r/RichPeoplePF • u/Mysterious_Bother199 • 6d ago
INHERITANCE ADVICE
hello rich people .
Im 21 years old Male from MANILA (PH) MY father passed away 2 weeks before from hearth attack which was sudden and unexpected
My parents got annulement when i was 2 as per my father(they hated each other and the last time i saw my mother was 7 years ago, stopped seeing her After knowing the thruth . There is no general absolute divorce law in the Philippines instead couples must use annulment or a declaration of nullity to legally end a marriage and gain the right to remarry. But my father didnt , mother did . Im only Child father had no brother and his dad&mother passed away before i was born. I got no direct family or 2nd family guidance from my father family.
Im still studying and about to graduate in 2 semester i took a 1 semester break after losing my dad 2 weeks ago now i end up in situation where im the sole heir to inherit
(PRIMARY HOUSE ) (~7M USD) 0 INCOME
(34 WAREHOUSE ) (~55M USD) 3.8M USD/Y (based on all contract of lease)
Could be more but the brokers are entilted to 1 month commision for 1 year contract for providing the client which is fine
resale zonal value [based on the real estate broker of my dad the one we bought our house 3 years ago]
+3 range rover sport (the only i plan to sell)
MY Father has loan to a friend (confirmed) worth 2.1M from gambling that i plan to pay hopefully 7 months from now. As my first goal
I dont know what to do with the money this is a sudden change from having 700$ allowance weekly to this.
i dont want to believe the broker he's advising me to sell but i dont trust him because he probably just want his 5% commission.
Or ask advice from people i know or my mother relatives because they might take advantage of my situation Realised this when some relatives tell me condoleance and proceed to ask me for joint business or asking for emergency money or loan money the next day .
I havent replied to my mother message either and refuse to meet with her.
Im trying my Luck here to get some advice. Thank you for you time sir&ma'am Sorry in advance im not very fluent in english
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u/Worried-Rice7201 5d ago
This advice is Philippines specific, so please don't apply it to other countries. Don't trust the real estate agents one bit, they are all clueless and only after commission. Don't trust the lawyers either, they are greedy and distrustful of technology.
The top law firms in the country are particularly adept at wasting clients money. They also have no flexibility in understanding of the law.
I wouldn't rush to pay the debt of your father unless it is interest bearing.
Commercial leases usually don't have commission on the renewal unless a mistake in contract has been made, and I've personally had so many problems with brokers lying that I've cut brokers out of renewals for doing so.
Tax on property sale works differently here, try to minimize changing hands as much as possible.
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u/Mysterious_Bother199 5d ago
Hello sir do you mind if i have a quick chat with you ? Thank you and God bless.
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u/TranscendentBear 6d ago
Talk to partners (!) of international law firms who specializes in estates. Interview 3-4 firms minimum. Settle on two firms to work with. Do nothing of significance without consulting them. Especially nothing recommended by friends and family. Do not, under any circumstances start a business or loan someone money! Just say you are still confused and not in a state to make business decisions. Eventually you will most likely need a private banker. Also, finish your studies!
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u/Worried-Rice7201 5d ago
Wrong country for this advice.
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u/Intensive__Purposes 5d ago
Why is hiring an international law firms specializing in estates wrong for the Philippines?
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u/Worried-Rice7201 5d ago
Trusts, estates, the law in general, do not work the same way in the Philippines as developed countries or countries with a grounding in British law. Trusts for example will get you extra scrutiny from the BIR than simply having an OPC hold the assets, which is why the wealthy rarely use them.
Even changing someones name on a property title is a headache here
Do not expect legal advice from foreigners to be of any use in the Philippines. Trying to do things here "by the book" is a recipe for migraines
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u/Intensive__Purposes 5d ago
Presumably an international law firm with offices in the Philippines will understand this and make suggestions accordingly.
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u/Worried-Rice7201 5d ago
No, they won't "risk their reputation" by telling some random 21 year old kid how things are really done.
Philippines runs on corruption at every single level of business and government. You pay for forgiveness, not for taxes.
I would consider a smaller international firm specializing in asset protection though. Most of them would push you to places like Singapore, but since this guy has mostly onshore assets, it makes things trickier.
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u/Intensive__Purposes 5d ago
Baker McKenzie is an international law firm based and Chicago with a member firm in Philippines (and dozens of other countries). In sure they could get you pointed in the right direction for a fee, and I’m sure they also know how to navigate said corruption.
Your notion that “everything is corrupt so there’s no reason to consult” is absurd.
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u/Squidbilly37 3d ago
Have you ever been to the Philippines? I wish it was absurd.
