Estate Planning…It’s not a copy-paste thing!

Posted on by Bing Ledesma - De Los Reyes

In my over 30 years in the financial services industry, I’ve encountered so many happy and sad stories on estate distribution and quite a number of these can be traced to wrong advice of simply “copying” what other family members or friends did with their properties or failing to make a wealth distribution plan.

Our values and goals as well as aspirations differ from others and as our circumstances change, some of these change too. Thus, it is important that we review our estate plan if we have started with it already or prioritise drafting it if we haven’t started yet. I am sure that the reason why we invest and accumulate assets is to live a quality life and ensure that our children as well as our children’s children live comfortably as well.

Many think that Estate Planning is only for the rich. No it is not! It’s for middle-class families like most of us who have started buying assets and the best time to think about what to do with these assets is while everything is going well with us. That way, a more thought-of and well-processed distribution may be carried out.

The following is a guide to start the process (credits to Martin Ledesma, a fellow veteran in the financial services sector who I consider an expert in this area having guided family corporations actually implement arrangements related to Estate Planning and Distribution):

  • Make an inventory of your Assets (indicate the estimate value of each)
  • Know which ones you own and which ones you co-own (by virtue of the property regime in place at the time of the celebration of your marriage which dictates the ownership of these assets).
  • Decide which ones you keep and which ones you will transfer now (depending on the purpose of the assets: is it to be used as your passive income when you retire or is it something you can transfer now to your child/children as something you want them to have or is it both of these?)
  • Devise a plan on what to do with the ones you keep (considering their function to you and your loved ones) and provide for payment of estate taxes (a life insurance policy enough to pay the estate taxes due is your best option; make sure you provide enough life insurance for the needs of your family too especially if your kids are still young).

Estate Planning is not only about reducing taxes but more importantly, it’s about keeping the family ties intact for what good are our riches if your family ends up not talking to each other anymore?

Prepare your estate while you’re around to give your family the wisdom that only comes from you and the life you lived.

For a more comprehensive reference on Estate Planning in the Philippine context, I highly endorse the book “Thy Will Be Done” by Atty. Angelo Cabrera, whose field of practice is Estate and Business Succession Planning. His book is written in a very interesting manner complete with real-life stories. (It is available at Amazon).

The beauty in simplicity…Bohol!

Posted on by Bing Ledesma - De Los Reyes

This place exudes warmth and you feel that the moment you land in the new Panglao International Airport. The endless trees on one side and the ocean on the other welcome you like family embracing you after a long absence.

I love the simplicity of Bohol and yes, it’s one of my happy places here in my home country, the Philippines. Bohol, for me, affirms that there really is beauty in simplicity. It’s less crowded white beaches, many options of beautiful resorts (but not the sprawling types that tend to be intimidating), the island hopping with little coves of super fine white sand, the butterfly and firefly gardens, the bee farm, the tarsier sanctuary, the historic churches, the Chocolate Hills (the country’s 3rd National Geological Monument), the man-made forest, the caves, waterfalls, the relaxing Loboc River cruise…the list is long and that means, you will not run out of activities to do. The variety of things to do gives both the adventurous and those who prefer just to get away from the busy city life so many to choose from. Dining places offering good food also abound at prices that are budget-friendly. Just like the place, the Boholanos, in general are simple. They have that aura in them that’s warm and welcoming; that makes you feel you’re home.

Bohol is also a historical destination. The Blood Compact Shrine is one monument that tells of the first international treaty of friendship between Spain and the Philippines. The massive churches that abound in Bohol with almost each of its 47 towns having one is another interesting story. (Trivia: Do you know that these churches are products of forced labor brought about by a revolt in the 1620s?) Read more about this here: https://www.bohol-philippines.com/bohol-church.html

I brought my family there a few years ago as a gift to my mother whose wish is to celebrate her birthday with us siblings and her beloved “apos” (grandchildren). I love gifting my loved ones with travels rather than with material things as experience is more lasting and leaves wonderful memories. (Too bad, my other sister Anne and her family is based in Abu Dhabi and could not join us.)

Mamang’s 69th birthday at Hennan Resort in Panglao

Two years ago, an epic reunion happened in this idyllic place. This time with my childhood best friends. Friends I made when we were still innocent of the world as we started being friends when we were 5 or 6 years old being neighbors, church mates and classmates.

  • As grade schoolers
  • When we were in High School (standing is our favourite teacher turned friend, Tessie Victor)

You don’t have to have anything in common with people you’ve known since you were five. With old friends, you’ve got your whole life in common.

~Lyle Lovett
An epic reunion that took 35 years to happen. Thank you to our High School classmate and friend, Ric Dela Cerna for being our “official” photographer

It was a reunion I thought could not happen as we are spread across the globe – Lanny is based in New York; Vivien in Los Angeles, Lyncie in Toronto, Marylene in Cebu, Jeany in our hometown in Cotabato and myself in Manila. But it did! Thanks to the wedding of Vivien’s beautiful daughter to a charming young man whose family hails from Bohol. We all said yes and ended as principal sponsors of such a lovely and meaningful wedding celebration in an islet of a beautiful resort in Panglao.

We all said YES to be Principal Sponsors

Our reunion is very, very meaningful to all of us as it was the first time for us to get together as a group after 35 years! The first and “only” time we are complete because we lost one recently. Our dear Marylene went up to a better place less than two months ago. We could have been together for our second reunion last May in Dumaguete but Covid-19 got in the way. Bohol will forever be etched in our hearts as a place where we had the best bonding times.

The first and only time we are complete because our dear Marylene went up to a better place. (Maybe, she was saying goodbye in this picture?)

When I go to Bohol again (and for sure, will go there again and again), it will be nostalgic and that makes Bohol a much more special “happy place” for me.

What’s a “happy place”?

Posted on by Bing Ledesma - De Los Reyes

“Everyone has a happy place, the scene that comes into view when you close your eyes and let your mind transport you to the dot on the globe where life is cozy, safe, warm.”

Author: Sarah Jio

There are places that simply give us joy. It is hard to describe but we feel it. It gives us a sense of peace. It’s like an escape. It’s when you say “I can live here.”

A happy place may also pertain to a person. Someone who makes you feel at home, accepted and loved. Someone who makes you smile no matter how hard your day is. This can be your spouse or partner, your parent, your own child or a best friend.

I have several happy places and when life becomes too fast and heavy, I retreat to these places and every time, they always give me that dose of magic!