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Revocable Living Trusts


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KMonde

Wondering if there are members willing to share their experience using Revocable Living Trusts established stateside before moving to the Phils. 

In your experience or knowledge, what worked or didn't work there, and did you replace your stateside Trust with a new Trust there, or modified it and how.

A little bit about my situation. I'm not a dual citizen (yet) until I can figure out how that might complicate my Trust. No children. Assets are in the Trust. All beneficiaries after we pass are in the Phils. They have no say or control over anything. If we are both incapacitated (accident), US law firm and US bank takes over our affairs. I see a potential problem there being thousands of miles away and would like to hear what others have done or can suggest.

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Daddle

Where are the principal assets located? Are assets in PI in the name of the trust?

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KMonde

@Daddle - 

All the assets in the Trust are in the US. If we move, the fixed assets will be converted to liquid assets but remain in US accts. We will pay US taxes.

Like most expats, I will bring enough funds for health insurance or medical emergencies which will be set aside untouched but accessible by someone we trust. The rest of the budget will be drawn monthly from US accts.

One change will be a purchase of a condo in the Phils. Not sure how to structure that, likely outside the Trust. Would like to hear other people's experience on this. I do have inherited property in the Phils. I don't need it and will give my share to one of my siblings.

My wish is to set everything up so that if something happens to us, this Trust will go on auto-pilot and take care of things. This will make me sound old, but I don't want to be a burden to anybody. Any and all suggestions welcome.

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Daddle

That ^^ is much like my Trust. US investments in Trust name. My executors are my siblings in the US. Distribution is to both my US children and my PI spouse. Approx evenly, but absolutely beyond contestable by spouse or any PI entity. The relatively minor PI assets are not in the trust and will become my wife’s by whatever (is there one?) process in the PI. It is that way because the rule of law is somewhat better in the US. This was implemented at great expense by a professional with full knowledge of the PI situation. Executors will pay out to spouse if somehow I have failed to spend everything on dubious exploits. 
 

Yours seems similar and reasonable based on what you described. Getting your PI domiciled asset titled back to your siblings in the states should be looked into. Big city banks in PI should be honest enough for trust issues. But probably not provincial branches. 

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KMonde

Thanks. Sounds like I can keep as-is. My siblings, though living abroad, are Philippine citizens which makes it easy to give Phil property to them. Not that they need it. I swear it's like we're re-gifting property to each other. This is one reason I might become a dual citizen -- to make it easy to offload assets not in the Trust.

Thanks for the idea. I'll focus on possible dubious exploits next. Isn't that what this whole Living in the Phils is all about? Joke! 😂

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