Setting up a Family Trust

[Old55]

1 hour ago, Kingpin said:

Right, but do international policies include foreign children? I was actually referring to Philippines life insurance, seems a more popular option than trusts.

I think you may be making this more complicated than it is. 

[JJReyes]

This forum isn't the ideal place to get counsel on Philippine legal matters.  You need a lawyer practicing in the field of estate planning and laws.  The United States is fairly straight forward.  Even taxation has become easier.  The minimum amount exempt from federal taxes is quite high.  In my case, South Dakota has no estate taxes.  Everything transfers to our two sons within 72 hours after our demise and presentation of the death certificates.  Philippines is more complicated.  We still have not completely settled my father's estate who passed away about 35 years ago.

[JJReyes]

I googled for the information.  The current amounts not subject to federal estate taxes is:

$11,580,000 per person

$23,160,000 per couple

The recipient pays no taxes on inherited money.  

[Dave Hounddriver]

13 hours ago, Scuba Joe said:

Dave Hound driver commented that the Mother has total "authority" over a child until 7. If Dave could elaborate on that, I'd appreciate it.

I would rather not elaborate.  My experiences are anecdotal.  JJ says it best in the above post:

3 hours ago, JJReyes said:

This forum isn't the ideal place to get counsel on Philippine legal matters. . . 

 

[Kingpin]

10 hours ago, Old55 said:

I think you may be making this more complicated than it is. 

I was just asking @JJReyesif Philippines life-insurance providers are required to pay all children equal shares, the way he claimed trusts in the Philippines are.

[Jollygoodfellow]

I dont know if any info here is relevant to this topic as its been sometime sine I read it but might answer some questions, https://www.philippines-expats.com/topic/26818-succession-estate-law-in-the-philippines/