HOW TO TRANSFER YOUR STOCKS WHEN YOU DIE?

Описание: HOW TO TRANSFER YOUR STOCKS WHEN YOU DIE?
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This is part 2 of our video series on what happens to your stocks when you die? How much taxes will you pay? Do you need to prepare and set aside money right know so that your portfolio is protected should something bad would happen. We have Atty. Regie Tongol back in the podcast to double down on the topic of estate taxes for stock investors. I really believe that stock investors need to know this so that you are protected and your family will have your stock portfolio and they will get to enjoy the benefits as well.

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Website: https://tovenlaw.com/


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In the Philippines, estate planning is still considered as an exercise for the wealthy. Often times, even planning for matters after the unexpected is considered as taboo and some would even believe that it would likely invite bad karmic consequences.
In the advent of the current COVID-19 pandemic and the increasing mortality rates around the world, particularly in the Philippines, we are again (and more than ever) confronted to deal with the task of ensuring that our family and loved-ones are well-protected in the event of our untimely demise and to ensure that our heirs’ burden of paying the estate taxes are, at least, minimized.


Estate Tax in General
It is a well-settled rule that estate tax is governed by the statute in force at the time of death of the decedent. Upon the decedent’s death, succession takes place, and the right of the State to tax the privilege to transmit the estate automatically arises. As of January 1, 2018, the Philippine Tax Code imposes an estate tax at the rate of six percent (6%) based on the net value of the estate whether the decedent is a resident or a non-resident of the Philippines.
The decedent’s gross estate is comprised of all the properties, whether real or personal, tangible or intangible, wherever situated. This includes any interest in the properties at the time of death including transfers in contemplation of death, transfers for insufficient consideration, revocable transfers, properties passing under a general power of appointment, and proceeds of life insurance.
However, if the decedent was neither a resident nor a citizen of the Philippines at the time of his or her death i.e. a non-resident alien, only the portion of the estate situated in the Philippines is included in the taxable estate, except intangible personal property, whose exclusion from the gross estate is subject to the rule on reciprocity.
The properties comprising the gross estate shall be valued according to their fair market value as of the time of the decedent’s death.


Allowable Deductions
The Philippine Tax Code provides for certain allowable deductions from the gross estate to determine the decedent’s net taxable estate. There is a


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