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Creating Your Legacy To Community Family 1 Veru


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Creating Your Legacy To Community Family 1 Veru

  1. 1. Islamic Estate Planning Trust Deed
  2. 2. Objective: Creating your Legacy to Community & Family
  3. 3. Once upon a time….. <ul><li>Muslim entrepreneurs,business people & the wealthy, invest their wealth into land, houses, buildings, plantations, expand their business, etc. </li></ul><ul><li>Their intention is to leave a legacy as a form of “Ibadah” to </li></ul><ul><li>- the Islamic Community (Trust, Foundation,Waqf) </li></ul><ul><li>- and devisable assets to their future generation (Trust, Faraid) </li></ul>
  4. 4. Everlasting source of “Ibadah” <ul><li>Knowledge </li></ul><ul><li>Sadaqah, Eg. Waqf </li></ul><ul><li>Children </li></ul>
  5. 5. How can we continue pursuing towards these cause and common practice of successful Muslim individuals of the past?
  6. 6. The Mechanic
  7. 7. What Is Trust? A trust is a legally binding agreement in which a settlor transfers legal control to a trustee to manage and administer assets for the benefit of a beneficiary . It is a way to set assets aside through a special agreement that has specific rules governing it and cannot be revoked.
  8. 8. Trust Mechanism
  9. 9. What Is Foundation? It is a Non-Profit Organization that supports Charitable Activities to serve the common good. Foundation are often created with Endowments-money given by Individuals, families or Corporations. They generally make grants or operate programs with the income earned from investing the Endowments. 3 Basic Types - Independent Foundations - Corporate Foundations - Community/Public Foundations
  10. 10. What is “Waqf” Used in Islam in the meaning of holding certain property and preserving it for the confined benefit of certain philanthropy and prohibiting any use of disposition of it outside the specific objective. <ul><li>Kinds of Waqf </li></ul><ul><li>Religious Waqf </li></ul><ul><li>Philanthropic Waqf </li></ul><ul><li>Posterity or Family Waqf </li></ul>
  11. 11. Legacy To Community & Family The Financial Mechanism “O you have attained to faith! Spend (on those who are in need and on what the whole society needs) out of the good things which you have legitimately earned, and out of that which We bring forth for you from the earth…” (Surah Baqarah Ayat 266)
  12. 12. 1. Leveraging your Gift 1. Single sum donation-$ Appointed Beneficiary(ies) Financial Institution 2. Pledge plan 3. Tax-Free Benefit. Leveraging-$$$$$ Donor/Settlor Amount: One single sum donation
  13. 13. Single Sum Contribution Note: This is not a policy contract. Please see precise terms and conditions in the policy document.
  14. 14. Surah Yusof – 12.46 to 4.48 Joseph! O thou truthful one! Expound for us the seven fat kine which seven lean were eating and the seven green ears of corn and other (seven) dry, that I may return unto the people, so that they may know. (46) He said: Ye shall sow seven years as usual, but that which ye reap, leave it in the ear, all save a little which ye eat. (47) Then after that will come seven hard years which will devour all that ye have prepared for them, save a little of that which ye have stored. (48)
  15. 15. Tentang Perancangan Kewangan <ul><li>SURAH YUSOFF </li></ul><ul><li>12.46 (Setelah pelayan itu berjumpa dengan Yusuf dia berseru): &quot;Yusuf, hai orang yang amat dipercaya, terangkanlah kepada kami tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor sapi betina yang kurus-kurus dan tujuh bulir (gandum) yang hijau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu, agar mereka mengetahuinya.“ </li></ul><ul><li>12.47 </li></ul><ul><li>Yusuf berkata: &quot;Supaya kamu bertanam tujuh tahun (lamanya) sebagaimana biasa; maka apa yang kamu tuai hendaklah kamu biarkan dibulirnya kecuali sedikit untuk kamu makan. </li></ul><ul><li>12.48 </li></ul><ul><li>Kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari (bibit gandum) yang kamu simpan. </li></ul>
  16. 16. STI Index Performance
  17. 17. STI Index Performance
  18. 18. STI Index Performance
  19. 19. 2. Leveraging your Gift 1. Regular Annual Contribution-$ 3a. 1/3 estate to Charitable Organization(s) 2. Financial Institution 3. Tax-Free Benefit. Leveraging-$$$$$ Donor Amount: Discounted Dollar @3cts* x 20 yrs to earn S$1.00 3b. 2/3 estate to Family
  20. 20. Surah An ’ Nisa – 4.10 to 4.12 Lo! Those who devour the wealth of orphans wrongfully, they do but swallow fire into their bellies, and they will be exposed to burning flame. (10) Allah chargeth you concerning (the provision for) your children: to the male the equivalent of the portion of two females, and if there be women more than two, then theirs is two-thirds of the inheritance, and if there be one (only) then the half. And to of his parents a sixth of the inheritance, if he have a son; and if he have no son and his parents are his heirs, then to his mother appertaineth the third; and if he have brethren, then to his mother appertaineth the sixth, after any legacy he may have bequeathed, or debt (hath been paid). Your parents or your children: Ye know not which of them is nearer unto you in usefulness. It is an injunction from Allah. Lo! Allah is Knower, Wise. (11)