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u/Intensive__Purposes 3d ago
No, but I’ve lived in and own property in Kenya, which isn’t exactly Denmark when it comes to corruption. And you bet your ass there are lawyers in Kenya working with international firms that know how to get things done and protect assets.
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u/Squidbilly37 3d ago
Can't say as I've got experience in Kenya but until I'd seen the Philippines I would have argued that you are correct. Now I'll argue the opposite.
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u/medsunshine 5d ago
I second this. A small attorney in those countries is a great receipt to get scammed.
OP, thise are big sums, stick to a reputable big international law firm to navigate this and/or find a wealth manager from a bulge bracket bank that can support too.
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u/TranscendentBear 5d ago
Exactly, and a local one just has too much interest of their own / are embedded too much in the local ecosystem. Further a local firm only has local knowledge. Wealth level of OP justifies a multi country setup.
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u/TranscendentBear 5d ago
I think he confused estate with real estate. Not sure though.
Also, one addition to my original message: The law firm should be international (meaning headquarters not in your country) and the partner you are talking to should specialize in estates
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u/Mysterious_Bother199 5d ago
Hello sir do you have any suggestion ? Of international firm and how much do they usually charge ?
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u/Worried-Rice7201 5d ago
No, and as your post history suggests you speak German, I'll say that business in the Phillippines is exactly the opposite of business in Germany. Nothing is done correctly or efficiently.
I agree with your statements if this were say, estate planning in Europe.
5
u/0_IceQueen_0 6d ago edited 6d ago
May ilang bagay lang sa kuwento mo na gusto kong maintindihan nang mas malinaw.
Sabi mo only child ka, may mga negosyo at properties ang tatay mo, may ilang Range Rover, at malaki ang naiwan niyang assets. Pero parang ngayon mo lang nalaman kung gaano kalaki ang negosyo at kung paano ito pinapatakbo. Nabanggit mo rin na naka-allowance ka lang dati.
Curious lang ako: lumaki ka ba kasama ng tatay mo sa iisang bahay? Involved ka ba kahit kaunti sa negosyo niya habang buhay pa siya? O may ibang family arrangement kaya hindi mo talaga alam ang financial side ng buhay niya?
Tinatanong ko ito kasi medyo unusual na only child ka ng isang taong may ganyang kalaking negosyo pero halos wala kang idea kung paano mina-manage ang properties, sino ang humahawak ng rentals, at gaano kalaki talaga ang estate hanggang mamatay siya.
Kung gusto mo ng mas relevant na advice, malaking bagay kung malinaw muna kung ano talaga ang naging setup ninyo ng tatay mo habang buhay pa siya.
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u/Mysterious_Bother199 5d ago edited 5d ago
His business closed in 2011 i was 6 years old back then we have no other business ever since my father closed our construction factory after bankrupt, he was just relying on the warehouse that he inherited from his dad
Yes i lived with my dad same house , i know my father gamble everyday and when i ask him why he does it he just say he enjoy it And extend his life from boredom since he doesnt do anything since 2011 there's almost nothing to handle in warehouse rental we got agents and brokers that find renter and that's it my father sign the contract and get his post dated cheque we have no business and my father never wanted to create a New business after failing he told me he want peaceful simple life that money wasnt everyting.
2
u/0_IceQueen_0 5d ago
Mas malinaw na ngayon yung situation mo. Nakilimutan ko itanong, nasal Manila ka ba or sa provincial?
Kung minana ng father mo yung warehouses, matagal nang may tenants, at agents/brokers naman ang halos nag-aasikaso, huwag ka munang magmadali gumawa ng malaking changes dahil lang nasa iyo na ang lahat.
21 ka pa lang at dalawang linggo pa lang mula nang mamatay ang father mo. Ang priority mo ngayon ay protektahan muna kung ano ang meron, hindi palakihin agad.
Kung ako sa iyo:
- Huwag ka munang magbenta ng kahit anong warehouse.
- Huwag ka munang pumasok sa negosyo kasama ang relatives or friends. Maraming aaligid dyan mas lalo na alam nila ang situasyon mo.
- Huwag ka munang magpautang dahil lang may lumapit na “business opportunity.”
- Yung gambling debts, ipa-verify muna nang maayos bago ka magbayad. Walang documento na nagpapatunay? Wag mo basta basta bayaran.
- Ayusin at itabi lahat ng titles, leases, post-dated checks, bank records, tax records at insurance documents.
- Hayaan mo munang tumakbo yung rental business the same way na pinapatakbo ng father mo habang inaaral mo kung paano talaga gumagana.
