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Consider using universal life insurance in succession planning

Mr Lee: "A succession plan is necessary for the smooth transfer of wealth to heirs and the continued success of your business, especially if your children are involved in the business."

A LARGE portion of Asia's economic success can be attributed to entrepreneurs, a majority of whom are very hands-on in managing their businesses. While this ensures a strong commitment to the business, it is just as important to plan for the continuity of the business when it is passed on to