Help with CPF nomination

[aamaterasu]

Hi,

Initially my spouse and I wanted to do the following
1) if account more than 100k, leave 100k for our parents and the rest to spouse. If below 100k, then all to our parents. Then the officer told us this is not possible and we can only do by %. Is there any workaround on this?

2) after her explanation, we decided to leave everything in CPF to spouse and 100k will come from insurance payout. Then she further explained that if both of us died together eg plane crash, then my cpf will be absorbed into her cpf as I am older than her and her parents would be the one getting all the monies and my parents will receive nothing. In such scenario, is there no way that our parents get what we have respectively in our account?

3) we ended up doing a calculation using % of cpf to ensure our parents get at least 100k but I think we would have to edit the % every year due to the fluctuation of cpf value

Any advice on what is the best approach?

 

[KnyghtRyder]

Hi,

Initially my spouse and I wanted to do the following
1) if account more than 100k, leave 100k for our parents and the rest to spouse. If below 100k, then all to our parents. Then the officer told us this is not possible and we can only do by %. Is there any workaround on this?

2) after her explanation, we decided to leave everything in CPF to spouse and 100k will come from insurance payout. Then she further explained that if both of us died together eg plane crash, then my cpf will be absorbed into her cpf as I am older than her and her parents would be the one getting all the monies and my parents will receive nothing. In such scenario, is there no way that our parents get what we have respectively in our account?

3) we ended up doing a calculation using % of cpf to ensure our parents get at least 100k but I think we would have to edit the % every year due to the fluctuation of cpf value

Any advice on what is the best approach?

Have kids and nominate them instead.. leave instructions to kids on what to do with money.

 

[reddevil0728]

Have kids and nominate them instead.. leave instructions to kids on what to do with money.

Why need kids to do that?

 

[KnyghtRyder]

Why need kids to do that?

Because the way you want to split your cpf proceeds depends on how much balance you have.

CPF only provides for simple percentage distribution.

If it were me I would just nominate my spouse and tell my spouse to nominate me.. then if we happen to kick the bucket together, let intestate settle.

 

[reddevil0728]

Because the way you want to split your cpf proceeds depends on how much balance you have.

CPF only provides for simple percentage distribution.

If it were me I would just nominate my spouse and tell my spouse to nominate me.. then if we happen to kick the bucket together, let intestate settle.

but how would having kid help? when you can just nominate anyone?

Not say kid will sure follow your instructions anyway

 

[KnyghtRyder]

but how would having kid help? when you can just nominate anyone?

Not say kid will sure follow your instructions anyway

Higher chance than others to listen to your instructions..

 

[reddevil0728]

Higher chance than others to listen to your instructions..

I know there are people who will vehemently disagree with your POV.

They don't see it that way.

 

[KnyghtRyder]

I know there are people who will vehemently disagree with your POV.

They don't see it that way.

Must be they raised their kids badly then. My kids even though grown up still listen to my advice.. if I tell them I want $x to go to grandma and grandpa they will do

 

[reddevil0728]

Must be they raised their kids badly then. My kids even though grown up still listen to my advice.. if I tell them I want $x to go to grandma and grandpa they will do

That might be a possibility, but not a certainty. Hence everybody's mileage vary. And having kid just for your suggested purpose is also very selfish act to the kid.

 

[aarontansp]

Nominations best leave parents out if you have kids. Younger generation need more help with rising cost of living.

 

[reddevil0728]

Nominations best leave parents out if you have kids. Younger generation need more help with rising cost of living.

This sort of thing no right or wrong.
Is about the objective.
What if the parents is dependent on the their kids?

 

[aarontansp]

This sort of thing no right or wrong.
Is about the objective.
What if the parents is dependent on the their kids?

Agree, that why I say 'best'. But TS decides lor.

 

[reddevil0728]

Agree, that why I say 'best'. But TS decides lor.

huh? if you agree with my post then it wouldn't gel with "best" already ma.

"best" suggests "most excellent or desirable", but it really depends on circumstances

 

[aarontansp]

huh? if you agree with my post then it wouldn't gel with "best" already ma.

"best" suggests "most excellent or desirable", but it really depends on circumstances

Best means highly recommended or in favour lor

 

[reddevil0728]

Best means highly recommended or in favour lor

ya. hence my reply that this sort of thing is not so much of "best" but depends on circumstances

 

[lzydata]

Hi,

Initially my spouse and I wanted to do the following
1) if account more than 100k, leave 100k for our parents and the rest to spouse. If below 100k, then all to our parents. Then the officer told us this is not possible and we can only do by %. Is there any workaround on this?

2) after her explanation, we decided to leave everything in CPF to spouse and 100k will come from insurance payout. Then she further explained that if both of us died together eg plane crash, then my cpf will be absorbed into her cpf as I am older than her and her parents would be the one getting all the monies and my parents will receive nothing. In such scenario, is there no way that our parents get what we have respectively in our account?

3) we ended up doing a calculation using % of cpf to ensure our parents get at least 100k but I think we would have to edit the % every year due to the fluctuation of cpf value

Any advice on what is the best approach?

Nominate your spouse for CPF and nominate your parents for an insurance policy with death benefit $100k.

 

[aamaterasu]

Because the way you want to split your cpf proceeds depends on how much balance you have.

CPF only provides for simple percentage distribution.

If it were me I would just nominate my spouse and tell my spouse to nominate me.. then if we happen to kick the bucket together, let intestate settle.

That is my initial understanding also. But the officer say if I nominate my spouse and we kick the bucket together, all the cpf monies will only go to her parents and not mine.

1) my cpf monies will go to her first since I am older
2) total amount of my cpf and her cpf will go to her parents, leaving nothing for my parents

I would have been fine with intestate otherwise

 

[compro_1975]

tbh i also looking into this recently... also abit in your situation. final decision, all to my parents. thats all

 

[highsulphur]

i supposed if you are willing to spend some money, it is possible to set up a trust and nominate your CPF 100% to the trust and then leave your specific instructions to the trust.

of course the running cost will be the biggest issue

 

[narutos]

Probably just don't do CPF nomination. If not mistaken, it will follow Intestate Succession Act.