Special finance events for Dubai & Abu Dhabi OFWs!

By Randell Tiongson on August 18th, 2015

I will be back in the UAE for a series of training for the OFWs this September! It’s time to level up learning and be on your way to financial peace!

1) Economics 101 & Investment Outlook (Dubai) — this program will discuss the rudiments of economics especially matters that will have an effect to investors. How does interest affect investments? How does inflation play a factor in growing your wealth? How does monetary policies used to spur the economy?The program will touch up on basic macroeconomic learning as well as a thorough look on the Philippine economy as a bonus feature of the event.  It is high time that we all understand economics and how it affects our everyday lives!

To register, click HERE or email [email protected]

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2) Retirement & Estate Planning (Abu Dhabi)

Studies shows that only 1 to 2 out of 10 Filipinos prepare for retirement. Studies also reveals that the few who prepare for retirement, most of them will only exhaust their retirement funds halfway through retirement. Filipinos are experiencing longer life expectancy but unfortunately, huge costs are needed to live a life of comfort during those years.

Consider this: If you can generate 75% of your pre-retirement income during your retirement years, you will live a life of comfort; if you can only generate 30-50%, you will live a life of struggle. For a 20 year retirement, you need at least 20 years of preparation — if you plan to retire at 60, then you should start preparing at 40.

As and added feature, I will also discuss basics of estate planning under the Philippine setting. Many Filipinos are unaware of why estate planning is important to them.

To register, click HERE or email [email protected]

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HURRY! We are only limiting this offerings through limited slots only.

 

 

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Estate Planning anyone?

By Randell Tiongson on June 9th, 2010

How many people do you know has applied for Insolvency?  I doubt if you’d know much, if any at all.  For most of us who earn a simple living and are modest wage earners, we think that having an estate is more of a dream than a reality.  We think that our lifetime is too short to catapult our present financial plight into the coveted bracket of lifestyle bliss.

In the Philippines, insolvency is seldom heard.  We have grown to become apathetic.  We should start to realize that building an estate is not exclusive to the rich and famous, to the executives, to the tycoons of the business world or to the demigods of multinational empires.  It is for everyone who has the resolve and prudence of a thinking and financially conscientious man.  The philosopher Nietzsche said, “Fight! Do not Work!”  This does not mean that we should create a labor union and destroy the capitalist which is what Karl Marx declared in his treatise, the “Manifesto.”  This only means that we should create not go along with things that are already created.  Build more, and not just remain contented with the idea of what to build or what has been built.

Indifference about insolvency… does this mean that we are good asset managers?  Perhaps we are.  Even the ordinary man knows that nobody can be sent to jail for not paying debts.  But the state of being insolvent is not all about your liability to creditors.  It is about your liability to yourself, the potential to amass resources, to achieve prosperity.  That does not end there.  By no stretch of imagination would you want to see your good and hard-earned resources go down the drain and drag your family along with it.

Perhaps, you were able to manage properly your investments including the fruits of your labor – your properties.  You are now prepared to leave this productive live of yours.  As that fateful day has arrived, your properties are transmitted to your heirs – your spouse and children.  However, can you still guide your children on how to manage or use the properties you transmitted to them?  Are you sure your wealth will not be spent in senseless parties, gambling, drinking sprees and incessant shopping?  A good life and estate plan would keep you from having to roll inside your grave.

In this country, estate planning has been relegated to the merely inheritance taxes. While estate planning helps you transfer your assets in a cost-efficient manner, it really goes beyond taxes. A good estate plan will help you ensure that what you originally intended for your estate can actually happen even without your physical presence.  Further, good estate plans foster family harmony. How many families do you know ended up fighting each other because of their estate? The intentions of the patriarch/matriarch in leaving an estate is help their children and leave a legacy of love – not strife.

Estate planning is a good tool to minimize, if not eliminate uncertainties in the proper distribution of your estate. Estate planning will help you have peace of mind that you will indeed leave a lasting legacy.

“A good man leaves an inheritance for his children’s children, but a sinner’s wealth is stored up for the righteous.” – Proverbs 13:22


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Estate Planning and Life Insurance, part 3

By Randell Tiongson on January 30th, 2010

… conclusion.

For some reason, and despite the obvious importance of taxes in the daily operation of the state, it has exempted life-insurance proceeds from the ambit of tax laws, save for some exceptions, of course.

Our Tax Code recognizes the role and importance of insurance to the family of the person insured. It also exempts insurance proceeds from garnishment, attachment and execution of judgment-creditors. For those who have accumulated a hefty estate, life insurance can do wonders for them.

Most, if not all, estates left and brought into the inventory of the Bureau of Internal Revenue (BIR) are comprised of illiquid assets. If the typical Filipino would put it, the heirs are already in their advanced ages before they step into the succession, and the grateful recipients are not individually willing to shell out money for the settlement of estate tax and money claims of creditors. Others do not simply have the means.

In one case, the Supreme Court sustained the BIR when it assessed and collected the entire tax due from one of the heirs among several even if it means that all he had inherited would be dissipated in the process.

This need not happen unless we forget that life-insurance proceeds can be used to pay the taxes and claims and, in the process, keep the assets intact. A person can also use insurance proceeds to provide for his illegitimate descendant who may be left out of any shares in his estate. An illegitimate child gets the equivalent of half of the share of a legitimate child, and that share will be taken from the free portion, if any.

In other words, life insurance can promote “equitable” sharing. Most important, for a person with modest earnings, life insurance can provide an estate as big as his millionaire neighbor who did not believe in his insurance, the latter probably has very little or none at all.

Life insurance is just one of the tools for your estate plan. To emphasize its importance, Black’s Law defined estate planning as “the preparation for the distribution and management of a person’s estate at death through the use of wills, trusts, INSURANCE POLICIES and other arrangements, especially to reduce estate-tax liabilities.”

Do not just plan on the aspect of accumulation, plan for its conservation and distribution, for in the latter is where your absence will be.

Life insurance is not the only way to go about estate planning, it is just a tool among many. However, life insurance is a very powerful and cost-effective tool.

“A good man leaves an inheritance for his children’s children, but a sinner’s wealth is stored up for the righteous.” – Proverbs 13:22, NIV

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