I. Introduction

When a person dies in the Philippines, the properties, rights, obligations, and liabilities left behind form part of the deceased person’s estate. Before heirs can sell, transfer, partition, or fully enjoy inherited property, the estate must usually be settled.

Estate settlement may be done either judicially, through court proceedings, or extrajudicially, by agreement of the heirs. The cheaper, faster, and more common route is the extrajudicial settlement of estate, but it is available only when certain legal conditions are met.

This article explains the costs involved in an extrajudicial settlement of estate in the Philippines, including taxes, professional fees, publication expenses, transfer fees, notarial costs, and practical expenses that heirs should anticipate.

This article is for general legal information only and should not replace advice from a Philippine lawyer, accountant, or tax professional, especially because estate taxes, local government charges, and documentary requirements may change.

II. What Is an Extrajudicial Settlement of Estate?

An extrajudicial settlement of estate is a private settlement among the heirs of a deceased person without filing a court case for settlement of estate. It is commonly documented through a written instrument called a:

“Deed of Extrajudicial Settlement of Estate” or “Deed of Extrajudicial Settlement with Sale,” “Deed of Extrajudicial Settlement with Waiver,” or “Deed of Extrajudicial Settlement with Partition,” depending on the transaction.

In this deed, the heirs declare that they are the lawful heirs of the deceased, identify the estate properties, state that there are no outstanding debts or that debts have been settled, and agree on how the estate will be divided.

III. When Is Extrajudicial Settlement Allowed?

Extrajudicial settlement is generally available when:

The deceased left no will. If there is a will, probate proceedings may be necessary.
The heirs are all of legal age, or minors are properly represented by their judicial or legal representatives.
There are no outstanding debts of the estate, or all debts have already been paid or adequately provided for.
All heirs agree to the settlement. A single unwilling heir can prevent a clean extrajudicial settlement.
The heirs execute a public instrument, usually a notarized deed.
The deed is published once a week for three consecutive weeks in a newspaper of general circulation.
A bond may be required in certain cases, particularly where personal property is involved and depending on the circumstances.

In practice, extrajudicial settlement is often used for real property, bank deposits, motor vehicles, shares of stock, business interests, and other assets that require transfer from the deceased to the heirs.

IV. Main Cost Categories in an Extrajudicial Settlement of Estate

The cost of extrajudicial settlement in the Philippines is not a single fixed amount. It depends on the value of the estate, the type and location of the assets, the number of heirs, whether there will be a sale or donation, and whether professionals are hired.

The usual cost categories are:

Estate tax;
Documentary stamp tax, if applicable;
Capital gains tax, if there is a sale of real property;
Creditable withholding tax, in some cases;
Donor’s tax, if there is a donation or waiver in favor of specific heirs;
Transfer tax imposed by the local government;
Registration fees with the Register of Deeds;
Publication costs;
Notarial fees;
Lawyer’s fees;
Appraisal, accounting, or CPA fees;
Certified true copies and documentary expenses;
Real property tax payments or clearances;
Miscellaneous administrative expenses.

Each is discussed below.

V. Estate Tax

A. Nature of Estate Tax

Estate tax is a tax imposed on the right of the deceased person to transmit property at death. It is not a tax on the heirs personally, although heirs often bear the cost because they are the ones settling the estate.

In the Philippines, estate tax is computed based on the net estate, meaning the gross estate less allowable deductions.

B. Estate Tax Rate

Under current Philippine tax rules generally known from recent law, the estate tax rate is 6% of the net estate.

The net estate is usually computed as:

Gross Estate – Allowable Deductions = Net Estate

Then:

Net Estate × 6% = Estate Tax Due

C. Gross Estate

The gross estate may include:

Real property;
Personal property;
Bank deposits;
Vehicles;
Shares of stock;
Business interests;
Receivables;
Insurance proceeds, in certain cases;
Other transferable assets.

For Philippine citizens and residents, the taxable estate may include properties located inside and outside the Philippines. For non-resident aliens, only Philippine-situated properties are generally included.

D. Allowable Deductions

Common deductions may include:

Standard deduction;
Family home deduction, subject to requirements and limits;
Claims against the estate;
Unpaid mortgages;
Taxes;
Losses;
Transfers for public use;
Share of the surviving spouse in the conjugal or community property.

The surviving spouse’s share is not part of the deceased spouse’s taxable estate. For example, if spouses owned conjugal property, only the deceased spouse’s portion generally forms part of the estate.

E. Deadline for Filing Estate Tax Return

The estate tax return is generally required to be filed within the period prescribed by tax law from the date of death. Extensions may be available in certain cases, but heirs should not assume that an extension is automatic.

Late filing may result in penalties, surcharges, interest, and compromise penalties.

F. Estate Tax Amnesty

The Philippines has had estate tax amnesty laws covering certain estates of persons who died on or before specified dates. Whether amnesty is available depends on the date of death and current law.

Because amnesty rules are time-sensitive, heirs should confirm whether the estate qualifies before computing regular estate tax.

VI. Documentary Stamp Tax

Documentary stamp tax may apply depending on the instrument and the transaction.

For a pure extrajudicial settlement among heirs, documentary stamp tax may be minimal or not the largest cost. However, where the settlement includes a sale, donation, assignment, or transfer of real property, documentary stamp tax may become a significant cost.

