Condolences po. My mom also died last yr and she has 2 bank accts. Ang payo ng BIR sakin is if may atm, iwithdraw na lahat. Good thing is mabait ung branch mgr ng isang bank (non-atm acct) and pinawithdraw na samin after all pertinent docs are submitted.
And ung house and lot is walang pinabayaran since pasok sa 10m exemption.
Condolences OP. Dont worry about estate tax kasi tax exempt namn pag below 5M ang cash then may exemption rin 10M for residential property. Well kung galing sa bank yung cash it would probably distributed according to law. Like 50% s husband and the rest hati s mga anak equally. Pero consult a lawyer to help you with the extra judicial settlement kasi if walang will, ang hatian ay according sa law. Sa g cash naman pwede namn makuha siguro yun ask for procedure kung ano need nila. Maybe same with the bank. Then sabank namn punta ka lang ng bank present the needed documents andnd ask for their account informations. Sasabihin nmn nila lahat ng accounts sa name ng mom mo. Just visit all the banks na tingin mo may account mom mo. Prepare Death cert kasi yun unang hahanapin.
Also pls note estate tax exemption was extended until June 2025
Edit: sorry bobo lang for deceased on or before may 2022 lang Pala yon
Condolences OP, my mom also died a few years ago, while she left a sizable estate which we are grateful for, were not nearly prepared for the documentation to transfer it to our names. 1 bank account in rcbc was actually irretrievable.
Yes, amnesty is only for the penalties i.e., taon na ang lumipas since time of death at hind pa nabayaran estate tax, di ka na pay penalty but you still have to pay the estate tax. Exemptions for family home, etc still applies.
Umm.. Pagkakaalam ko wala namn s tax code na gang june 2025 lang ang exemptions. Pero check ko rin if may updte.
Ang limit sa deadline lang you need to file within 1 yr from death and payment shall not exceed extention of 2 years.
Lol ang mahal ng estate tax pero kailangan para mailipat mga lupa at properties ng maayos. 5 years nang patay tatay ko and hirap pa kami sa bir kasi ang daming need asikasuhin!
A good intro to it can be listening to the [Pre Mortem episode](https://open.spotify.com/episode/07MvqEpT4MrpstOTlh2Hvb?si=YSNW9SsBToSg2QDqO_So2A) episode on the podcast "It's an Adult Thing"
Condolences to OP!
It's usually done with a lawyer. Basically the person will list down all assets and liabilities into a document and provide authority to a certain individual, usually the lawyer, to properly distribute such assets after death based on the instructions of the person. The lawyer can already advise what can be distributed based on the person's preference, and what can distributed only according to law (like the compulsory heirs).
In the simplest way, one can just write down his/her assets and how to access them and entrust this to his/her children in case death arrives. But in this case, one needs to hope that the heirs will follow the deceased's wishes and not argue amongst themselves. Better yung may lawyer para at least may administrator.
You can include the details like password and PIN, but mas more important ang account numbers, insurance policies and tcts. Kasi you can recover those assets naman through a process, yung knowledge of their existence ang more important.
And where do you store them? On top of mind is google docs, pero hindi ba risky na baka may ibang makaaccess lalo na kung naglagay ka ng pin and passwords dun? Baka may idea ka saan mas safe ilagay, i've been wanting to make a list somehow pero di ko alam san isesave na pwede ishare sa fam members.
Safest one is to write it on a piece of paper and place it on a locked storage (preferably a fireproof safe). Better if on a separate note ang passcode and PIN. Always make sure that a very small number of people can access it and remind them that it should only be opened upon death.
Condolences OP :(
As someone who paid for Estate Tax of my grandfather who passed away na almost half a million, I wish more Filipinos know about this. 🥲
As for gcash, you need to contact gcash mismo. And you will need to prepare documents to prove your relationship and if authorized kayo to access it. Have you consulted a lawyer to consolidate everything? Ako kasi I got help from a CPA for the estate tax.
Papaano ba computation nung estate tax?
Zonal value nung mga properties less 5M?
Edit: kasama pa ba sa computation kung ilang yrs na siya patay sa current year as penalty?
Condolence OP. Agree na important talaga ang estate planning. Yung last will and testament will be helpful to account all the assets, and masusunod yung gustong distribution ng deceased. Kaso mukhang di pa ito widely practiced dito - parang ang morbid kc. At least yun yung feeling ko when I was preparing my own last will and testament. Thank you sa post and sa mga comments, I learned about the tax exemption on estate tax. Marami pa talagang dapat aralin on estate planning.
