I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
Finally! After A long period of being unable to write, I can write again!
An estate is the whole mass of property, rights and obligation a person leaves behind when he dies. It is considered to be the dead person's continuing personality until all his assets have been liquidated and distributed to his heirs. So a person may be physically dead but legally still alive.
The net estate of the dead person is subject to tax at the following rates:
1.) Php200,000 -exempt
2.) Between Php200,000 and Php500,000 -5% of the excess over Php200,000
3.) Between Php500,000 and Php2 Million -Php15,000 + 8% of the excess over Php500,000
4.) Between Php2 Million and Php5 Million -Php135,000 + 11% of the excess over Php2 Million
5.) Between Php5 Million and Php10 Million -Php465,000 +15% of the excess over Php5 Million
6.) Php10 Million and up -Php1,215,000 + 20% of the excess over Php10 Million
The gross estate of the dead person also includes the following transfers of property:
1.) Transfer in contemplation of dead (i.e. last will and testament.)
2.) Revocable transfers
3.) Property passing under a general power of appointment (when this happens the property in question becomes part of the gross estate of the person it is donated to.)
Regarding deceased foreigners, those living in the Philippines are taxable on all their property, whether real or personal, regardless of whether the property in question is located inside the Philippines or abroad. For non-resident foreigners who die in the Philippines, only their property located in the Philippines, whether personal or real, is taxable. The exception is if the non-resident foreigner's home country doesn't impose transfer taxes on intangible personal property (rights, etc.) or allowed a similar exception to Filipinos.
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