Everyone of us wants to leave a legacy to the next generation. This can be in the form of values or material possession like properties, jewelries and land. Unfortunately, only few people have knowledge of what it is to leave an inheritance to their loved ones. They thought that it is enough just to accumulate as many assets as possible then transfer these to their heirs upon their death. Most often than not, these people forgot to consider the following which I believe should be taken into consideration whenever we want to leave an inheritance to our heirs:
1. Estate Tax. If you fail to set aside a portion of your asset to pay for the estate tax, your heirs might be the one suffering and paying for it out of their own money. Please take note that, all assets inherited whether it is real or personal assets cannot be used or withdrawn without the certification of BIR that the estate tax has been paid.
2. And, distribution. You may have left a lot of assets but you just forgot to assign which of which will go to whom. The crisis may now arise here. Siblings against, spouse against children. The harmonious relationship built thru years has now been tainted by one single act that was neglected. Failure to write a will. A will is a written statement by the decedent indicating who will get what.
These are just two of the many things you need to consider. Leaving an inheritance is a matter of planning. We actually call it Estate Planning. Dont allow your inheritance to be a burden rather allow it to bless the next generation.
If you dont know someone who can help you with this. Good news we have financial advisors in FinancePH who are now Certified Estate Planners Phils. (CEPP) , Registered Estate Planners (REP) and Associate Estate Planner Phils. (AEPP). Contact us to know more.
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