Inheritance

[stevewool]

It's nice if ever you did receive something from a friend, aunty or mum and dad, but do people expect it and do people make sure they give it too?

Most people these days will have some sort of savings and even a house too, but in their plans are they going to leave a set amount for their children or whoever?

It would be nice to leave something, that's if there is something to leave that is. I am saving hard for my future and my Wife's too, and all being well, we should have enough to be comfortable in our old age.

I had a talk the other day asking if I can give my Daughter her Inheritance sooner than later and if i had enough funds what a good idea I thought, but what if you don't? Does that make you bad in their eyes, and trying to tell them that don't expect anything but if you did get something count yourself lucky?

Whats the saying, you are worth more dead then alive :yikes:

[imagine]

There is only once you're dead, that anything that might be left of your estate.

No one has a right to think what they will get until you're dead.

What you have now, tomorrow and until you're dead is yours, no one elses.

What you do with your money is entirely up to you, you earnt it, it is yours to do what you want with.

Don't feel guilt.

I told my mother to spend hers on herself and stop thinking what she can leave.

My daughters agree with me, what I earnt, what I have, is mine to do as I will.

They say, "just enjoy yourself dad"

[fred]

Just about everything over here including property and cash in the bank is subject to inheritance AND 20% inheritance tax with no maximum threshold as far as I`m aware.

[jake]

Just about everything over here including property and cash in the bank is subject to inheritance AND 20% inheritance tax with no maximum threshold as far as I`m aware.

Have you ever heard of anybody being taxed the 20%? I've asked a few Filipinos who inherited land, properties and businesses worth a few bob and their answer was 'no'.

[fred]

Have you ever heard of anybody being taxed the 20%? Ive asked a few Filipinos who inherited land, properties and businesses worth a few bob and there answer was 'no'.

To be honest I have never asked anyone.. The law is still the law though and if the heirs don't file in 6 months they will begin to incur large fines and penalties.
We are seriously thinking of setting up either a family cooperation or buying a death insurance policy to cover their inheritance tax expenses.
The cooperation route still costs quite a bit as the property has to be transferred to it either by a sale or a donation..Thus a sale or donation tax.

[jake]

To be honest I have never asked anyone.. The law is still the law though and if the heirs don't file in 6 months they will begin to incur large fines and penalties.
We are seriously thinking of setting up either a family cooperation or buying a death insurance policy to cover their inheritance tax expenses.
The cooperation route still costs quite a bit as the property has to be transferred to it either by a sale or a donation..Thus a sale or donation tax.

Would be interesting to know which route you take Fred.
How about selling the land to the kids at a low price? Anybody who owns property here, knows that land is nearly always undervalued :cwm25:

[fred]

Would be interesting to know which route you take Fred.
How about selling the land to the kids at a low price? Anybody who owns property here, knows that land is nearly always undervalued :cwm25:

Jake .. It depends where or what type of property..
Most Filipino`s rarely used to pay inheritance tax when their parents died.. Years down the line,if they found a buyer,they would ask the buyer to help them in regards the sale price declaration.. Sometimes 10% of the total..
Problem now is that lots of cities here have been creating new zonal values that seem to be updated quite regularly... That`s now how they calculate estate taxes..
They have even started implementing this in the provinces where they can.
Its not looking good.
Pretty sure you cant just sell at low price to kids because zonal values often apply.. Only other way is to donate the land to them and pay donation tax..Still not cheap.