Four mentally incapacitated adults found abused in dungeon
By Wilfred Ling, The IFA on Duty  •  October 19, 2011

The Philadelphia Police arrested three suspects for kidnapping, aggravated assault, false imprisonment and unlawful restraint after four mentally incapacitated adults were discovered in a dungeon. The adult victims were said to have only the mental capacity of 10-year olds. It was reported that these victims were falsely imprisoned so as to be robbed of their social security disability cheques.

This story highlights the fact that mentally challenged individuals are extremely vulnerable to abuse. They could easily be cheated out of their money. Mental disability may arise from birth or evolve over time such as dementia.

In Singapore’s context, there are various financial planning tools used by professional financial planners in relation to this namely:

  1. Lasting Power of Attorney (LPA);

  2. Wills;

  3. Testamentary trusts;

  4. Inter vivo trust like Special Needs Trust Company;

  5. Insurance nomination;

  6. CPF Enhanced Nomination System (ENS);and

  7. CPF Special Needs Saving Scheme (currently debated in Parliament).

It is important to ...

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By Wilfred Ling, The IFA on Duty
Wilfred Ling is a Chartered Financial Consultant with Promiseland Independent Pte Ltd. He is a fee-based financial planner by profession.
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