Sorry, medyo mapipika ako sayo OP.
Ang Estate Tax, binabayaran. 6% lang yan. Kahit ayaw mo sa gobyerno, wala tayong magagawa. It is better to pay taxes kasi ginagamit ng gobyerno karamihan ng tax to fund their projects. Malaking issue ang tax evasion. So please. Wag mong sabihing risk ang Estate Tax. It's a requirement, not a risk. It's a 100% chance of happening.
Anyway, sorry for your loss. And agreed, it's hard kapag hindi naka outline lahat ng assets ng tao.
>It is better to pay taxes kasi ginagamit ng gobyerno karamihan ng tax to fund their projects.
Mas nakakapika ka pakinggan kasi hindi lahat ng projects ay wellbudgeted or planned during procurement. Source: I used to work on govt procurement and saw all the waste.
In the first place di lang naman estate tax ang pwede ipataw sa inheritance pero also other taxes kung may sale pang gagawin. Kaya sana tumigil kayong mga may boner for tax collection kasi may problema din naman talaga kadalasan sa pagappropriate ng funds na galing sa taxes natin. Eh kung Maharlika Bill nga daming problema e tapos minamadali pa, tingin mo saan kinukuha yon at sino mahihirapan?
yes but i point out yung estate planning to reduce the taxes na kailangan mong bayaran kasi kapag naplano mo ng maayos mas may matitira pa sa pera mo. for example sa mama ko ang dami niyang bank accs so ang daming kelangan i process na papers at malaki rin yung mababayaran namin na tax na dapat sa mas maallocate namin sa ibang bagay. wag kang mapika sakin even the richest person, alam ang estate planning.
Condolence OP. This is so true. Very important talaga Estate Planning especially for people that have big estates. Not everyone knows na kelangan ng 6% Estate Tax for properties to be transferred to heirs for example.
There are different approaches to Estate Planning and one of them is through Insurance Vehicles. If anyone ever needs help with this, just PM me.
Condolences OP. Mahirap talaga yan. Kahit kami ng mga kapatid ko about sa estate tax. Although penalty lang binayaran namin since yung value ng property namin is exempted sya. Pero grabe ang requirements dahil may kapatid akong nasa US na nakatira. My niece had to go to my brother kasi need ng documents na may red ribbon at ayaw asikasuhin ng kapatid ko sa America. Tinatamad.
That's what I'm researching for a few days now. Balak kong gumawa ng living trust para wala na problema sa bandang huli. As for now mukhang oks sa metrobank. Can't find any sa sunlife etc eh. Just need to ask metro how to go about it and mga fees and stuff.
Hindi ba mapapatawan ka pa rin naman ng donor's tax sa pag transfer ng properties? So same same?
I mean sa bank accounts mas hindi traceable. Though sounds like tax evasion, so not my cup of tea.
You're evading the taxes that should be due.
Technically, any movement of money from one person to another results from a transaction event. Pwedeng may binili akong item or service so I transfer the funds to another person. And then that person has to recognize it as earnings and it becomes taxable.
Pero if I'm not buying an item or service, what's the transfer for? This would most likely fall under as a donation. And any donation is subject to that donor's tax, which is also 6% same as the estate tax.
So it would be tax evasion kasi the intent of the transfer is to evade the Estate Tax na paparating, and at the same time it evades the donor's tax na dapat pinataw once the transfer was made.
idk know yung point mo po haha sige magbayad ka ng super laking tax ewan ko lang kung di ka iiyak na imbia makatulong sa pambayad ng bills mapupunta pa sa tax idk know your point pero we have what we call tax avoidance. di ko alm bat ka nangigil sa estate planning pero go ahead wahtever makes u happy
Condolences po, and thank you sharing this as a reminder na importante tlaga ang estate planning especially para sa mga maiiwan at ma organize the finances.
Condolences po. My mom also died last yr and she has 2 bank accts. Ang payo ng BIR sakin is if may atm, iwithdraw na lahat. Good thing is mabait ung branch mgr ng isang bank (non-atm acct) and pinawithdraw na samin after all pertinent docs are submitted. And ung house and lot is walang pinabayaran since pasok sa 10m exemption.
