# inheritance, transfer of assets



## JakeSaPI (Sep 9, 2014)

Hi all - I am trying to figure out how, in the case of my sudden death, to make the funds in my US accounts available to my Filipino wife. 

Has anyone worked through this? There does not appear to be any straight forward way of setting this up. 

Your thoughts on this would be appreciated.


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## Tiz (Jan 23, 2016)

I'm not from the US, but I'd assume probate laws would be similar.

All you funds would be frozen until probate is completed.

Even if you gave her your PIN to your accounts, then she'd be breaking the law to withdraw any money before probate has been completed.

The only way to ensure she has funds is to give it to her before you die.


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## Tiz (Jan 23, 2016)

This link might be helpful.

https://www.hg.org/probate-law.html


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## bidrod (Mar 31, 2015)

Normally the bank accounts in the US do not go through probate, especially if it is a joint account. An individual account may require probate, but it depends on the state law.
The following provides some answers.

What Happens to Your Bank Account When You Die? | HuffPost

Chuck


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## fmartin_gila (May 15, 2011)

Believe you are making a mountain out of a molehill. Having been widowed twice(in the US) and been through this process, here is my thought. As a foreigner we can't own any property here(Philippines) so there should be no probate to even consider, as far as any property in the states you should cover that in a will. When you married you gave half of whatever you have to her and vise-versa. As long as she has a card and access to the account/accounts, she should be able to avail herself to any funds that are there using the card in most any of the local banks. 

Fred


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## ajaymathewp (Jun 20, 2016)

*hi*

Its very simple just make a joint account with your wife and make the nominee of other bank accounts if its not possible to make a joint account for all your accounts.

warm regards
Ajay Mathew 
<Snip>


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## gairloch (Jun 24, 2011)

1) The balance of a joint US account, with SURVIVOR SHIP to your Spouse, will pass outside of probate. The amount that passes is considered part of your estate. This applies to everyone IFAIK regardless of citizenship as the bank does not really care as they are already a joint holder on the account.
2) Non-resident alien spouse is another can of worms (maybe).


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## BGCExpat (Oct 26, 2015)

Some great estate planning news on the horizon if PRRD gets his way on the new tax reform bill slithering its way through both houses. It will lower the estate tax from  up to 20%  to a flat 6%. It will also take the value of the family home out of the overall estate. If you've got cash in the bank or a nice home, this tax reform could save your loved ones a great deal of money...



> *Finally, estate and donor’s tax will be reduced to a flat rate of six percent*, in effect unifying the two taxes to that of the final tax on sale of capital real property. A concern raised is the periodic adjustment in BIR zonal values, which will have the effect of reducing or negating the benefit from the tax rate cut. Another*is the inappropriateness of applying the zonal value to estate properties as such values are based on commercial transactions.
> 
> On the other hand, transfer*mortis causa*(occasioned by death) is of a completely different nature, it being involuntary, by operation of law and without a profit motive. The remedy sought is *the exclusion of the primary home from the gross estate*. This treatment will also be consistent with the special status accorded family homes in the Family Code.


Annotated view of the 2017comprehensive tax reform (Conclusion) | Business, News, The Philippine Star | philstar.com


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## gairloch (Jun 24, 2011)

You'll need to research the following, because of your spouse is not a US citizen the inheritance, they are not entitled to the tax free transfer bestowed upon married spouses.
On the other hand, your estate still gets the unified credit, which is substantial and should cover most people. Thus, your alien spouse would not suffer the effects of the estate tax.
The unified credit is about $5.5M. The unified credit is available to everyone AFAIK.


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## JakeSaPI (Sep 9, 2014)

Thank you all. I'll do my homework on this.


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