Her father in law passed away leaving several prime properties in Makati and Pasay. Now they have to raise P18M for the estate tax. Problem, out of his 5 children, only three children are gainfully employed but even then , to raise the P18M would be very difficult and could take many years. She has a male friend who inherited lots of properties and the BIR was asking for P130M inheritance tax. They negotiated and it was lowered to P70M plus P10M, total P80M. Still a huge amount. He has to find a buyer willing to advance the money. Because of the BIR’s strict implementation of the payment of taxes, children who are not liquid and rich are forced to abandon what they inherited because they simply could not afford to pay taxes and more taxes.
If you are a parent who has at least one real estate property, think how your children would manage the property you would leave behind when your time comes.
Discuss the game plan. Taxes must be paid, and your goal is not to leave behind problems and tax obligation to your children. Get the advise of estate planners, tax accountants, or even BIR personnel. I haven’t even done that either.
Nung araw, kahit hangga ngayon many are not aware of this things. In Binangonan alone, there are many who lives in homes passed on from the grandparents to their parents, and to them. The tax declaration is still under the lolo and lola’s names. They never paid inheritance taxes, at wala rin naman silang pambayad. The value of the homes are not enough to pay for the taxes.
Ms. A this is a sensitive topic, i tried to discuss before with my father, sayang naman kasi pwede nya ibenta na lang ung lupa sa probinsya tapos sa kanya na ung pera. Nde ko naman ibig sabihin ipangalan na nya sa kin. Isang anak lang naman ako. Pero na offend sya na parang minamadali na mga ganung bagay. D ko na lang inopen ulit. Pero kwento nga ng mga kaopisina ko milyones nga daw binayaran nila para sa inheritance tax ng nanay nila nung pumanaw.
Nung araw kasi Heidi masamang pag-usapan ang death. Parang ang ibig sabihin ay minamadali nga.
Ganyan din ang mga magulang ko. Pero ngayon mas naiintindihan natin na kailangan talagang ayusin ang mga papeles dahil merong malaking taxes na sisingilin ang gobyerno. Karamihan sa atin ay walang cash na pambayad.