Estate Tax, according to BIR is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. To make it simpler, the Estate Tax is the tax…
Category Archives: Estate Planning
Creating a Living Will (CPR or DNR – Do Not Resuscitate)
For the past month, a very close relative of mine was in ICU (Intensive Care Unit) due to a critical illness. But only last week that we were called by her doctors to make a very important decision as a family. The question is: Do we still want to continue medical intervention despite futile…
The Real Benefits of Estate Planning Part 5 of Estate Planning 101
I thought my tears have all dried up. But as I feel the warm large wet drops against my cheeks, again, I wonder, when will this all end? Looking at Jake and Julius across the courtroom, I felt a sudden lump in my throat. Oh, how I love them so much. If only they knew…
Giving your Wealth too soon? How will that hurt you too? Part 4 of Estate Planning 101
This is the part 4 of the series on Estate Planning 101: Part 1: What is Estate Tax and How it can hurt you even After Death? Part 2: Estate Tax Settlement Options: What to do to Protect your Wealth? Part 3: What to do to Protect and Conserve your Wealth?: Part 3 of Estate…
What to do to Protect and Conserve your Wealth?: Part 3 of Estate Planning 101
This is the part 3 of the series on protecting your wealth from Estate tax. See part one of the Series: What is Estate Tax and How it can hurt you even After Death? Part 1 of Estate Planning 101 Part two of the Series: Estate Tax Settlement Options: What to do to Protect…
Estate Tax Settlement Options: What to do to Protect your Wealth? Part 2 of Estate Planning 101
Let me start this part two with a story. This is a story of Mr. Masikap. He was born poor, as a child he worked as a shoe shine boy. But because of his dream and love for his family, he worked hard. He was able to put up a shoe business and was able…
What is Estate Tax and How it can hurt you even After Death? Part 1 of Estate Planning 101
Remember, Paul Walker? Who starred in “The Fast and the Furious” and died last 2013 due to a car accident? He died with total net assets of $25M (or PHP 1.1 B). His total estate tax that is needed to be settled by his only daughter who is only a 16-year-old minor is 35% of…
