May kasabihan tayo…
We own nothing. Even if we bought everything.
If we own nothing, even if we bought everything, then who owns everything?
The government. Everything is just rented from them.
Confused? Let me explain.
Imagine you own a house. Then you die. Your tagapagmana would then inherit it, right?
The government is always on top of the list of everyone’s tagapagmana. Not your kids. Not your wife. Not your relatives.
When you die, it’s like returning everything you’ve “borrowed” (even if you bought it) from them.
Your real tagapagmana will settle the estate taxes.
If they don’t, then they don’t get to keep the house. If my memory serves me right, they have six (6) months to settle it, from the time of your death. Your heirs’ estate taxes can be computed in below’s table.
What if you want to transfer your properties ASAP? No more dancing with death. Is that possible?
But if you’re doing that just to avoid estate taxes, you’re in for a treat. I’m kidding. Because this time, your properties will now be subject for Donor’s Tax:
I told you. Everything is just borrowed from the government.
Here’s a comparison of transferring properties thru estate and donor’s tax…
Donor’s tax proved to be a clear winner here. But not so fast…
In this video, I will prove that the best way to transfer a property is by settling the estate taxes. How? With lots of help from life insurance.
At the end, you will also learn the things to consider when buying insurances for estate planning. These are also the questions that you should ask your financial advisers.
What it here.
Disclaimer: Insurances vary from one company to another. Features, premiums and riders may, and will vary as well. What was presented to you are insurances’ general guidelines and concepts to help you with life’s crucial financial milestones.
The type of insurances mentioned does not constitute as a financial advise, and should be treated as information for education purposes only. Retire Before 65, its authors and partners will not be held liable for your misfortunes.
Reaching out for a financial adviser will be best, but I would always say that you always do your own due diligence.
Some points mentioned in the video:
- Watch – VUL 101: Your VUL Questions Answered. Plus A Simple Guide In Choosing the Perfect VUL Insurance For You
We just busted the “I no longer need insurance because I’m already wealthy” myth. The truth is, the wealthier we get, the more estate taxes we’ll pay. Thus the need for more insurance coverage. Unless you want the government to inherit all your properties.
We don’t want that, do we?
Note: This is the 1st video of the series I made called “Life Insurance Code: How To Spot The Right Insurance For You”. It’s a non sales-ey, purely educational training designed for insurance customers. Click here to watch the whole series (plus the bonus video).