How Do You Intend To Provide For Your Wife Or Gf When Your Gone?

[Jake]

I am leaving enough money to hire a Hitman :hystery:

Hello Brock,Yeah, sometimes relationships goes south and cannot be fixed. I feel for ya........Jake

[Call me bubba]

I am leaving enough money to hire a Hitman :hystery:

I totally agree with you. Why get your hands dirty when you can get someone else to do it for you, As you would have a clear conscience ,alibi to boot,You get my vote,I sense you may have had "trouble" in a past relationship.BUT seriously DONT ever consider that. If you have childrenyou would always have to look them in the face knowing that you may have been responsible for their mothers(fill in the blank).. As in other parts of the FORUM.its been stated JUST WALK AWAY,LIFE IS TOO SHORT to let some things bother or Piss you off that You would consider ""leaving money to hire a "hitman" "" Edited January 20, 2012 by ed villas

[Mike S]

Something you might want to consider is that the Philippine government will charge your asawa with I believe 21% inheritance tax ...... and they can freeze your accounts until it is paid ..... now in the past this has been largely ignored but with the crack down by the BIR this has changed before the bank gave you 1-2 days to get there and with draw your money and your asawa could put it into a an account in her name only ....... BUT ... the BIR has now made it almost impossible to do this by threatening the bank officials with jail time if they do this ...... I have put money both in pesos and dollars in a safety deposit bank for my asawa so she won't be with out funds ....... now before someone screams "but you won't make any money on interest" ..... consider this ...... the bank only gives 1.5 to 2% interest ..... of this your are taxed by the Phil. BIR ..... you also have to report it as income to the US IRS ...... now just how much would you have to make on actual interest earned AFTER taxes as apposed to 21% inheritance tax collected by the BIR ...... plus funds being tied up for who knows what length of time ......For those who scoff .... rock on ..... you won't be here to solve the problem anyway ...... :1247: :SugarwareZ-037: :thumbsup:

[Art2ro]

After reading this topic ,it seems that NO new updates in A while, :any-help:many topics in the past year has dealt with THE FAMILY,moving issues,and other items that are important..YET NOTHING .. YES NOTHING at ALL on"HOW DO YOU INTEND TO PROVIDE FOT YOUR WIFE/GF WHEN YOUR GONE"Does any one have NEW or FRESH information or suggestions on this very important topic :SugarwareZ-037:

I thought Lee's post was more then adequate myself! What more can there be done when we're gone? She has all the assets! Now it's all up to her!

[i am bob]

Something you might want to consider is that the Philippine government will charge your asawa with I believe 21% inheritance tax ...... and they can freeze your accounts until it is paid ..... now in the past this has been largely ignored but with the crack down by the BIR this has changed before the bank gave you 1-2 days to get there and with draw your money and your asawa could put it into a an account in her name only ....... BUT ... the BIR has now made it almost impossible to do this by threatening the bank officials with jail time if they do this ...... I have put money both in pesos and dollars in a safety deposit bank for my asawa so she won't be with out funds ....... now before someone screams "but you won't make any money on interest" ..... consider this ...... the bank only gives 1.5 to 2% interest ..... of this your are taxed by the Phil. BIR ..... you also have to report it as income to the US IRS ...... now just how much would you have to make on actual interest earned AFTER taxes as apposed to 21% inheritance tax collected by the BIR ...... plus funds being tied up for who knows what length of time ......For those who scoff .... rock on ..... you won't be here to solve the problem anyway ...... :1247: :SugarwareZ-037: :thumbsup:(

Hey Mike! What you say makes a lot of sense! I'm sure there are lots of other places you hard earned cash could go besides a safety deposit box but they are gonna cost you in one way or another - more than you will want it to! Bank fees, government taxes, even if you leave it with the dreaded mother/sister/brother/outlaw-in-law, you are only going to see nothing back (in most cases).

[Mr Lee]

Something you might want to consider is that the Philippine government will charge your asawa with I believe 21% inheritance tax ...... and they can freeze your accounts until it is paid ..... now in the past this has been largely ignored but with the crack down by the BIR this has changed before the bank gave you 1-2 days to get there and with draw your money and your asawa could put it into a an account in her name only ....... BUT ... the BIR has now made it almost impossible to do this by threatening the bank officials with jail time if they do this ...... I have put money both in pesos and dollars in a safety deposit bank for my asawa so she won't be with out funds ....... now before someone screams "but you won't make any money on interest" ..... consider this ...... the bank only gives 1.5 to 2% interest ..... of this your are taxed by the Phil. BIR ..... you also have to report it as income to the US IRS ...... now just how much would you have to make on actual interest earned AFTER taxes as apposed to 21% inheritance tax collected by the BIR ...... plus funds being tied up for who knows what length of time ......For those who scoff .... rock on ..... you won't be here to solve the problem anyway ...... :wt-hell: :th_thholysheep: :mocking:

Mike I may be wrong, but the bank executives I have dealt with said that joint accounts are considered jointly owned and since there is no way for them to know how much of the money is your wife's and how much was yours, the problem you describe should only come about if the account is solely in our names. Please correct me if I am wrong but I was told they will not lock down a joint account right away? Do you know otherwise and can you show me where it says so in the law?I like your idea of a safety deposit box and keeping money in it but then comes how much money would be enough. In the case of our condos, they are jointly owned and therefore no taxes should be due on them, am I wrong on that? If so then it is time to sell them and get all our money the heck out of the Philippines.

