Asset protection is for you and your family or heirs. You don't want to see your assets lose value, right? And your assets should go to your heirs as you wish it and not let the court or anyone else decide.
When you or your spouse passed away suddenly, two things will happen. Your assets will shrink as much as 60% of the total value, or they will avoid the shrinkage due to your prudent planning...
Death of Asset Owner Shows
The Need for Asset Protection in the Philippines...
Or elsewhere, not all of your assets are yours. You have a silent partner. Have you thought of the effects of disability, death, taxes and other fees? Studies show that these draw off 15% to 60% of the total asset.
In case of sudden death, your assets will help pay for "final expenses" such as medical bills and funeral expenses. Estate tax, income tax, property tax, lawyers' and other fees and debts need to be settled also.
Bank accounts and money market placements are frozen. Your heirs will be forced to sell assets or borrow money. And they cannot get a fair deal because they need the money badly to pay for those expenses and fees.
Your family or heirs can only get your assets after those fees are paid in cash. The balance or what they will get depends on how you planned for this. There is no short cut than proper planning.
The good news is that most expenses and fees can be avoided. Payments should not come from your assets - your estate upon death. Protect your assets or estate from shrinkage.
Your assets are under asset protection laws in the Philippines in one way or another. They are in effect whether you have a plan or not. Whether the plan helps you achieve your objectives is another matter...
Planning for asset protection in the Philippines, next page.
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