EstateAccounting
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- last update: 6/16/24
- ian turned over P4,708,549 to the estate
- lao (pelaez buyer) paid remaining P5 million to estate
- expenses and advance to heirs as of 12/31/23:
- expenses: P1,384,953.17
- photocopy of accountant's report:
- summary of major expenses:
- estate administration lawyer fee: P500,000
- assignment of compound lot to angie: P314,122
- compound fence: P139,223
- 4126 court case vs alferes et al: P74,820
- cemetery/all souls: P56,902
- mambaling sketch plan: P40,000
- family reunion: P41,402
- assistance to relatives: P33,952
- ------------------
- total main expenses: P1,200,421
- misc expenses: P184,532
- -----------------
- total expenses: P1,384,953
- advance to heirs: P914,000
- photocopy of accountant's report:
- since the advance to each line of heir is different, the total of advances to each line of heir is first added to the current balance, divide by 9, then the total advance for a particular line of heir will be deducted to the amount due for that line of heir
- balance: P7,409,595.83
- expenses: P1,384,953.17
- expenses as of 2/8/24 not yet reported to accountant
- assignment and titling of mactan lot to heirs and mambaling row: P2.5 million (details)
- mactan rpt: P189,000
- alferez case expenses: P13,000
- advance to heirs:
- angie: P35,000
- doris: P25,000
- bertie heirs (clark's tuition): P71,000
- mike: P90,000
- -----------------
- total expenses after 12/31/23: P2,923,000
- balance: P4,486,595.83 (minus P3.5m estate taxes = P986,595.83)
- plus receivable from atty balili: P150,000 (estimate balance is P1,136,595 before P15 million payment from mambaling buyer)
- payable to doris for 3% commission on mambaling: P700,000
- payable to rey for expenses on partitioning/titling of compound lot for angie: P334,122
- photo of receipt: https://photos.app.goo.gl/DVG31WjRVGSwxo459
- payable to ian for accounting deficit (he posted the details on the chat group): P216,000
- payable to ian for his salary as special administrator. according to atty balili, by law it's 1% of total property sales. therefore pelaez(P25m) + mambaling(P30m) = 1%(55m) = 550k
- this would be the formula for distribution to each line of heir after payment of estate taxes:
- ((balance - (estate tax) + (P15 million from leslie ngo) + (total advance to heirs)) - 700,000 - 334,122 - 216,000 - 550,000 + 150,000) / 9 + any additional the heir will receive = share before advance deduction
- estate tax paid was P3.5m, therefore:
- (4,486,595.83 - 3,500,000 + 15,000,000 + 914,000 - 700,000 - 334,122 - 216,000 - 550,000 + 150,000) / 9 = 15,800,473.83 / 9 = 1,694,497
- actual due to each line of heir = (share before advance deduction) - (advance deduction) - (fund contribution for future expenses which is yet to be decided) - (expenses after 2/8/24)/9 + any additional the heir will receive
- actual due to each line of heir = 1,694,497 - personal advances - future expense fund - (expenses after 2/8/24)/9 + any additional the heir will receive
- rey will receive an additional P334,122 + P216,000 + P550,000
- doris will receive and addition P700,000
- ((balance - (estate tax) + (P15 million from leslie ngo) + (total advance to heirs)) - 700,000 - 334,122 - 216,000 - 550,000 + 150,000) / 9 + any additional the heir will receive = share before advance deduction
- these are the future expenses we need to include as basis for fund contribution for future expenses: P3,250,000 / 9 heirs = P361,111 per heir
- salary to administrator for survey, partitioning, lawer fees, and transportation cost for all remaining properties: P1 million
- annual rpt taxes on all remaining properties for 10 years: P21,434 x 10 = P214,340. let's give a cushion and make it P250,000
- pagina: P417
- guba: P2,251
- mactan: P6,567
- compound water tank: P25
- compound entrance: P450
- toledo: ( total: P11,724)
- 4126: P4,688
- 4127: P853
- 4143: we can't pay yet so let's estimate it at P2,000
- 4129: P580
- 3816: P2,423
- 3817: P330
- 3820: P80
- tax dec 1075: P162
- 4130-prt: P534
- -----------------
- total rpt tax expense per year: P21,434
- future property expenses and lawyer fees: P1.9 million
- note that atty balili has been paid the lawyers fees for most of the toledo improvement tasks, but has not yet been paid for the following.
