Itís Your Money > Securing Your Family's Financial Future

Estate planing-wealth distribution

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nerd4444:
I can not find the post regarding BIR said that a bank account balance of 200000ph was safe from being frozed. My concern with a joint or individual bank account the balance will be frozen this freezing access to the funds-this of course in the event of an account holders death? So the question is, is there a BIR ruling that allows no penalty withdrawal of deposits in the event of account holdrs death? Or does anyone know how to protect your bank account deposits from being frozen in the event of account holders death?

Lee2:
I believe the post you are referring to is in the topic below yours, second post and fifth post.
http://www.livinginthephilippines.com/forum/index.php?topic=51337.0

nerd4444:
wow thanks you found the site I was looking for.

Lee2:
I guess this is the important part everyone needs to know about.
https://www.bir.gov.ph/index.php/tax-information/estate-tax.html

suzukig1:

--- Quote from: Lee2 on March 01, 2018, 05:05:25 AM ---I guess this is the important part everyone needs to know about.
https://www.bir.gov.ph/index.php/tax-information/estate-tax.html

--- End quote ---

That table on the BIR website is not up to date.  The new tax bill changed the estate tax rules (for the better).  The maximum estate tax is now 6% instead of 20%.  The deductions are now much larger.

A key point on the issue raised in the original post re: withdrawal after death: the rules were changed to allow withdrawals from the deceased persons account as long as you pay the 6% estate tax on the amount withdrawn.  I have no information on whether or not you can recover that 6% paid if it turns out that you do not owe that much in estate taxes.

(I will look for a link to this info later and post.)

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