ESTATE TAX

• What is succession in legal terms?

  Transmission of property after death
• What are the types of succession?

  1. Testamentary Succession
  2. Intestate Succession
  3. Mixed Succession
• What is testamentary succession?

  Succession resulting from a will
• What occurs in intestate succession?

  Distribution according to Civil Code provisions
• What defines mixed succession?

  Partly by will and partly by law
• What is a will?

  Document controlling estate disposition after death
• What are the types of wills?

  1. Holographic will
  2. Notarial will
  3. Codicil
• What is the nature of succession?

  Gratuitous transmission of property from deceased
• What are the elements of succession?

  1. Decedent
  2. Estate
  3. Heirs
• Who is the decedent?

  Person whose property is transmitted
• What is the estate in succession?

  Property, rights, and obligations of the decedent
• Who are the heirs?

  Persons called to succession by will or law
• Who are the primary heirs?

  • Legitimate children
  • Their direct descendants
• Who are the secondary heirs?

  • Legitimate parents
  • Illegitimate parents
  • Ascendants
• Who are the concurring heirs?

  • Surviving spouse
  • Illegitimate descendants
• What is legitime?

  Part of property reserved for compulsory heirs
• What is the summary of rules on gross estate?

  • Residents or Citizens
  • NRA without reciprocity
  • NRA with reciprocity
• What is the valuation of gross estate for real properties?

  FMV + PP + RP + ZV + (H)
• How is the share of stocks valued for LSE?

  Mean Value + if not given
• How is the share of stocks valued for NLSE?

  CS(BV+) / PS(PV+)
• What is the basis for valuing usufruct?

  Basic Mortality Rate approved by SOF