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Interview: Threefold Mission
Interview: Threefold Mission
THREEFOLD MISSION
CASTILLO-LABATETE-TAN-ZABALA-TRABUCO
Introduction
Parish:
San Antonio De Padua Parish
Parish Priest:
Rev. Fr. Felipe Pedraja
Questions
EST 2018
What
Whatare
arethe
themissions
missionsand
andgoals
goals
of
ofthe
theParish?
Parish?
A. ELITe
1. Funeral Expense
-INCLUDES:
A. MOURNING APPAREL (ON THE OCCASION OF THE
BURIAL) OF THE SURVIVING SPOUSE AND
UNMARRIED MINOR CHILDREN OF THE DECEASED
B. EXPENSES OF THE WAKE PRECEDING THE
BURIAL
C. FEES FOR RELIGIOUS RITES AND CEREMONIES
PRIOR TO THE INTERNMENT
D. COST OF BURIAL PLOT, TOMBSTONE,
MAUSOLEUM BUT NOT THEIR UPKEEP.
A. ELITe
1. Funeral Expense
-INCLUDES:
E. PUBLICATION AND TELECOMMUNICATION
CHARGES FOR DEATH NOTICES
F. INTERNMENT AND/OR CREMATION CHARGES
G. ALL OTHER EXPENSES INCURRED FOR THE
PERFORMANCE OF THE RITES AND CEREMONIES
INCIDENT TO INTERNMENT
A. ELITe
1. Judicial Expense
REFER TO EXPENSES OF TESTAMENTARY OR
INTESTATE PROCEEDINGS FOR THE BENEFIT OF
THE ESTATE, INCURRED IN THE INVENTORY-
TAKING OF ASSETS COMPRISING THE GROSS
ESTATE, THEIR ADMINISTRATION, THE PAYMENT
OF DEBTS OF ESTATE, AS WELL THE
DISTRIBUTION OF ESTATE AMONG THE HEIRS
“DURING THE SETTLEMENT PERIOD”.
A. ELITe
1. Judicial Expense
SETTLEMENT PERIOD: NOT BEYOND 6 MONTHS FROM
DEATH OR THE EXTENSION THEREOF WHICH IS
NOT MORE THAN 30 DAYS AFTER THE LAPSE OF
SIX MONTHS
A. ELITe
1. Judicial Expense
- INCLUDES:
A. ACTUAL JUDICIAL OR COURT EXPENSES
B. ATTORNEY’S FEES
C. EXPENSES OF ADMINISTRATION SUCH AS
(NOT LIMITED TO)
• INVENTORY TAKING OF ASSETS COMPRISING
THE GROSS ESTATE
• PAYMENT OF DEBTS OF THE ESTATE
• DISTRIBUTION OF THE ESTATE AMONG THE
HEIRS
A. ELITe
1. Judicial Expense
C. EXPENSES OF ADMINISTRATION SUCH AS
(NOT LIMITED TO)
• ACCOUNTANT’S FEES
• FEES OF EXECUTOR/ ADMINISTRATOR
• APPRAISER’S FEES
• CLERK’S HIRE
• COST OF PRESERVING AND DISTRIBUTING THE
ESTATE
• COST OF STRING OR MAINTAINING THE
PROPERTY OF THE ESTATE
• BROKERAGE FEES
A. ELITe
1. Judicial Expense
NONDEDUCTIBLE JUDICIAL EXPENSES
EXPENSES NOT ESSENTIAL IN THE PROPER
SETTLEMENT OF THE ESTATE BUT INCURRED FOR THE
INDIVIDUAL BENEFIT OF THE HEIRS, LEGATEES OR
DEVISEES ARE NOT ALLOWED AS DEDUCTIONS.
• ATTORNEY'S FEES PAID BY THE HEIRS TO
THEIR RESPECTIVE LAWYERS ARISING FROM
CONFLICTING CLAIMS
• PREMIUMS PAID BY A JUDICIAL ADMINISTRATOR
ON HIS BOND
• COMPENSATION OF TRUSTEES
A. ELITe
3. Indebtedness or claims
CLAIMS ARE GENERALLY CONSTRUED TO MEAN
DEBTS OR DEMANDS OF A PECUNIARY NATURE
WHICH COULD HAVE BEEN ENFORCED AGAINST THE
DECEASED IN HIS LIFETIME AND COULD HAVE
BEEN REDUCED TO SIMPLE MONEY JUDGMENT
A. ELITe
3. Indebtedness or claims
CLAIMS MAY ARISE OUT OF THE FOLLOWING
SOURCES:
• CONTRACT
• TORT
• OPERATION OF LAW
A. ELITe
3. Indebtedness or claims
REQUISITES FOR DEDUCTIBILITY
a. VALID AND ENFORCEABLE IN COURT (ALIVE)
b. MUST NOT HAVE BEEN CONDONED BY THE
CREDITOR
c. IF INDEBTEDNESS ARISES FROM A DEBT
INSTRUMENT = NOTARIZED
1. DEATH
2. IDENTITY OF PROPERTY
3. LOCATION
4. INCLUSION OF THE PROPERTY
5. PREVIOUS TAXATION OF THE PROPERTY
6. NO PREVIOUS DEDUCTION ON THE PROPERTY
RATES:
PERIOD FROM RECEIPT OF DECEDENT’S RATE
DEATH
Within 1 year 100%
Beyond 1 year; within 2 years 80%
Beyond 2 year; within 3 years 60%
Beyond 3 year; within 4 years 40%
Beyond 4 year; within 5 years 20%
B. TRANSFER FOR PUBLIC USE
PRO-FORMA COMPUTATION OF VANISHIN DEDUCTIONS
VALUE TO TAKE
(LOWER AMOUNT OF THE PROPERTY)
LESS: MORTGAGE PAID
-----------------------------------
INITIAL BASIS
LESS: **PROPORTIONATE DEDUCTION
-----------------------------------
FINAL BASIS
X VANISHING DEUCTION %
-----------------------------------
VANISHING DEDUCTION
**PROPORTIONATE DEDUCTION
=(INITIAL BASIS/ GROSS ESTATE) X ELITe
Special
DEDUCTIONS
EST 2017
A. STANDARD DEDUCTIONS
1,000,000
DEDUCTION FOR THE BENEFIT OF THE DECEDENT
B. FAMILY HOME
LIMITATION:
-A PERSON MAY CONSTITUTE ONLY ONE (1) FAMILY
HOME FOR PURPOSES OF AVAILING A FAMILY HOME
DEDUCTION TO THE EXTENT ALLOWABLE.
B. FAMILY HOME
REQUISITES FOR DEDUCTION:
A.SPOUSE
B.PARENTS OR ASCENDANTS
C.CHILDREN OR DESCENDANTS
D.BROTHERS AND SISTERS
B. FAMILY HOME
REQUISITES FOR DEDUCTION:
1.P 1,000,000 OR
PROVIDED:
-DULY SUBSTANSTIATED BY RECEIPTS
-DOES NOT EXCEED 500,000
D. AMOUNTS RECEIVED BY HEIRS UNDER RA 4917