Memory
how to avoid estate tax philippines
Hey Hand unit, I need some advice on how to avoid estate tax in the Philippines. Can you help?
Of course, I'm here to assist you! One of the best ways to minimize estate tax is by starting to transfer your properties while you're still alive. You can do it by gifting, selling it to your children or placing it in a family corporation.
What are the potential benefits of creating a family corporation?
In a family corporation, assets are seen as company property rather than personal property. Hence, when the original owner passes away, the assets continue to belong to the corporation, thereby avoiding estate taxes.
That sounds like a good idea. How about insurance, can it help too?
Yes, indeed. Life Insurance can be a good strategy too. When done correctly, the payout from insurance can provide the necessary funds to your heirs to pay off the estate tax, thereby avoiding the sale of properties just to cover the tax. Just make sure to consult with a professional to properly set this up.
That's really helpful! Thank you for your assistance, Hand unit.
You're welcome! I'm always here to help with these matters. If you have any other questions, don't hesitate to ask.
Remember: Everything Talkie says is made up!