Read the following scenario carefully and answer all the questions below. It is important to support your answers with specific examples based on the scenario below, to demonstrate your understanding and application of the relevant concepts. You may make reasonable assumptions, as part of your answers.
Mr. L is a 60-year old retired businessman. He is married to a housewife and they have a son and a daughter. Both of them are studying in SIM. Mr. L sold off his successful chain of restaurants selling Cantonese food and invested his proceeds in a residential property, two shop-houses, and stocks. He is comfortable living off his passive income from the rental of his properties and stock dividends