Transfers by Donation Included in the Estate

a. Revocable transfers.

b. Transfers where the donor reserves the right to income of the property until death.

c. Transfers where the donor reserves the right to the possession or enjoyment of property until death.

d. Transfers in Contemplation of Death. Motives:

RSIDE;

  1. Relieve donor of burden of management of the property.
  2. Save Income Taxes.
  3. To make children financially independent.
  4. To settle family disputes.
  5. To see the children enjoy the property while the donor still alive.

e. Transfers under a general power of appointment.

Note: All the above transfers are includible in the gross estate provided there was no consideration in money or money’s worth at the time of transfer.

 

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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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