Having to grieve the loss of a loved one can take an emotional toll on you. But to do so while dealing with estate tax can make things even more difficult for you and your family. Ideally, inheritance disputes are settled if you just talk it out with the rest of your siblings and other relevant parties. The property can then become a worthy property investment and then everyone goes home happy.
Unfortunately, it just doesn’t work out that way. From filling up the paperwork to the actual steps to claim your assets, the process of validating and settling estate tax can be overwhelming for most of us. Legal obligations are just tedious, after all.
It can get messy pretty fast, as well. If you drag the settlement too long, there might already be penalties coming your way. Worse, they usually pile up real quick. Wait too long and you risk paying years’ worth of fines that are greater than the amount of the house’s actual value.
Settle your estate tax now so that the land title can be transferred to you. Sure, the home can have the best location, furnishings, and price point for customers looking to buy real estate, but if you cannot prove ownership, you’re left with basically a stagnant asset. You won’t even be able to get a building permit or have the premises renovated. Say goodbye to your plans of finding people who want to invest in it or using it as loan collateral for your Visa requirements. Any possibility of property investment returns goes down the drain, just like that.
Of course, the feeling of not taking care of an asset your mom, dad, uncle, or aunt trusted upon you can weigh heavily on you. They spent all their lives paying off and preserving that property for the family. You don’t want to sit around and regret not settling estate tax earlier just because it was inconvenient for you.
Nevertheless, if you haven’t settled your estate tax just yet, don’t worry. These are difficult conversations to have and your family is not alone in this predicament. The national government has even extended amnesty for estate tax, believe it or not. If you have inherited property and paid taxes for it on or before December 31, 2017, you can still settle it at 6% minus the penalties. The extension is only effective for another two years!
For title transfers, real estate property tax, and more, it’s always best to seek help from a professional. If you’re in need of assistance when it comes to settling your family’s estate tax, you can book a free consultation with an Ohmyhome property agent today.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.