They say that the only thing that's constant is death and taxes. A few days ago, I was able to read an article about the family who is struggling and fighting over with their inheritance. There was no will left by the husband/ father and the beneficiary written on his assets may have not been updated. In this scenario, it was named after the decedent's sister and not the surviving wife and children. They also have some issues in terms of transferring the properties due to the cost and taxes involved.
We can all say that it is not easy to lose a loved one and problems like these are certainly not welcome. According to experts, these scenarios could have been avoided if proper estate and tax planning was made.
Tax and Estate Planning may not be exciting but it is important and practical. This is not just for wealthy families but also for middle-earners or investors who are very keen in planning their family's future.
Some of the reasons why you should consider estate planning are the following:
1. Protection for your children. Making sure that it goes to the right person or the appropriate trustee is assigned.
2. Avoids family conflicts. Whether we admit it or not, family disputes arise when money is involved. Much more huge amounts from inheritance.
3. Minimize cost and taxes. Tax and Estate Planning helps you minimize cost and taxes when transferring the estate or property.
So, if you want to learn more about Tax and Estate Planning, Gargoles Law Office will be conducting a seminar on August 15, 2017 at the WSI Corporate Center in Makati City.
Key topics would include: Estate Planning
Tools, Basic Concepts of Property Regime, Basic concepts of Law on Sales, Computation of Capital Gains Tax and Documentary Stamp Tax, Basic concepts of Law on Donations, Computation of Donor’s Tax, Basic Concepts of Law on Succession, Computation of Estate Tax, Living Trust, Family Holding Corporation, Life Insurance Policy and Final Analysis on Transfer of Property