Wealth Distribution

China based, Mr. & Mrs. Yang, both aged 65 have 3 children; Son X, Daughter Y and Son Z. Their children are all grown up and have their own children. The youngest grand child is about 1 month old and born of Son Z. Because of their hard work and commitment, they have been able to acquire a home of US$2.8 million, a business worth US$6 million and cash valued at US$6 million.

Both Son X and Daughter Y run their own businesses. In the meantime they are concerned about their sibling (Son Z) who does not do very well like they do, yet he lives the life of a compulsive shopper and gambler.

The parents then decided to purchase a US$1 million premium Universal Life Plan for each of the children and got assured for US$3 million each. They have written a will for the proceeds to be distributed to the children, after both of them pass away. After their passing, the proceeds will be disbursed according to their will. Son A was to get 40 percent of the business which is worth US$2.4 million and US$4.2 million cash money. Daughter B was to get the same share of business and money just like Son A. Son C on the other hand was willed to get 20 percent of the business worth US$1.2 million and cash money amounting to US$2.6 million and a home worth US$2.8 million. Son C can only sell off the house when his 1 month old baby reaches the age of 30. This is to prevent him from selling the house prematurely and to ensure that their grandchild gets to enjoy some of their wealth.