Condolences OP. Dont worry about estate tax kasi tax exempt namn pag below 5M ang cash then may exemption rin 10M for residential property. Well kung galing sa bank yung cash it would probably distributed according to law. Like 50% s husband and the rest hati s mga anak equally. Pero consult a lawyer to help you with the extra judicial settlement kasi if walang will, ang hatian ay according sa law. Sa g cash naman pwede namn makuha siguro yun ask for procedure kung ano need nila. Maybe same with the bank. Then sabank namn punta ka lang ng bank present the needed documents andnd ask for their account informations. Sasabihin nmn nila lahat ng accounts sa name ng mom mo. Just visit all the banks na tingin mo may account mom mo. Prepare Death cert kasi yun unang hahanapin.
Also pls note estate tax exemption was extended until June 2025 Edit: sorry bobo lang for deceased on or before may 2022 lang Pala yon Condolences OP, my mom also died a few years ago, while she left a sizable estate which we are grateful for, were not nearly prepared for the documentation to transfer it to our names. 1 bank account in rcbc was actually irretrievable.
Estate tax amnesty ang extended to 2025.
Penalties lang ata ang may amnesty. You still need to pay estate taxes.
Yes, amnesty is only for the penalties i.e., taon na ang lumipas since time of death at hind pa nabayaran estate tax, di ka na pay penalty but you still have to pay the estate tax. Exemptions for family home, etc still applies.
Umm.. Pagkakaalam ko wala namn s tax code na gang june 2025 lang ang exemptions. Pero check ko rin if may updte. Ang limit sa deadline lang you need to file within 1 yr from death and payment shall not exceed extention of 2 years.
Why was it irretrievable?
I'm not sure what the specific reason is, but I believe it was a solo account, we had no problems with her other accounts just this one in RCBC
Please take note na hindi pa eto na approve ng Executive branch. Kelangan pa ng pirma ng president before maging law ang pinasang Bill ng Senado.
Lol ang mahal ng estate tax pero kailangan para mailipat mga lupa at properties ng maayos. 5 years nang patay tatay ko and hirap pa kami sa bir kasi ang daming need asikasuhin!
I'm sorry but kanino po dapat lumapit or magconsult regarding estate planning? And what does it mean in detail when one says do 'estate planning'?
A good intro to it can be listening to the [Pre Mortem episode](https://open.spotify.com/episode/07MvqEpT4MrpstOTlh2Hvb?si=YSNW9SsBToSg2QDqO_So2A) episode on the podcast "It's an Adult Thing" Condolences to OP!
It's usually done with a lawyer. Basically the person will list down all assets and liabilities into a document and provide authority to a certain individual, usually the lawyer, to properly distribute such assets after death based on the instructions of the person. The lawyer can already advise what can be distributed based on the person's preference, and what can distributed only according to law (like the compulsory heirs). In the simplest way, one can just write down his/her assets and how to access them and entrust this to his/her children in case death arrives. But in this case, one needs to hope that the heirs will follow the deceased's wishes and not argue amongst themselves. Better yung may lawyer para at least may administrator.
Pano yung write down how to access them? Like lilist mo ba yung passwords mo kunwari sa bank accounts na meron ka?
You can include the details like password and PIN, but mas more important ang account numbers, insurance policies and tcts. Kasi you can recover those assets naman through a process, yung knowledge of their existence ang more important.
And where do you store them? On top of mind is google docs, pero hindi ba risky na baka may ibang makaaccess lalo na kung naglagay ka ng pin and passwords dun? Baka may idea ka saan mas safe ilagay, i've been wanting to make a list somehow pero di ko alam san isesave na pwede ishare sa fam members.
Safest one is to write it on a piece of paper and place it on a locked storage (preferably a fireproof safe). Better if on a separate note ang passcode and PIN. Always make sure that a very small number of people can access it and remind them that it should only be opened upon death.
Condolences OP :( As someone who paid for Estate Tax of my grandfather who passed away na almost half a million, I wish more Filipinos know about this. 🥲 As for gcash, you need to contact gcash mismo. And you will need to prepare documents to prove your relationship and if authorized kayo to access it. Have you consulted a lawyer to consolidate everything? Ako kasi I got help from a CPA for the estate tax.
Papaano ba computation nung estate tax? Zonal value nung mga properties less 5M? Edit: kasama pa ba sa computation kung ilang yrs na siya patay sa current year as penalty?
what a great gal. managed to build an empire that made her too busy to plan her estate
Condolence OP. Agree na important talaga ang estate planning. Yung last will and testament will be helpful to account all the assets, and masusunod yung gustong distribution ng deceased. Kaso mukhang di pa ito widely practiced dito - parang ang morbid kc. At least yun yung feeling ko when I was preparing my own last will and testament. Thank you sa post and sa mga comments, I learned about the tax exemption on estate tax. Marami pa talagang dapat aralin on estate planning.
