Special Case Study No 3 – Differently Abled Child 02
CEO of one of the most reputed listed company which is a part of top 5 Corporate Groups in India with Assets in excess of 40 million USD. He was worried as he had a son who was differently abled. Son was doing fine in life and was studying in USA. Till his second year of graduation all was well but in the third year he was admitted to the hospital as he lost his mental balance. And he never recovered since then. He cannot be left alone and needs special care and attention. He was worried about the child’s wellbeing.
Family Tree:
Assets:
- Immovable Assets:
– Residential properties (14 in numbers), Spread across Bangalore, Mumbai & Delhi, Commercial Properties - Movable Properties:
– Jewellery, Cars, etc - Other investments:
– Shares, Mutual Funds, Cash, Fixed deposits, ESOPS, International Assets etc.
Objective of Family:
- Financial security and provision for the family
- Special care and assistance in regards to his differently abled son
- Provision for daughter and grand children
- Provide for education of grand children
- Healthcare, medication and Hospitalisation expenses to be provided for
- Provision for self and wife
- In case of their demise critical and personal care for his son
Recommendations:
- Drawing of Will for Mr. X & Mrs. Y
- Setting up of two Private Family Trusts
- Transfer all the assets to the trusts by way of letter of wishes
- Investment policy to be defined
- Expense policy to be defined based on the requirement.
- Son & Mrs. Y to be the category 1 beneficiaries and then other family members in category no 2
