Providing for our Filipina significant other living in the Philippines after our death

[Kingpin]

Missing an important comment of the original topic:

On 8/23/2023 at 3:43 AM, manofthecoldland said:

I would never put my life or limb in harms way in a foreign country by making the end of my existence advantageous to anyone here.

If that's the goal, then what are the options for a wife etc? And who does get those survivor benefits?

Questions made more complicated by Inheritance Law in the Philippines

[manofthecoldland]

3 hours ago, Kingpin said:

Missing an important comment of the original topic:

If that's the goal, then what are the options for a wife etc? And who does get those survivor benefits?

Questions made more complicated by Inheritance Law in the Philippines

Personal situations vary so much that we all have to craft the inevitable decedent situations as we are willing and able to.

Not everyone forms legally binding instruments that cross international boundaries.

E.G. for a Filipina citizen to qualify for survivor benefits from your home country in terms of earned pensions and Soc. Sec. , there are qualifications that have to be met and paperwork filed and approved. Often, with men who have retired and pensioned before they come to the PI, that may pose a problem if they marry here and the new wife never qualifies for pre-earned survivorship benefits.

If that is the situation you find yourself facing, you can either do nothing and hope for the best, or make what provisions you are able and willing to before hand.

It also depends upon the ages of the two individuals. If there is a significant age gap and the expat is not a man of accrued wealth and resources, and he has no intention of returning with his wife to his home country, then some options are to:

1.  Help her acquire the needed skills and education to make a living in the PI, if she hasn't any at present, and has the aptitude and willingness to do so.

2.    If she has children from a previous relationship/s, see that they get an educational skill set that will allow them to assist their mother.

3.  See that she has a Philippine SSS account.  Either by spending time as a salaried employee that allows her to enter the system, or she can devise any sort of 'self-employed'  occupation or small business that would get her into the system and make minimum contributions.

4.  See that she has positive relationships within the family that might provide for the informal social well being of her survival needs to some degree. Traditional family inter-dependence and life styles still exist here, and in most of the non industrialized world.

5.  If she is comely, personable, able and willing..... give her some insights into 'how find a replacement husband' ., if you disappear. Then, of course, since she attained a life with you already, she might not need any 'How to...' advice.

All of the above suggestions are old hat and common sense, but people often don't put much effort into these things until the need arises, and by then, they are of little or no use and value.

Anyone else have anything to add ?  Please don't advise sari-saris, pig-raising, chicken raising, fishpond leasing , motor trike or jeepney leasing, fishing boat leasing, 3 or 4 plex apts, if she has a poor or needy set of relatives, small resto, etc. In most cases they turn out to be failed ventures in terms of providing her with sustainable income, IMHO

[Joey G]

5 hours ago, manofthecoldland said:

Anyone else have anything to add ? 

Nice summary for those in that situation.

5 hours ago, manofthecoldland said:

Please don't advise sari-saris, pig-raising, chicken raising, fishpond leasing , motor trike or jeepney leasing, fishing boat leasing, 3 or 4 plex apts, if she has a poor or needy set of relatives, small resto, etc. In most cases they turn out to be failed ventures in terms of providing her with sustainable income, IMHO

I swear 50% of the people I know planning to retire there list one or more of these as a way to supplement income when they retire... they are hobbies at best, and a bone of local contention at worst if one encroaches on local businesses.  We have one friend who is trying to corner the tuba distribution market in my wife's provincial hometown 

I'm hoping for his sake it fails abruptly without any issues.

[Possum]

5 hours ago, manofthecoldland said:

Anyone else have anything to add ?  Please don't advise sari-saris, pig-raising, chicken raising, fishpond leasing , motor trike or jeepney leasing, fishing boat leasing, 3 or 4 plex apts, if she has a poor or needy set of relatives, small resto, etc. In most cases they turn out to be failed ventures in terms of providing her with sustainable income,