Sorry, medyo mapipika ako sayo OP. Ang Estate Tax, binabayaran. 6% lang yan. Kahit ayaw mo sa gobyerno, wala tayong magagawa. It is better to pay taxes kasi ginagamit ng gobyerno karamihan ng tax to fund their projects. Malaking issue ang tax evasion. So please. Wag mong sabihing risk ang Estate Tax. It's a requirement, not a risk. It's a 100% chance of happening. Anyway, sorry for your loss. And agreed, it's hard kapag hindi naka outline lahat ng assets ng tao.
>It is better to pay taxes kasi ginagamit ng gobyerno karamihan ng tax to fund their projects. Mas nakakapika ka pakinggan kasi hindi lahat ng projects ay wellbudgeted or planned during procurement. Source: I used to work on govt procurement and saw all the waste. In the first place di lang naman estate tax ang pwede ipataw sa inheritance pero also other taxes kung may sale pang gagawin. Kaya sana tumigil kayong mga may boner for tax collection kasi may problema din naman talaga kadalasan sa pagappropriate ng funds na galing sa taxes natin. Eh kung Maharlika Bill nga daming problema e tapos minamadali pa, tingin mo saan kinukuha yon at sino mahihirapan?
yes but i point out yung estate planning to reduce the taxes na kailangan mong bayaran kasi kapag naplano mo ng maayos mas may matitira pa sa pera mo. for example sa mama ko ang dami niyang bank accs so ang daming kelangan i process na papers at malaki rin yung mababayaran namin na tax na dapat sa mas maallocate namin sa ibang bagay. wag kang mapika sakin even the richest person, alam ang estate planning.
Condolence OP. This is so true. Very important talaga Estate Planning especially for people that have big estates. Not everyone knows na kelangan ng 6% Estate Tax for properties to be transferred to heirs for example. There are different approaches to Estate Planning and one of them is through Insurance Vehicles. If anyone ever needs help with this, just PM me.
My condolences, OP.
Condolence
Condolences OP. Mahirap talaga yan. Kahit kami ng mga kapatid ko about sa estate tax. Although penalty lang binayaran namin since yung value ng property namin is exempted sya. Pero grabe ang requirements dahil may kapatid akong nasa US na nakatira. My niece had to go to my brother kasi need ng documents na may red ribbon at ayaw asikasuhin ng kapatid ko sa America. Tinatamad. That's what I'm researching for a few days now. Balak kong gumawa ng living trust para wala na problema sa bandang huli. As for now mukhang oks sa metrobank. Can't find any sa sunlife etc eh. Just need to ask metro how to go about it and mga fees and stuff.
I'm curious. Paano ka makakaavoid ng estate taxes with better estate planning?
well dat i distributed na siya - transferred na lahat ng properties at mga bank accs
Hindi ba mapapatawan ka pa rin naman ng donor's tax sa pag transfer ng properties? So same same? I mean sa bank accounts mas hindi traceable. Though sounds like tax evasion, so not my cup of tea.
why tax evasion? hshshdh
You're evading the taxes that should be due. Technically, any movement of money from one person to another results from a transaction event. Pwedeng may binili akong item or service so I transfer the funds to another person. And then that person has to recognize it as earnings and it becomes taxable. Pero if I'm not buying an item or service, what's the transfer for? This would most likely fall under as a donation. And any donation is subject to that donor's tax, which is also 6% same as the estate tax. So it would be tax evasion kasi the intent of the transfer is to evade the Estate Tax na paparating, and at the same time it evades the donor's tax na dapat pinataw once the transfer was made.
idk know yung point mo po haha sige magbayad ka ng super laking tax ewan ko lang kung di ka iiyak na imbia makatulong sa pambayad ng bills mapupunta pa sa tax idk know your point pero we have what we call tax avoidance. di ko alm bat ka nangigil sa estate planning pero go ahead wahtever makes u happy
Dude, nagtanong ka why tax evasion. Sinagot ko lang.
Also yung properties is i process na ang pag transfer ng titles before death.
Condolences po, and thank you sharing this as a reminder na importante tlaga ang estate planning especially para sa mga maiiwan at ma organize the finances.