tax Advisory: SGD 300 to SGD 800 per hour or specific advisory fees.
5. Distribution and Administrative Fees: Typically a few thousand dollars annually or a percentage of distributions.
These fees ensure that the trust is well managed, assets are protected, and beneficiaries receive their inheritance in a tax-efficient and legally sound manner. However, the actual costs will vary depending on the services required and the complexity of the trust.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
ChatGPT :
UBS Trustees (Singapore) Limited is a subsidiary of UBS AG, a global financial services company.
As a trustee company, its primary business scope includes:
1. Trust Administration: Managing and administering trusts for individuals, families, and corporations.
2. Wealth Planning: Providing wealth planning services, including estate planning, succession planning, and philanthropy.
3. Fiduciary Services: Offering fiduciary services, such as executorship, guardianship, and power of attorney.
4. Corporate Trust Services: Providing trust services for corporations, including employee benefit trusts and share option schemes.
5. Fund Administration: Administering investment funds, including hedge funds, private equity funds, and real estate funds.
Revenue Streams:
1. Trust Fees: Charged for trust administration, wealth planning, and fiduciary services.
2. Asset-Based Fees: Charged as a percentage of assets under management or administration.
3. Transaction Fees: Charged for specific transactions, such as setting up trusts or administering estates.
4. Fund Administration Fees: Charged for fund administration services.
5. Other Fees: Charged for additional services, such as tax planning, legal advice, or investment management.
UBS Trustees (Singapore) Limited generates revenue through these fees,
which are typically charged to clients based on the scope of services provided.
The company's revenue is likely influenced by factors such as:
1. Number of clients and trusts under administration
2. Assets under management or administration
3. Complexity of services provided
4. Market conditions and competition
5. Regulatory requirements and compliance costs .
Please note that the specific revenue streams and fee structures may vary depending on the company's current business operations and market conditions.
can be quite expensive , according to
ChatGPT :
The fees associated with transferring a Good Class Bungalow (GCB) to UBS Trustees, or any professional trustee service, can vary depending on the complexity of the trust, the value of the assets, and the specific services required.
Here’s a general overview of the fees typically incurred and how UBS Trustees might bill for such a service:
1. Setup Fees
Trust Establishment Fee: A one-time fee charged for setting up the trust. This covers legal documentation, structuring the trust, and any advisory services provided during the creation of the trust.
Estimated Range: SGD 10,000 to SGD 50,000 or more, depending on the complexity and size of the trust.
Factors Affecting Cost: The type of trust (discretionary, family, or charitable), number of assets, and any tax or legal advisory work required during the setup.
2. Annual Trustee Fees
Management Fee: Trustees, such as UBS Trustees, charge an annual fee for managing the trust. This fee typically depends on the value of the assets under management (AUM) and the complexity of managing them.
Percentage of AUM: Usually ranges from 0.25% to 1% of the total value of the trust's assets, though this can vary.
Example for GCB: If the GCB is valued at SGD 88 million, an annual management fee of 0.25% to 1% would equate to around SGD 220,000 to SGD 880,000 annually.
Fixed Fees: Some trustees may charge a fixed annual fee, which could range from SGD 20,000 to SGD 100,000+, depending on the complexity of the trust and services provided.
3. Transaction and Asset Management Fees
Property Management Fees: If the trustee actively manages the GCB (e.g., leasing it out or handling maintenance), there may be additional fees for property management.
Percentage of Rental Income or a Flat Fee: These can vary depending on the complexity of managing the property, typically around 5-10% of the rental income or a flat fee for maintenance and administrative services.
Investment Management Fees: If the trust holds other investments (e.g., stocks, bonds), UBS may charge fees for managing those investments, either as part of an integrated wealth management service or separately.
Fees for Investment Management: Typically 0.75% to 1.5% of the value of the investment portfolio, depending on the investment strategy and complexity.
4. Legal and Tax Advisory Fees
Ongoing Legal and Tax Advice: If the trust requires ongoing legal advice, or if there are complex tax planning requirements, UBS Trustees might engage legal and tax experts, whose fees are often billed separately.
