Estate Planning is the systematic and methodical way of conserving your assets and possibly transferring parts of them during your lifetime, as well as distributing and disposing such assets at death in a way that may help reduce tax, legal and other related costs and expenses.
Here's Why It's Important For You To Plan Your Estate
So here's the thing. You've been a successful individual and you have conquered the Summit! You've accumulated a considerable amount of assets during your Productive and Wealth-Creating Stage.
So you now have a diverse basket of assets in your portfolio such as:
You have more than enough assets needed for you and your spouse to lead a comfortable life after retirement.
So what will you do with the rest of your assets?
There is a saying that goes..."You can't take it with you"...referring to your money and all your assets when the inevitable end of life happens.
So the next logical thing for you to do is to plan for its distribution to your loved ones, your heirs, your next of kin. But you think, let my heirs take care of my property among themselves when I'm already gone. Just let me enjoy my assets today.
Problems of Not Planning Your Estate
There are serious problems associated with waiting for death and letting your loved ones sort out what happens to your earthly assets among themselves.
Here are some examples of them:
Watch this video by Ms. Charo Santos-Concio as she discusses how
she makes use of Sun Life's Smarter Life product to help preserve
her assets to benefit THE REAL TREASURES OF HER LIFE.
How will Estate Taxes affect your Assets before they are transferred to your Loved Ones?
Depending on the size of your Estate, did you know that estate taxes can shave up to as much as 19% of the value of your assets? That's 1/5 of the value of your life holdings NOT GOING to your loved ones!
Let's say you have accumulated a total of Php100 million throughout your wealth-creating years. Estate taxes to be paid by your heirs related to these assets will amount to about Php19.2 million. Now that's a lot of money!
Measures put in place by the Government to Collect from your Estate
Upon your death, all financial institutions like banks, brokerage houses, mutual fund companies and the like are mandated to immediately FREEZE all your Accounts.
So in effect, they immediately BECOME OFF-LIMITS to your spouse, your kids, and your family.
You cannot make special contingency arrangements with these institutions as they will be held criminally liable if they are caught by the Bureau of Internal Revenue (BIR).
And in this era of the internet, any death can easily be discovered through the social media and the like.
The BIR has also crafted several robust measures to increase collection of Estate Taxes. Among these are:
Caution: There will be Penalties for delayed Payment of Estate Taxes, thereby further Decreasing the Amount that will be turned over to your loved ones
Furthermore, did you know that your loved ones and heirs need to pay these Estate Taxes within 6 months of your death or else a Hefty Surcharge plus 20% yearly interest will be imposed on these assets if the estate taxes remain unpaid.
But what if they do not have that kind of cash to pay for these obligations? Then your assets would've become a cruel FINANCIAL BURDEN to them instead of being a financial bonus.
And this adds misery to their already weakened emotional state brought about by your passing.
That is, unless you do something about it NOW!
THE SAD TRUTH:
HERE IS THE SOLUTION!
DO THIS for your Family NOW while you still have Good Health and Sound Judgment.
Get a Life Insurance NOW. This is the remedy that can give you Peace of Mind and spare the ones you dearly love from the possible emotional and financial storm that may be inflicted on them by the process of inheriting your Estate.
A Life Insurance Policy will give your loved ones INSTANT CASH when you pass away. They can use this readily-available Cash to pay your Estate Taxes within the Prescribed 6 months period and get all your Assets to be transferred to their names.
Furthermore, this Cash will be TAX-FREE if you designate an Irrevocable Beneficiary.
Now that You Know the Solution, You Have to Act!
Make use of this financial tool now so that you save your family and your loved ones from FINANCIAL MISERY in the event of your demise.
Remember, TIME IS YOUR ALLY. Make full use of it in planning your Estate.
Request for an Appointment here to get a quotation on the amount needed to facilitate an orderly transfer of your Assets to the next generation. The Consultation is ABSOLUTELY FREE and no fees will be charged.
Get a Sun FlexiLink VUL NOW!
Discover how this can help you properly and orderly plan your Estate
Learn more HERE!
A Brighter Life Awaits With SUN LIFE.
"All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine."
Edwin T. Bartolome
Financial Advisor and Certified Investment Solicitor
Code # 090848
CR # 02-2013-08539
Authorized by the Insurance Commission to act as an Insurance Agent.
For inquiries, assistance and free consultation on Estate Planning and other Money Matters, you can reach him at:
and E-Mail: firstname.lastname@example.org
Baobab New Business Office
Sun Life Financial
6/F BTTC Centre,
288 Ortigas Avenue
Greenhills, San Juan City
Tel. No. 719-3958
Fax. No. 719-3894
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