Providing for our Filipina significant other living in the Philippines after our death

[Kingpin]

 

Eventually all married expats need to make these decisions so it's an important topic that doesn't get discussed enough, any advice is appreciated.

 

Split and edited (removed unnecessary verbiage) by Old55

Edited August 25, 2023 by Old55

[Old55]

Providing a Western based insurance or other annuity paid monthly could be a simple method of providing for a Filipina citizen wife after ones death.

Edited August 25, 2023 by Old55

[manofthecoldland]

2 hours ago, Old55 said:

Providing a Western based insurance or other annuity paid monthly could be a simple method of providing for a Filipina citizen wife after ones death.

It could be an option and someone might have researched it, and would be willing to share whatever items they discovered.

I would expect problems with the idea if your Pinay is solely a Philippine national, and you a Western or US citizen. My reasoning may be invalid, but it seems that many won't issue insurance policies and maybe other annuities across international borders re recipients for reasons of risk and legalities.

I am also not a fan of annuities, due to high initial costs and terms. Not to mention the often hidden agent commissions and residuals. When I cashed out my tax deferred annuities in my retirement accounts to switch over to mutual funds back in the 90's, according to the terms, I suffered a significant loss of value.

There might be something that the Philippine private insurance companies offer, but to me it would be very high risk and costly as well, but I am only guessing.

If there is a large age gap between the couple involved, that would be taken into account, and I assume either a deal killer, or the numbers re payout to survivor would be pretty small, since it would have to last her lifetime unless starting at a late age for her.

All I know is that when I checked on a life insurance policy for me, with her as a survivor, it wasn't feasible or economically workable.

If your wife is a Western country citizen, it would work, but if only a PI citizen, I have serious doubts. I may be very mistaken on this, but I never bothered to research it further since I wasn't interested in the concept.

[Old55]

I agree for the most part annuities are not the best value but could be a simple easy way to provide.

Strongly agree with you about security of a Philippines institution simply not worth the risk. To be fair many are honest and secure but for piece of mind I would go off shore.

The Philippines SS has been proven reliable so paying into that could be a good choice. 

Charles Schwab has a tool to provide monthly or maybe it's quarterly payments from an investment portfolio over time. 

Some after death payments could induce a premature death. I would hope all of us have partners who can be trusted. On the other hand a family member if aware of such a plan could have ideas. As we know the majority of our wives or GF's have no filter and they would share with everyone.

Edited August 26, 2023 by Old55

[Mike J]

Another important step, in addition to a revenue source, is to make every effort to be 100% debt free.

 

 

[hk blues]

1 hour ago, Mike J said:

Another important step, in addition to a revenue source, is to make every effort to be 100% debt free.

 

 

This gets my vote.

I'm not a big fan of providing a monthly income through some form of insurance etc and instead have decided to ensure my wife well be debt free when I'm gone and we live a comfortable but not extravagant life so that she will have the benefit of a cash lump sum to do whatever she sees fit with when the time comes.  She's not that much younger than me and as longevity rates for Filipinos are generally less than for Brits I'm not sure she will live decades longer than me anyway.  In addition, I'd hope our son will also keep an eye on her.

I've said this before - I don't support the idea that my wife should be akin to a lottery winner just because she married a 'rich' foreigner (ha ha I wish) and instead I'm shooting for her to be as comfortable then as we are now.

 

[Sea Turtle]

Land with or without buildings,  with clear titles.  If possible arrange income from those.

If just in the country,  it will fall with the ladies family.  Adult children are best, if none then other relatives.  Tie the resources up also with the children if they exist so that she has to at least get agreement with them for any changes and they with her.

The intense corruption and cheating make it really hard to solve this the western way.    

[OnMyWay]

12 hours ago, Old55 said:

Providing a Western based insurance or other annuity paid monthly could be a simple method of providing for a Filipina citizen wife after ones death.

I have an old policy with NYL.  Whenever I checked over the years, the was no way to change the beneficiary online.  Yesterday, I logged in and there is kinda a way now.  You fill out an online pdf, print and mail it.

I started reading it, and SSN is mandatory.  My wife has a TIN.  I wonder if that works.

[gbmmbg]

My wife worked at a good job the 29 years we were in the states and has a good pension so the money side is not the issue. it's the fact my wife has zero interest in the day to day management of the assets and Investments we have. She is great at the big picture things but her eyes gloss over when you get into the weeds of the paperwork of making it work.

[hk blues]

3 hours ago, gbmmbg said:

My wife worked at a good job the 29 years we were in the states and has a good pension so the money side is not the issue. it's the fact my wife has zero interest in the day to day management of the assets and Investments we have. She is great at the big picture things but her eyes gloss over when you get into the weeds of the paperwork of making it work.

What you describe is how I feel about things - like most Filipinos she doesn't wish to discuss life after I'm gone and therefore I've chosen the simplest retirement plan - hard cash. She can manage that well.