I am lucky in that my wife has never mentioned any of those business ventures. However she is big on buying land for investment purposes. When I suggested building a couple of apartments to rent, she nixed that idea quick. Too much trouble with maintenance and evicting dead beats. So we bought a piece of land at a very good price and are always in the market for more. She s well aware that land is not a liquid asset and we are both serious about having money in the bank. I have investments and she has a small investment account  with first metro but doesn't seem interested in the nuts and bolts so we will be selling that and investing in a UTIF with Metrobank. It's like a mutual fund so no hands on needed and you can choose to invest in US stocks.  Some people have worried about family taking advantage of her financially. I laugh and tell them that when anyone asks her for money she tells them to talk to me. I also tell anyone that wants money to talks to her. Since we are renowned misers that is usually the end of the conversation. However, we have voluntarily paid for hospitals, late electric bills etc. We understand things happen but neither of us are an ATM. I treat our financial relationship just as I would in another country. I give no special dispensation simply because I am in the Philippines. God knows given the chance dead beat relatives in my home country would bleed me dry if  they thought it was possible.

[Kingpin]

7 hours ago, manofthecoldland said:

E.G. for a Filipina citizen to qualify for survivor benefits from your home country in terms of earned pensions and Soc. Sec. , there are qualifications that have to be met and paperwork filed and approved. Often, with men who have retired and pensioned before they come to the PI, that may pose a problem if they marry here and the new wife never qualifies for pre-earned survivorship benefits. If that is the situation you find yourself facing, you can either do nothing and hope for the best, or make what provisions you are able and willing to before hand.

There's a third and arguably better option for those with kids here; add them to the survivor benefits. It doesn't pose any of the above problems, because they have dual citizenship and can get SS numbers, and it provides the solution as well; they can take care of their mother / your wife.

 

7 hours ago, manofthecoldland said:

don't advise sari-saris, pig-raising, chicken raising, fishpond leasing , motor trike or jeepney leasing, fishing boat leasing, 3 or 4 plex apts, if she has a poor or needy set of relatives, small resto, etc. In most cases they turn out to be failed ventures in terms of providing her with sustainable income, IMHO

Agree except for the apartments, rental income is probably the single most reliable option for income in the Philippines.

I thought that's what you were referring to here, if the wife needs cash they need to be rented or sold:

 

On 8/25/2023 at 6:13 PM, manofthecoldland said:

I purchased inexpensive properties when the right situations appeared

 

 

 

[driveallnight]

On 8/27/2023 at 1:01 PM, Kingpin said:

On 8/23/2023 at 3:43 AM, manofthecoldland said:

I would never put my life or limb in harms way in a foreign country by making the end of my existence advantageous to anyone here.

Agree 100%, manofthecoldland. To that end, I have an investment brokerage account that I’m considering making into a TOD (turnover-on-death) in the name of my longtime girlfriend….but not telling her about it. Upon my death, she would be notified about the payout. 

[hk blues]

1 hour ago, driveallnight said:

Agree 100%, manofthecoldland. To that end, I have an investment brokerage account that I’m considering making into a TOD (turnover-on-death) in the name of my longtime girlfriend….but not telling her about it. Upon my death, she would be notified about the payout. 

Each to their own but isn't it a bit off to not make her aware of what provision you have made for her future? It may be something that deeply worries her.

[Possum]

15 minutes ago, hk blues said:

Each to their own but isn't it a bit off to not make her aware of what provision you have made for her future? It may be something that deeply worries her.

May be. I think many guys come here after bad experiences in their own country OR naive folks come here and get taken advantage of which in some cases makes them paranoid and at times less considerate than they may have been years earlier. On the other hand caution is always best along with some honesty. .

My wife is well aware of how she'll survive upon my demise even though she refuses to discuss my demise. Instructions are in place with attorneys in both countries . No one is going to go hungry and the youngest children will be well taken care of. Beyond that I don't care as I have never seen a luggage rack on a hearse and I'm guessing I'll quit worrying about minor details when I draw my last breath.

[Kingpin]

6 hours ago, driveallnight said:

 I have an investment brokerage account that I’m considering making into a TOD (turnover-on-death) in the name of my longtime girlfriend

Doesn't she need a US SS#?

If a partner or (adult) kid does have an SS#, there's an alternative to payable on death; add them as a joint account holder. This is probably the best option for anyone with investment income, the income stream is better than a large sum of cash to someone with little financial experience and/or endless relatives.

 

 

[driveallnight]

5 hours ago, hk blues said:

Each to their own but isn't it a bit off to not make her aware of what provision you have made for her future? It may be something that deeply worries her.

Of course. But she’s already financially quite stable.