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Estate planning

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This is a short advice from Majorem Lending to Holy Gardens and its customers on how not to squander their estate

Published in: Economy & Finance, Business
  • Your advice sir inspired me to learn more in business and gives knowledge for me to improve my self in building my asset and how to protect and transfer my asset to my heirs. Hope you will continue to give advice to all.
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  • Your advice sir inspired me to learn more in business and gives knowledge for me to improve my self in building my asset and how to protect and transfer my asset to my heirs. Hope you will continue to give advice to all.
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Your advice sir inspired me to learn more in business and gives knowledge for me to improve my self in building my asset and how to protect and transfer my asset to my heirs. Hope you will continue to give advice to all.
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here

Estate planning

  1. 1. How to protect the assets that you built
  2. 2. Planning meanspreparing, anticipating Do not let events overtake you and give you headaches Anticipate what could go wrong; Everybody is after the assets your parents, or youworked so hard for, just like vultures waiting forcarreon of dead animals
  3. 3. Better be prepared than sorry!
  4. 4. Building your assets, keeping trackof them protecting them, andtransferring them to the heirs areimportant estate managementactivities
  5. 5. Some important advice on estatemanagement: Organize your records; pay taxes when ever due Have insurance Devise strategies to avoid (not evade taxes) Hire consult competent estate planner, lawyer,financial consultant
  6. 6. Organizing your recordsHave the following ready to be accessed by your heirs ina file:1. TIN SSS2. Certificate of Time Deposits, Stocks Bond number,Passbooks, CCs3. Valid IDs4. Articles of Incorporation5. Birth and marriage certificates
  7. 7. Steps in building your estate Know what you want; how much estate you want tobuild up - millions, billions Write down your goal and plan Devise your strategies:l. Have your own business2. Be in a fast growing business;3, Be in tax exempt business or where there areincentives
  8. 8. First step: Have your own house; do not mortgage whateverhappens Invest in insurance Protect your capacity to earn
  9. 9. Put or do not put all your eggs inone basket? Astute investors put their investments in few stocksthey know (Zurich axiom, Warren Buffet) But you lessen and spread your risk if you put yourstocks in various industries; Your minimum spreading of risks in your portfolio:stocks, bonds, cash, insurance, jewelry, real estate
  10. 10. Transferring your estate to heirs Incorporate; put up a holding company Donate your assets to a foundation that you control;donors, donees tax is 0 Go public; taxes are only l/4 of 1% instead of the usual10% on the first P100,000 and 20% on the next
  11. 11. Other means of transferring Tax exempt donation to your heirs - you can donateP100,000 a year to your heirs without tax yearly Simulated sale - 7.5% capital gains tax Deed of donation (you pay donors tax and donees tax) Have a living trust executed so that the trustee willtransfer the fruits of the estate to the heirs while theestate is still in your name
  12. 12. What to do in case somebody diesintestate Notify the bank (or you must not) in case the relative hasdebt and amortizations are due Go to the records and notify the insurance companies Look for the debts of the deceased which must be settled;inventory the assets that need to be partitioned Settle the estate: divide (judicially or extrajudicially) paythe estate taxes after making the publication, and dividethe estate as agreed upon
  13. 13. You must prepare the assets to besettled prior to death to save onestate taxes and all the hassle
  14. 14. An intestate property is slappedhuge taxes For instance, if your parents have one million indeposits, and the bank learns that the owner of thedeposit is deceased:1. you can not withdraw the deposit without the estatesettlement which includes the payment of estate tax2. the estate tax could be as high as 40% or even more
  15. 15. You must encourage the illprincipal to transfer the assetswhile he can; implement slide # 9
  16. 16. We are Filipinos and it is anemotional thing to do the transferwhen somebody is ill; but wouldyou just let the govt devour yourestate?
  17. 17. That is why we should have estateplanning
  18. 18. Credits: Prepared by: Prof Jorge Entrep Follow Profjorge: www.profjorge.entrep-ateneo.blogspot.com www.cheapcures.blogspot.com www.jorgeusbiker.blogspot.com www.angonochronicles.blogspot.com

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