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Subic Bay, Philippines
Subic Bay, Philippines
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Philippines Expat Forum

Getting married in Philippines

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justafool
7/4/2022 19:33 EST

I am an Expat, have lived in Philippines with my lovely Filipina partner and children. Several burning questions:
1. Will my illegitimate children become legit when I marry my Filipina partner? Will I have legal custody automatically of my children after marriage?
2. I have purchased property in my children's name and the mother signed all the documents as legal guardian. After marriage, can I purchase property in my children's name and be the legal guardian to sign all the papers without getting my Filipina partner involved in the process?
3. There is a significant age gap between us, and she is likely to go to a Filipino man in the future. What would be an appropriate prenup to protect my asset and my children?

Thanks in advance for your time and insight.

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justafool
7/8/2022 04:20 EST

I was told there are 2 forms that are needed to be file separately, one is the conversion form, for example if I convert 40k to Roth.
The 2nd is the distribution form, will be like 20k minus 10% withheld tax 2k,I will get 18000 deposit to my bank which can be used to cover taxes of the Roth conversion plus may be the annual Roth contribution up to 6k.

I will receive 2 separate 1099, to report on IRS 1040, to report additional 60000 annual income and pay income tax on it

What I meant tax free in my previous post is the potential capital gains won't be taxed in the future, If this works like what I think, I will do the conversions from now .

Thanks again for your help

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quinoajones
7/7/2022 15:37 EST

That's only if you're pretty rich. For most people, I bet Roth conversions would end up losing them money overall. The main advantage is no RMD. But RMDs aren't that bad. You would have to look at how much additional tax you would pay now during the conversion years VS what the kids would pay when pulling it out. My guess is the kids will end up being covered by the standard deduction. The will pay nothing if their income is zero or close to it, just pulling out what they need each year. So I wouldn't worry about it. Married couple can pull $26,000 with no tax. If they pull $46,000, they only pay $2000 in tax. So that is 4.3% applied tax. Most people retired in PH don't pull that much a year while supporting a family, foreigner or not They will lose another 3% or so when converting to pesos. Not much you can do about that.

If your IRA is inherited by the kids, it becomes regular money for them. No longer an IRA. They will be taxed as they withdrawal and it will have a small RMD, but they can pull as much of it as they want each year. No age restriction or extra penalty.

If the kid is 20 when inheriting, IRS assumes the kid will live to be 80, 60 more years. So it forces them to take 1/60th of the total the first year, 1/59th the next. So they have to pull 2% per year or so. Not bad. But they can pull more.

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justafool
7/7/2022 12:41 EST

Thanks again for sharing.
Other than Stock fund Trust, is it a good idea to convert my traditional IRA to Roth IRA (in the US) because my children are the beneficiary of my IRA. It will work similar to the Stock fund Trust on withdraws (after 5 years of the conversion) and tax free.

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