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Estate Law

smalltownlottery · 14 · 2417

smalltownlottery

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Would like to know what is the estate law regarding inheritance. If my father dies and left no will and has 2 illegitimate child and has 5 legitimate children and a living spouse , what is the sharing of estate? also can we the illegitimate child sign quitclaim instead of extra judicial settlement ?


bauer

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father's estate (total less maximum 1M for primary residence -house) example 5M net worth less 1M = 4M
estate tax 4M less 50% tax = 2M

2M for distribution, surviving legal spouse receives 50% = 1M
1M for distribution to children (5 legit and 2 illegit) = about 165t for each legit and about 82.5k for each illegit more or less
principle: share of illegitimate is 50% of the total share of each legitimate child

please make sure and check with a good lawyer. i referred the 5M networth of the father (meaning all debts by the father is settled or paid).  If debts are unpaid, it must be paid first before estate tax and inheritance to family.


ymari

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@bauer, pano naman po kung ang parent ay wala na but meron ng nagawang deed of donation fews years ago pero hindi pa naman na sub-divide ng mga donee? Pwede pa rin yun as a donation, or magiging inheritance na sya at subject to pay estate tax before we can settle and divide the said property?


wilch23

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father's estate (total less maximum 1M for primary residence -house) example 5M net worth less 1M = 4M
estate tax 4M less 50% tax = 2M

2M for distribution, surviving legal spouse receives 50% = 1M
1M for distribution to children (5 legit and 2 illegit) = about 165t for each legit and about 82.5k for each illegit more or less
principle: share of illegitimate is 50% of the total share of each legitimate child

please make sure and check with a good lawyer. i referred the 5M networth of the father (meaning all debts by the father is settled or paid).  If debts are unpaid, it must be paid first before estate tax and inheritance to family.

Today ko lang nabasa.

AFAIK, sa example above, the latter 1M doesn't all go to the kids. Legit kid get 1 share. Sa labas kid get half share. SURVIVING SPOUSE also get 1 share from this.

So the last 1M is to be divided amongst them.
Each share = 1M divided by 7.
Each legit kid get 1 share each.
Surviving spouse get 1 share.
The 2 illegit kids get half share each.

The surviving spouse get one half of the estate because of the assumption that the properties are all conjugal, therefore it belongs to them jointly. Ergo the surviving spouse owns that half outright.


wilch23

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Saw your questions sa other thread, may I combine them here?

@bauer, pano naman po kung ang parent ay wala na but meron ng nagawang deed of donation fews years ago pero hindi pa naman na sub-divide ng mga donee? Pwede pa rin yun as a donation, or magiging inheritance na sya at subject to pay estate tax before we can settle and divide the said property?

Hello po,
Any one have knowledge, advised and inputs, thank you
My mum have executed a deed of donation since 2005, it was notarized. and it states shes donating the property of more or less 400sq mtr for the 3 of us children. My question is as follows:
1. I read in a forum that theres a penalty for this as it is dated 2005. Anyone can roughly estimate how much the penalty will be incurred?
2. Can we just make a new deed of donation to have a recent date, to avoid the penalty?
3. Can we make a separate document of deed for each of us? Because the deed they made before is just 1 page document that just stating the name of the donee. I prefer if possible, to make a new one stating the size of lot to each of us.?
4. What will happen if my mum died, will the deed of donation bacomes invalid? Because my sibling has no money to spend for the processing of lot sub-division and title transfer.
5. How can i get my share since other 2 still not able to get theirs?
Hope anyone will enlighten to this matter, its been a problem for many years. Thanks :watchuthink:


wilch23

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I'm not a lawyer, but may I?

The original deed of donation was notarized. If your parent is still alive, I think pwede make a new one to supersede it. Pero better consult a lawyer.

Kung wala na parent mo, how will the donation tax be paid? Baka invalid na ang donation.
 
If the property is a single title, mahirap maging individual donation.
Again, better consult a lawyer, baka may exception or what not in the law.

For inheritance naman, Yung katian between you and your siblings, pwede extrajudicial naman.
Say you put a value on the property, then subtract all expenses sa estate settlement and transfer of title. The net amount divided by 3 will be your share. Bayaran mo sila sa share nila. Everybody signs on the extrajudicial settlement docs. Done.
« Last Edit: Feb 26, 2014, 10:01 AM by wilch23 »


ymari

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Thanks Wilch23, Yes, buhay pa mother namin. Ang inaalala ko rin kasi kugn magkano na penalty sa deed na ginawa noon. Im currently working away, kaya ang hirap makakuha ng advise sa problem na ito. I dont know any lawyer, kaya its good i stumbled upon this forum. I can have ideas from the members.


wilch23

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Thanks Wilch23, Yes, buhay pa mother namin. Ang inaalala ko rin kasi kugn magkano na penalty sa deed na ginawa noon. Im currently working away, kaya ang hirap makakuha ng advise sa problem na ito. I dont know any lawyer, kaya its good i stumbled upon this forum. I can have ideas from the members.

Palagay ko your mom can make a new one to supersede the old, kasi hindi naman nag bayad ng tax, etc so title is still in her name. Your problem will then be sino ang maglakad nito, maybe one of your siblings.


ymari

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@ wilch, mother is 76yrs old na eh, at nandito ako sa caribbean napakalayo. In that case, baka 2016 a ako makauwi. Thanks for your many advise and inputs. Greatly appreciate.


wilch23

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@ wilch, mother is 76yrs old na eh, at nandito ako sa caribbean napakalayo. In that case, baka 2016 a ako makauwi. Thanks for your many advise and inputs. Greatly appreciate.

May new info ako, 30 days lang deed of donation, after which may penalty na daw.


darkknight

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Pwde bang magtanong? Ano ba ang contents ng extra-judicial settlement?


wilch23

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Pwde bang magtanong? Ano ba ang contents ng extra-judicial settlement?

Kasulatan lang yan na pirmado ng mga heirs kung wala naman ayaw, So ilalagay mo lang who gets what, then quit claim na lahat, so no need to go to court to settle the estate. That's why it's call extra-judicial settlement.


ymari

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@wilch, oo nga eh, kaya kung pag babasehan yun deed of donation namin na dated 2006, malaki na ang penalty, ewan ilang percent yun. Kaya sana papagawa kami ng bago, pero wala akong alam na atty. na mapag tatanungan o konsulta ng situation ko, kaya inabot ng ganito katagal kasi nandito ako sa malayo, hindi naman mapagkatiwalaan ang sis ko, dahil nga kahit yun pinadadala bayad sa amilyar, hindi pala nya binayad. Yun naman young brod ko, walang alam sa mundo.


darkknight

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Kasulatan lang yan na pirmado ng mga heirs kung wala naman ayaw, So ilalagay mo lang who gets what, then quit claim na lahat, so no need to go to court to settle the estate. That's why it's call extra-judicial settlement.
Thanks sa reply ! GOD Bless !


 


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