Hourly Rate or Fixed Fee: Legal and tax advisors may charge hourly rates (e.g., SGD 300 to SGD 800 per hour) or fixed fees for specific tasks, such as reviewing documents or preparing reports.
Example: For complex cross-border tax planning, fees could range from SGD 10,000 to SGD 50,000 annually.
5. Distribution Fees
Beneficiary Distributions: If the trust distributes income or assets to beneficiaries, there might be administrative fees for processing these distributions, especially if they are complex or involve multiple jurisdictions.
Administrative Fees: Typically a few thousand dollars annually, or a small percentage of the distributions (e.g., 0.1% to 0.5%).
6. Other Potential Costs
Trustee Change Fees: If the individual decides to change trustees or dissolve the trust, there may be termination fees or transfer costs.
Extra Services: UBS Trustees might charge for additional services like regular financial reporting, audits, or managing specific family governance matters.
Billing Structure
UBS Trustees typically bill clients in a combination of the following ways:
Initial Setup Fee: Paid upfront when the trust is established.
Annual Management Fee: Paid annually, either as a percentage of the assets under management or a fixed fee.
Transaction-Based Fees: Invoiced separately when specific actions are taken, such as property management, legal consultations, or beneficiary distributions.
Investment Management Fees: If UBS is managing the trust’s investment portfolio, these fees are usually billed quarterly or annually, based on the portfolio’s value.
Summary of Likely Fees
1. Setup Fee: SGD 10,000 to SGD 50,000+ (one-time).
2. Annual Trustee Fee: 0.25% to 1% of the trust’s assets (SGD 220,000 to SGD 880,000 annually for an SGD 88 million GCB).
3. Property and Investment Management Fees: 5-10% of rental income, or 0.75% to 1.5% of the value of other managed assets.
4. Legal/Tax Advisory: SGD 300 to SGD 800 per hour or specific advisory fees.
5. Distribution and Administrative Fees: Typically a few thousand dollars annually or a percentage of distributions.
These fees ensure that the trust is well managed, assets are protected, and beneficiaries receive their inheritance in a tax-efficient and legally sound manner. However, the actual costs will vary depending on the services required and the complexity of the trust.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
ChatGPT :
UBS Trustees (Singapore) Limited is a subsidiary of UBS AG, a global financial services company.
As a trustee company, its primary business scope includes:
1. Trust Administration: Managing and administering trusts for individuals, families, and corporations.
2. Wealth Planning: Providing wealth planning services, including estate planning, succession planning, and philanthropy.
3. Fiduciary Services: Offering fiduciary services, such as executorship, guardianship, and power of attorney.
4. Corporate Trust Services: Providing trust services for corporations, including employee benefit trusts and share option schemes.
5. Fund Administration: Administering investment funds, including hedge funds, private equity funds, and real estate funds.
Revenue Streams:
1. Trust Fees: Charged for trust administration, wealth planning, and fiduciary services.
2. Asset-Based Fees: Charged as a percentage of assets under management or administration.
3. Transaction Fees: Charged for specific transactions, such as setting up trusts or administering estates.
4. Fund Administration Fees: Charged for fund administration services.
5. Other Fees: Charged for additional services, such as tax planning, legal advice, or investment management.
UBS Trustees (Singapore) Limited generates revenue through these fees,
which are typically charged to clients based on the scope of services provided.
The company's revenue is likely influenced by factors such as:
1. Number of clients and trusts under administration
2. Assets under management or administration
3. Complexity of services provided
4. Market conditions and competition
5. Regulatory requirements and compliance costs .
Please note that the specific revenue streams and fee structures may vary depending on the company's current business operations and market conditions.
Last edited:
And there is no capital gains tax in Singapore.
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一次帅哥，一生帅哥。Thanks for your beliefs
But I need to re emphasis that was last time.
Not now.
一次破处，一身处破。
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Well said and I need to your to your points.
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PAP is clean. No corruption please.
Everybody can work hard and have assets worth SG$88 million.
Just work hard.
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Start your journey to learn from Boss John...hurry
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