Most Filipinos are not aware that their heirs will be burdened with estate taxes upon claiming their inherited properties, vehicles and/or investments. The load becomes heavier since the heirs shall file the returns (taxes) within six months from the time of death or else they will be encumbered with penalties accruing annually. Worst, aside from freezing the supposedly ‘blessings’, these ‘pamanas’ can be foreclosed due to penalties and interest charges that piled up.
Jenny del Mundo, Sun Life Financial Philippines Distribution Support Head shared three ways not to ‘experience the nightmare’ and remove that burden to the heirs:
- Through sale of assets
Selling the assets to legal heirs who has the capacity to pay (except husband).
- Through Donation
Donate the asset to legal heirs that doesn’t deliver the capability to pay.
- Get a life insurance policy that will protect the heirs and their inheritance.
Yes, as Sun Life launched its SUN Life Smarter Life offer, the policy holders will not only get the most of their hard-earned income but the security of their legacy as well. SUN Smarter Life is another Sun Life protection product that aims to provide double life insurance coverage until age 100, while the insured lives, thereby guaranteeing a secure future for the family whatever happens. Should the insured pass away, the insurance proceeds from the protection plan can be used by the beneficiaries to settle estate taxes. That is on top of the living benefits from any unfortunate event of terminal illness or emergencies. These supplementary benefits will be added to the plan for an extra protection against any uncertainties such as accidents, disability and illnesses for a minimal amount.
Sun Life Financial Philippines Chief Marketing Officer Mylene Daez-Lopa said:
A lot of Filipinos are not familiar that insurance can be a solution in estate planning. SUN Smarter life wants to ensure that whatever they worked on, they could pass it on to the next generation and to their loved ones. So that they can really preserve that treasures that they want to pass on. ”
Charo Santos-Concio, the renowned actress and producer known for her Maalala Mo Kaya show shared:
I get to face my fears, I’ve really become more daring and more adventurous on my perspective about life. I live every day and savor each day as if it were my last. And so, all the fruits of my hard work are really meant to be a legacy to my children, to my beloved sons and grandchildren. Gusto ko pong makita na komportable ang mga anak ko. Ang mga apo ko ko ay makapag-aral, makapagtapos ng pag-aaral, makamit nila ang kanilang mga pangarap. And I think, all the assets I’ve acquired through the years can best be enjoyed by my loved ones, if I plan about this efficiently. And it’s through SUN Smarter Life, that everything can do this.”