  21. 21. And unto you belongeth a half of that which your wives leave, if they have no child; but if they have a child then unto you the fourth of that which they leave, after any legacy they may have bequeathed, or debt (they may have contracted, hath been paid). And unto them belongeth the fourth of that which ye leave if ye have no child, but if ye have a child then the eighth of that which ye leave, after any legacy ye may have bequeathed, or debt (ye may have contracted, hath been paid). And if a man or a woman have a distant heir (having left neither parent nor child), and he (or she) have a brother or a sister (only on the mother's side) then to each of them twain (the brother and the sister) the sixth, and if they be more than two, then they shall be sharers in the third, after any legacy that may have been bequeathed or debt (contracted) not injuring (the heirs by willing away more than a third of the heritage) hath been paid. A commandment from Allah. Allah is Knower, Indulgent. (12)
  22. 22. Tentang Pembahgian Harta Warisan <ul><li>SURAH AN NISAA‘ </li></ul><ul><li>4.11 Allah mensyariatkan bagimu tentang (pembagian pusaka untuk) anak-anakmu. Yaitu: bahagian seorang anak lelaki sama dengan bahagian dua orang anak perempuan; dan jika anak itu semuanya perempuan lebih dari dua, maka bagi mereka dua pertiga dari harta yang ditinggalkan; jika anak perempuan itu seorang saja, maka ia memperoleh i separo h harta. Dan untuk dua orang ibu-bapak, bagi masing-masingnya seperenam dari harta yang ditinggalkan, jika yang meninggal itu mempunyai anak; jika orang yang meninggal tidak mempunyai anak dan ia diwarisi oleh ibu-bapaknya (saja), maka ibunya mendapat sepertiga; jika yang meninggal itu mempunyai beberapa saudara, maka ibunya mendapat seperenam. (Pembagian-pembagian tersebut di atas) sesudah dipenuhi wasiat yang ia buat atau (dan) sesudah dibayar utangnya. (Tentang) orang tuamu dan anak-anakmu, kamu tidak mengetahui siapa di antara mereka yang lebih dekat (banyak) manfaatnya bagimu. Ini adalah ketetapan dari Allah. Sesungguhnya Allah Maha Mengetahui lagi Maha Bijaksana. </li></ul>
  23. 23. Tentang Pembahgian Harta Warisan <ul><li>SURAH AN NISAA‘ </li></ul><ul><li>4.12 Dan bagimu (suami-suami) seperdua dari harta yang ditinggalkan oleh istri-istrimu, jika mereka tidak mempunyai anak. Jika istri-istrimu itu mempunyai anak, maka kamu mendapat seperempat dari harta yang ditinggalkannya sesudah dipenuhi wasiat yang mereka buat atau (dan) sesudah dibayar utangnya. Para istri memperoleh i seperempat harta yang kamu tinggalkan jika kamu tidak mempunyai anak. Jika kamu mempunyai anak, maka para istri memperoleh seperdelapan dari harta yang kamu tinggalkan sesudah dipenuhi wasiat yang kamu buat atau (dan) sesudah dibayar utang-utangmu. Jika seseorang mati, baik laki-laki maupun perempuan yang tidak meninggalkan ayah dan tidak meninggalkan anak, tetapi mempunyai seorang saudara laki-laki (seibu saja) atau seorang saudara perempuan (seibu saja), maka bagi masing-masing dari kedua jenis saudara itu seperenam harta. Tetapi jika saudara-saudara seibu itu lebih dari seorang, maka mereka bersekutu dalam yang sepertiga itu, sesudah dipenuhi wasiat yang dibuat olehnya atau sesudah dibayar hutangnya dengan tidak memberi mudarat (kepada ahli waris). (Allah menetapkan yang demikian itu sebagai) syariat yang benar-benar dari Allah, dan Allah Maha Mengetahui lagi Maha Penyantun. </li></ul>
  24. 24. Potential Problems That May Arise?
  25. 25. Ini kerana ianya perlu melalui proses perundangan sebelum setiap harta boleh dipindahmilik.
  26. 30. 2. Tempoh yang singkat
  27. 31. About Will in Islam Surah Al ’ Baqarah – 2.180 It is prescribed for you, when death approacheth one of you, if he leave wealth, that he bequeath unto parents and near relatives in kindness. (This is) a duty for all those who ward off (evil). (180)
  28. 32. Tentang Wasiat SURAH AL BAQARAH 2.180 Diwajibkan atas kamu, apabila seorang di antara kamu kedatangan (tanda-tanda) maut, jika ia meninggalkan harta yang banyak, berwasiat untuk ibu-bapa dan karib kerabatnya secara makruf, (ini adalah) kewajiban atas orang-orang yang bertakwa.
  29. 33. Cost to Estate Settlement
  30. 34. How to get started “ creating your Legacy to Community & Family” <ul><li>Seek Advice from Qualified Financial Adviser(s), legal adviser and Theologian(s), </li></ul><ul><li>Determine amount of Donation, </li></ul><ul><li>Implement the Financial Mechanism thru Financial Leveraging with your Financial Adviser, </li></ul><ul><li>Prepare your “Will” or “Trust Deed” where applicable </li></ul>
  31. 35. Are you concern about it? We are Financial Planning Practitioners. Our role is to assist you in planning out your Financial Roadmaps; in securing of your dreams, hopes and aspirations, and to translate them into the reality of a better future. We assist by providing Financial Evaluation & Analysis towards your prudent financial decision . For details: Call Zainuden & Associates Zainuden @9834-2995 or email: A Helping Hand Retirement Fund Emergency Fund Children’s Educ Insurance Plan Will