Unpleasant and sad topic, but this is reality: Last will and Testament

I know discussing my parents’ last will and testament is such an unpleasant topic, but , I guess this is something we cannot avoid. I just want to share my thoughts , you know.

My parents are planning to retire soon and wish to spend the remaining years of their lives in the Philippines. Why the Philippines and not the US ? The foremost reason is financial. They say they cannot live comfortably on their Social Security pension here in the US. If they bring their dollars to the Philippines, they will live very comfortably, and can even afford to employ 2 caretakers aka household helpers. Now, just in case something happens to them while still living in the US, this is where the “living will ” comes in. My parents own 2 houses here in the US… and it’s only now that they’re disclosing how much money they have in the banks. Not much, but still substantial. They also have so many properties in the Philippines, mostly real estates with buildings on it, like our house, a vacation house on Boracay Island ( internationally famous resort island ) and a townhouse. They have already told us the beneficiaries of the properties will be the three of us siblings, all together. My sister will check out the website Legal Zoom, an internet law firm that specializes on living wills. Ahhh, it’s so complicated, and so unpleasant.

Photo below is our property on Boracay Island, 7 bedrooms, 5 toilets/bath, etc, which my siblings and I are planning to covert to Airbnb and to build a coffee shop in front.

Boracay Island:

Interior of our house in Boracay Island

Rooftop with a million dollar view of the sea

The house used to have a South Korean tenant, but left when the pandemic happened. The new tenant, a local, is renting the first floor, the one with a small kitchenette, but the rest of the house has been vacant for 2 years. We plan to convert it to Airbnb, and build a small coffee shop in front.

Do you know that all incomes earned by Americans, worldwide, should be disclosed to the IRS, and are taxable? We can circumvent this by applying for dual citizenship ( be a Filipino citizen without renouncing American citizenship ). This way, we can avoid Double Taxation because a treaty had been signed between the Philippines and the US wherein income earned in the Philippines by an American citizen ( though disclosed to IRS ) will not be taxed by US goverment ( though we heard the state like California will tax us. Ugh.

So, frankly, do you think we’re dreaming ?

Sorry I think I’m blabbering. Just my thoughts.

Oh, the possibilities !

24 responses to this post.

  1. Wow the house on Boracay Island is beautiful! Your parents are smart getting their affairs in order. My parents did the same thing. They always tell me where everything is but I sometimes forget😩🤦‍♀️ they want to retire near my mom’s sisters but won’t because they worry about me too much lol
    Now if I didn’t have a love/hate relationship with heat I would like to go to the Boracay Islands. It looks so beautiful there💕💕

    Reply

    • We hope we can start as soon as my sister gets her dual citizenship.We’re planning to advertise on a website for bookings. Still on planning stage. First we have to make it nicer. Ackkk !

      Reply

  2. It’s such a nice house
    It’s good to dream, some times dreams come true, keep hope alive 💛

    Reply

  3. Converting the property into AirBnB is a good plan. Hoping it could generate some generous income for your family. Good luck !

    Reply

    • It’s a good plan , isn’t it? we ‘ve been doing some feasibility studies on how much it would cost us to make a go of it. Thanks, we need all the luck we can get.

      Reply

  4. Very nice place in Boracay.
    Good of your parents to plan ahead. I’m sure the weather will agree with them. It’s true care giving is more feasible here.
    I’m not a real estate expert but tourism is expected to bounce back this year, starting with local tourism — unless another surprise variant comes up.
    Whatever you plan to do with the property it’s key that you have someone trustworthy who can manage it for you.
    Good luck!

    Reply

    • One of the problems that hascome up with our discussion is a trustworthy manager, My parents are almost seventy… how can they care of themsleves heere in the US? That’s one of the reasons why it’s better to go back home to the Philippines… besides we have no relatives here in the US.

      Reply

  5. to begin with, the house looks awesome, Ren. Yes, great idea to convert it into an AirBnB. Property is ideal, considering the idea you guys have in mind. I’m sure, as time moves along, things will fall into place. Best wishes for the same, Ren.

    Reply

  6. You should have your parents speak to a financial adviser about establishing a living trust and/or see how it compares to a living will for long term tax implications/advantages. The trust may be a better alternative.

    Reply

  7. I am insanely jealous of your parents! If I ever end up retiring on my own then I am selling up and moving to the Philippines myself. I loved staying in Cebu and would love to see out my days there. It’s safer than my beloved Bangladesh and I can get a beer more easily too! 😂

    Reply

  8. Beautiful place. I hope you will reach your goals with the coffee shop!

    Reply

  9. Beautiful house in a lovely location. Your parents have done really well 🙂

    Reply

  10. Posted by Americaoncoffee on February 8, 2022 at 6:30 pm

    May God bless and protect your parents and you siblings. ❤️🙏

    Reply

  11. Can u be my g. F. Kk

    Reply

  12. The property is amazing. I would love to live there. I hope you do something good with the property. In New Orleans, they sub-lease properly and do well.

    Reply

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