| ESTATE PLANNING & PRACTICE CONTINUATION ARRANGEMENT | ||||||||||||||
| Estate planning is a process where an individual plans ahead in his or her estate distribution with the help of professional(s). In the case of a sole practitioner, his or her practice could be a sizeable asset in his or her estate. The value of the practice will certainly be maximised with a proper estate planning strategy in place; over the course of his or her business growth. Hence, a good understanding of estate planning will be able to protect this asset from impairment in value, strain in relationships and possible third party claims. Such planning also enhances clients’ confidence in that their position will be maintained despite unexpected events.
A proper practice continuation arrangement made by a practising member of the Institute can be a significant part of the member’s overall estate planning on the assumption that his or her wealth is mainly tied up in the said practice. However, even after 13 years of making it mandatory, members practising as sole proprietor generally still find it a chore to draw up their own practice continuation arrangement. Such attitude could be attributed to the fact that estate planning is poorly understood by a majority of the Institute’s members as well as the general Malaysian public at large. In this respect, the Public Practice Department in collaboration with the Membership Department is organising an evening talk premising on the importance of estate planning with a sub-section to deal with the necessary “ingredients” that needs to go into a practice continuation arrangement. As a member in public practice, a sole proprietor will need to have a practice continuation arrangement within 2 years from the date of the sole proprietorship being set up. Any extension of time to do so will need to be sanctioned by the Council in writing. Hence, they are encouraged to attend and clarify any doubts that they may have during this evening talk. Details of the talk are as per below:-
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If you are interested to attend, kindly confirm your participation by furnishing the following details by e-mail to Pn. Shuhairah at shuhairah@mia.org.my latest by September 29th (Thursday):
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| For further enquiries, please call 03-2274 5055 during office hour. |
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SPEAKERS’ PROFILE Trish Tan nee Lim Lay Hwa |
| Trish Tan is a Registered Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter, a Fellow member of the Life Underwriter Training Council, a Fellow member of the Life Practitioners Council and an Associate member of the Institute of Chartered Secretaries and Administrators. She is also a Certified RFP Trainer with Malaysian Financial Planner Council.
Trish was a Financial Planner licensed by Bank Negara and Securities Commission representing a leading Financial Advisory company. Currently, she is actively involved in solutions and services ranging from Risk Management and Insurance to Estate Planning through her extensive network of consultants and strategic alliances with various institutions, accountants and legal advisors. She is the founder and director of Jireh & Associates Sdn. Bhd. |
| Johnny Yong |
| Mr. Johnny Yong has over 8 years of experience in an international firm of accountants before he join the Malaysian Institute of Accountants in 1999. He was instrumental in setting up the Institute’s Practice Review Department. Subsequently, upon his request, he was transferred to the Technical (now known as the PSP) Department of the MIA, looking into issues on practice management & professional ethics. He is currently the secretary to the Institute’s Public Practice Committee. He had represented MIA in various international meetings in Sydney, Mumbai, Sao Paolo, Nigeria and Hong Kong in the past, presenting papers on behalf of the Institute’s Public Practice Committee. He was also the technical advisor to the Malaysian representative in the IFAC’s Small and Medium Practice Committee between 2006 and 2008. He is currently a member of MIA and MICPA and also an approved trainer under the PSMB. He is the Institute’s regular facilitator for the Institute’s Public Practice Programme, an orientation programme for new practitioners in Malaysia. |
