15 years ago I saw
how Living trust worked to support an expatriate from Netherlands
living in our Elderly care centre in the former homes that I managed.
Our centre only have
to send our invoices to Netherlands and the resident's fee will be paid
online. When additional medical costs were incurred we just sent the
total bill to Netherlands and it will be reimbursed.
I thought that was
great, and that was why I propagate the idea of 4 pillars of ageing
which my friend used to start a company to provide swupport for total
aged care management.
How does a total
aged care management system works?
It goes like this,
the 4 pillars are Care Centre Operations, Administration of Care
Management, Trustee and Funds Management.
These four pillars
are to help the elderly answer a few important questions.
Q 1. I have no other
relatives, there is only me and and my wife, who will take care of
anyone of us if one of us die first?
Q 2. Whom can i
trust among my relatives and friends to help managed my funds when I
am mentally incapacitated?
Q 3. What will
happen to my funds and money after i am gone?
All these are real
issues which I have given consultancy to. I believe organisations of
reputes and with good ethos should consider setting these four
pillars to help their community. We do not have to worry about the
rich, they have their plans and people and corporate bodies to
managed their lives and funds. It is the middle income with not
enough clout to access such set ups.
The first pillar, which is the care centres will provide the care required by elderly.
The second pillar is
the administrator of care centres, which function as a quality
control and assessor of care centres and advise the elderly or the
trustee board.
The third pillar, which is the trustee’s job
is to ensure the funds are well managed and to ensure that the funds
can last the lifetime of the elderly.
The fund management shall be provided by financial
institutions, which can be a bank or any other financial institutions
job is to ensure the funds grow at an acceptable rate.
I will talk more on
this later.
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