- 4143 reconveyance (slam dunk case): P300k
- survey and partitioning of 85ha properties (10k/ha survey + 10k/heir partition + lawyer fees) = P1,600,000
- 38ha(4126/4127) + 27ha(olt'ed 4126/4127) + 10ha(4143) + 3816/3817/3820(6.5ha) + guba(3.5ha) = 85ha X 10 = P850k
- 5 contiguous lots partitioned into 9 so 10k X 9 heirs X 5 lots = 450k
- estimated lawyers fees: P300k
- -----------------
- total toledo property improvement expenses: P1.9 million
- note that atty balili has been paid the lawyers fees for most of the toledo improvement tasks, but has not yet been paid for the following.
- cemetery maintenance: P100k
- -----------------
- total estimated expenses for the next 10 years: 1m + 250k + 1.9m + 100k = P3,250,000 / 9 = P361,111 per heir
- therefore, due to each line of heir is:
- 1,694,497 - personal advances - P361,111 - (expenses after 2/8/24)/9 + any additional the heir will receive
- P1,333,386 - personal advances - (expenses after 2/8/24)/9 + any additional the heir will receive
- rey will receive an additional P334,122 + P216,000 + P550,000 = P1,100,122
- doris will receive an additional P700,000
- let's check our math: 1,333,386 X 9 + 700k + 1,100,122 = P13,800,596 - P914,000 (advance to heirs) = P12,886,596. estimated cash balance with the P15m from mambaling buyer is P16,136,595 - 12,886,596 = 3,249,999.83 = P3,250,000 which we need to retain for future expenses. note this does not take into account the expenses after 2/8/24 which is ok because any expense after 2/8/24 will be divided by 9 and deducted further from the heir. so the P3,250,000 balance for future expenses should remain the same. example, if the expenses after 2/8/24 is P270k, then P270k/9 = P30k. therefore P30k will be further deducted from each heir to maintain the P3.25m future expenses. note any personal advance by an heir will simply be deducted from their final check distribution.
- personal loans from ian
- the following are ian's loans to doris. there are no dates because ian just uses the text and messenger messages from doris as basis. the total will be deducted from doris' distribution and given to ian.
- doris - 500
- 3/3/24 - 1000
- doris - 4900
- doris - 20000
- doris - 15500
- doris - 20000
- doris - 5000
- doris - 9852
- doris aloguinsan - 1000
- doris - 2000
- total: P79,752
- #entered in quicken 5/28/24 P79,752 / 55 = $1,450
- doris 6/2/24 - 500
- doris 6/4/24 - 6000
- doris 7/3/24 - 50000
- ------------
- total: P136,252
- the following are ian's loans to angie
- 3/25/24 - 5000
- 2/27/24 - 5000
- #entered in quicken P10,000 / 55 = $181.82
- 7/17/24 - 10000
- therefore, P86,252 will be further deducted from doris and P20k deducted from angie. then a check of 86,252 + 20,000 = P106,252 will be given to ian
- the following are ian's loans to doris. there are no dates because ian just uses the text and messenger messages from doris as basis. the total will be deducted from doris' distribution and given to ian.
- the final distribution from the mambaling sale may not be much, but if all the heirs work as a team and execute our estate roadmap, which includes partitioning, a conservative estimate of P50 million will be GRADUALLY flowing to each line of 9 heirs in the next 15 years. Click here to read ian's suggested estate roadmap
- note we still have P6.5 million with mr. lao the buyer of pelaez. this P6.5 million is intended for salvador ang. however, salvador ang's case is already prescribed therefore there is a very high chance we get to keep the P6.5 million. the heirs still need to agree whether to offer the P6.5 million to Ang as a settlement and what to do with the P6.5 if we win the prescription case. click here for ian's suggestions on this issue