President Rodrigo Duterte has finally passed into law Republic Act No. 11213 otherwise known as the “Tax Amnesty Act.” Under the law, the amnesty tax to be paid for estates of decedents whose deaths occurred on or before December 31, 2017, is reduced to six percent (6%) based on the total net estate at the time of death. If the allowable deductions at the time of death exceed the value of the gross estate, the minimum estate amnesty tax of Php5,000.00 shall be paid. The lega

It is of common knowledge that settling the estate of a deceased family member or relative judicially can be very costly and can take years. However, not all estates need to be settled judicially. Under Section 1 of Rule 74 of the Philippine Rules of Court, the extrajudicial settlement of an estate is possible as long as the following requisites are present: The decedent left no will; The decedent has no debts or his debts have been fully paid; The heirs are all of legal age