[sjp52]

My retirement income will be transfered to my wife on my death. She gets 50 % of what I get now. I have an insurance policy that her and my 2 boys will split. My boys will get my homes in Florida and Canada. I will be buying or building a house in the Philippines in the next couple of years which of course my wife will get. I just hope they don,t get any ideas a head of time. :th_thholysheep:

[Jake]

My retirement income will be transfered to my wife on my death. She gets 50 % of what I get now. I have an insurance policy that her and my 2 boys will split. My boys will get my homes in Florida and Canada. I will be buying or building a house in the Philippines in the next couple of years which of course my wife will get. I just hope they don,t get any ideas a head of time. :th_thholysheep:

Dang Scott, you're good man! Sounds like a solid plan for your family and a peaceof mind for yourself. You know, I could upgrade you to a "better" man, if you includeme in your master plan......he, he.Well done sir -- Jake

[Mike S]

Something you might want to consider is that the Philippine government will charge your asawa with I believe 21% inheritance tax ...... and they can freeze your accounts until it is paid ..... now in the past this has been largely ignored but with the crack down by the BIR this has changed before the bank gave you 1-2 days to get there and with draw your money and your asawa could put it into a an account in her name only ....... BUT ... the BIR has now made it almost impossible to do this by threatening the bank officials with jail time if they do this ...... I have put money both in pesos and dollars in a safety deposit bank for my asawa so she won't be with out funds ....... now before someone screams "but you won't make any money on interest" ..... consider this ...... the bank only gives 1.5 to 2% interest ..... of this your are taxed by the Phil. BIR ..... you also have to report it as income to the US IRS ...... now just how much would you have to make on actual interest earned AFTER taxes as apposed to 21% inheritance tax collected by the BIR ...... plus funds being tied up for who knows what length of time ...... For those who scoff .... rock on ..... you won't be here to solve the problem anyway ...... :1247: :cheersty: :36_6_3[1]:

Mike I may be wrong, but the bank executives I have dealt with said that joint accounts are considered jointly owned and since there is no way for them to know how much of the money is your wife's and how much was yours, the problem you describe should only come about if the account is solely in our names. Please correct me if I am wrong but I was told they will not lock down a joint account right away? Do you know otherwise and can you show me where it says so in the law? I like your idea of a safety deposit box and keeping money in it but then comes how much money would be enough. In the case of our condos, they are jointly owned and therefore no taxes should be due on them, am I wrong on that? If so then it is time to sell them and get all our money the heck out of the Philippines.

Sorry Mr. Lee but I don't know what it says in the LAW ..... but I am trying to find the news article that came out last year ..... just to many reports to read so it may take me a while ..... don't have any idea about your condos ....... sounds like you really want to get out of the Philippines anyway ...... :hystery:

[Tatoosh]

This is kind of a useless thread to me. It's devolved into who has how much. More of the financial posturing and preening common among guys. I'm not gonna leave my asawa a house and a big pension, this or that business and so on. Which for the individuals involved is quite important, to be sure. We all want the ones we love to have a good situation when we are gone. But much of that is simply comparing bankbooks, kind of like seeing who can pee the farthest. Me, I'm not leaving much. Part of my retirement, probably enough for her to live comfortably here, plus a little life insurance. That's kind of it. Oh, and some pretty good kitchen gear, I suppose. But no castles, no homes scattered helter skelter around the world. No hectares of land, big businesses or whatever.Oh, maybe one more thing. An education. She had her bachelors before we met. But since then she's earned her PRC certification, and is pretty well through the coursework for her Masters Degree in Special Education. A couple more years and we'll head back to the USA for her, not me. I'd stay here if I had my druthers. But I want her to have a good future and the respect of her peers. Her Filipino peers, not just other expat's wives. So she'll get a teacher's license in the USA, do more post-graduate course work, maybe study Applied Behavioral Analysis. Maybe a second masters, maybe not. But she'll end up with good credentials and professional standing, both here in the Philippines and the USA. I don't plan to stay in the USA, but the time there will leave her with choices and a future she decides. Hopefully we move back to the Philippines after she finishes, but whatever happens, I know she won't have look to anyone to "take care" of her. She'll be in a pretty good position to take care of herself. I do think the discussions that center around inheritance laws and so forth are very important subjects. I know of some sad situations where guys have deluded themselves and, even worse, their wives or girlfriends that money was going to keep coming when they died. So to me, honesty is the first most important element both with yourself and your wife. And then understand the rules here in the Philippines and the various countries we come from. And plan accordingly.

Edited January 22, 2012 by Tatoosh