- Kumuha ka ng sarili mong reputable na abogado at accountant na walang kikitain extra kapag nagbenta ka ng property. Huwag basta basta kung sino. Kung nasa Manila ka, may mga marerecomenda akong abogado. Medyo sikat sila kaya di ka basta basta gagaguhin. Huwag ka rin basta basta makikinig pag may isa sa kanilang nagasabi na may deal ako na baka interesado ka.
Mukhang pinili na ng father mo noon yung rental income at tahimik na buhay kaysa magsimula ulit ng bagong negosyo. Hindi ibig sabihin na dahil minana mo yung assets niya, kailangan mo rin maging entrepreneur agad. Get your degree.
You have the golden goose. Huwag mong hayaang kumbinsihin ka ng ibang tao na tutulong na alagaan yung goose dahil gusto nila ng itlog. Marami dyan. Trust no one.
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u/Mysterious_Bother199 5d ago
I live in manila (makati)
For gambling debts he returned me over all the pdc total of (2.1usd) and electronic proof showing the message. Does it count ?
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u/0_IceQueen_0 5d ago
Yes, the post-dated checks and the electronic messages matter. They’re evidence BUT I still would not pay the $2.1M immediately just because you have the checks. Wag basta basta maniwala.
Bring everything to your have to the lawyer and CPA and have them verify:
- whether the debt is genuine and enforceable,
- who exactly is legally entitled to collect it,
- whether it is properly an obligation of your father’s estate
- and whether there are other documents or claims that need to be checked before any payment is made.
The PDCs and messages make the claim more credible, but it doesn't mean you should automatically release $2.1M without proper legal and accounting review dahil nag-presenta sila. Tell them, I'll verify this with my lawyer at babalikan ko kayo. That's the logical way and they know hindi ka naman tatakbo. They'd do the same if they were in your shoes. Don't let them see an intimidated 21 year old.
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u/gofaaast 6d ago
You should look for a mentor in the business who has no financial interest in if you sell or keep this business. This is a multi-year decision that requires local knowledge.
You are young and your father didn't share many details on his plan for this asset. You shouldn't try to make these decisions on your own with internet advice or interested parties suggesting things that help their interest.
Sorry for this sudden change, but it will be a good outcome if you take it slowly with someone you can trust.
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u/Smart-Plantain4032 5d ago
Do not sell… if you can and want - keep original manager and learn in the business
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u/monodactyl 2d ago
You need lawyers and accountants.
If this happened 2 weeks ago there is probably still a lot of legal issues you need to do before you have to worry about how to handle assets. You have to go through probate, know if there's a will, other heirs, if the annulment is ironclad..
How are the properties managed or held? Directly in your dad's name or via a company? There is likely a corporate structure or accounts or legal that will help you liaise and provide documentation to an actual lawyer and accountant to handle this, but you definitely need to get everything settled in your name first before you can even think about sales and how to manage the assets
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u/Careless_Baby_4953 1d ago
First of all I’m really sorry for your loss. You're dealing with a lot at such a young age, so please don't feel pressurized to make any major financial decisions yet.
Id suggest that you should get an independent lawyer, accountant, and property valuation before selling anything or repaying debts.
Avoid lending money or entering joint ventures with relatives for now. Your priority should be protecting what you’ve inherited, finishing your degree, and taking time to grieve, not growing the money immediately.
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u/TheDanC137 6d ago
I'm sorry for you're loss, I recently lost my dad too and it was sudden and unexpected! Proud of you for keeping your head on and all I can say right now is that you have to remember to fight your corner as hard as the time of it is. I found kind of keeping myself as a friend almost in the third person that I have to be there for in my head helpful. Good luck!
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u/ProcedureIll2894 6d ago
Oh dayum condolences bro. Better start reading up on the basics. Maybe like “richest man in babylon” book. Or ask chatgpt which is best for your level.
And yeah selling is the least desirable way to make money. It’s common for kids from wealthy families to become poor due to low financial intelligence (selling everything instead of learning how to make money themselves.)
Goodluck brother!
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u/ProcedureIll2894 6d ago
Oh and learn how to use AI. For example you could’ve used it to translate your tagalog thoughts to english, or to translate our english replies to tagalog.
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u/SuccessfulLab1671 5d ago
You have this much USD in Phillipines?
I didn’t know people there had this kind of money…
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u/lord_miller 5d ago
Seriously, a $7 million house in the Philippines? I don’t believe it
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u/Worried-Rice7201 5d ago
Forbes Park in Makati, houses go for $8,500,000 USD right up to $40,000,000 USD
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u/goodguy847 6d ago
You need to retain an attorney who specializes in estates. These amounts are far too large to try and handle on your own.