If real property is sold by the heirs to a buyer, documentary stamp tax is usually computed based on the higher of the selling price, fair market value, or zonal value, depending on applicable tax rules.

VII. Capital Gains Tax in a Settlement with Sale

A simple extrajudicial settlement does not necessarily trigger capital gains tax. However, if the heirs sell real property as part of the transaction, such as through a Deed of Extrajudicial Settlement with Sale, capital gains tax may apply.

For sale of capital assets classified as real property located in the Philippines, the usual capital gains tax rate is 6%, computed on the higher of:

Gross selling price;
Fair market value;
Zonal value.

This tax is commonly paid to the Bureau of Internal Revenue before the Certificate Authorizing Registration is issued.

The cost may be shouldered by the seller or buyer depending on their agreement, but as far as the government is concerned, payment is necessary for transfer.

VIII. Donor’s Tax and Waivers by Heirs

A frequent issue in estate settlements is the waiver of inheritance.

Not all waivers are treated the same. A general waiver in favor of the entire estate may be treated differently from a waiver in favor of a specific heir.

For example:

If an heir simply renounces inheritance without designating a specific beneficiary, the tax treatment may differ.
If an heir waives rights specifically in favor of a sibling, child, parent, or another heir, the waiver may be treated as a donation, potentially subject to donor’s tax.

This is one of the most commonly misunderstood cost areas in extrajudicial settlements. A deed that casually says one heir “waives in favor of” another heir can create tax consequences.

Heirs should have the deed reviewed before signing to avoid unnecessary donor’s tax exposure.

IX. Local Transfer Tax

After the Bureau of Internal Revenue issues the Certificate Authorizing Registration, heirs must usually pay local transfer tax to the city or municipal treasurer where the real property is located.

This tax is imposed by the local government. The rate varies depending on whether the property is located in a city, municipality, or province.

The local transfer tax is typically computed based on a percentage of the property value, often using the higher of declared value, fair market value, or other applicable basis.

Because rates and procedures vary by locality, heirs should check with the local treasurer’s office.

X. Register of Deeds Fees

For real property, the transfer is not complete until the title is updated with the Register of Deeds.

Registration fees are payable when presenting the documents for registration. These fees depend on the value of the property and the number of titles involved.

The Register of Deeds may require:

Owner’s duplicate certificate of title;
Deed of extrajudicial settlement;
Certificate Authorizing Registration from the BIR;
Tax clearance;
Transfer tax receipt;
Real property tax clearance;
Certified true copies of tax declarations;
Valid IDs;
Other supporting documents.

If several titles are involved, registration costs increase.

XI. Assessor’s Office Fees and New Tax Declarations

After the title is transferred, the heirs usually need to update the tax declaration with the city or municipal assessor’s office.

The assessor may require:

New title;
Deed of settlement;
Transfer tax receipt;
BIR Certificate Authorizing Registration;
Real property tax clearance;
Prior tax declaration;
Identification documents.

There may be small fees for certified copies, tax declarations, and administrative processing.

XII. Real Property Tax and Tax Clearance

Before transfer, the local government often requires payment of unpaid real property taxes.

If real property taxes are unpaid for several years, this can become a major cost. Penalties and interest may have accumulated.

A real property tax clearance is commonly needed for:

BIR processing;
Local transfer tax;
Register of Deeds registration;
Assessor’s office transfer.

Heirs should check early whether the real property tax is updated.

XIII. Publication Cost

The deed of extrajudicial settlement must be published in a newspaper of general circulation once a week for three consecutive weeks.

Publication cost depends on:

Newspaper selected;
Province or city of publication;
Length of the deed or notice;
Formatting requirements;
Whether the newspaper charges package rates.

In practice, publication can range from a few thousand pesos to significantly more, especially if the notice is long or the property description is extensive.

Some newspapers publish only a summarized notice, while others require more detailed text. Heirs should ask for quotations before finalizing publication.

XIV. Notarial Fees

The deed of extrajudicial settlement must be notarized. Notarial fees vary depending on:

Number of pages;
Number of signatories;
Value of the estate;
Complexity of the deed;
Location of notarization;
Whether the notary also drafted the document.

Simple notarization may cost a modest amount, but notarization of high-value estate documents can be more expensive.

The deed must be properly acknowledged before a notary public. All heirs signing should personally appear, present competent proof of identity, and sign the document voluntarily.

XV. Lawyer’s Fees

Although some heirs use templates, a lawyer’s assistance is strongly advisable because errors in estate settlement documents can create tax problems, title problems, or family disputes.

Lawyer’s fees may be charged in several ways:

Fixed fee for drafting the deed;
Package fee for handling the full settlement process;
Percentage-based fee depending on estate value;
Hourly or appearance-based fee if complications arise;
Separate fees for BIR, Register of Deeds, and local government processing.

A simple deed may cost substantially less than a full-service estate settlement involving multiple properties, heirs abroad, missing documents, conflicting claims, or tax issues.

The more complicated the estate, the higher the professional fees.

XVI. CPA or Tax Practitioner Fees

A Certified Public Accountant or tax practitioner may be needed for:

Estate tax computation;
Preparation of estate tax return;
BIR filing;
Tax clearance;
Evaluation of deductions;
Handling late filing penalties;
Estate tax amnesty applications;
Computation of capital gains tax, documentary stamp tax, and donor’s tax.

CPA fees vary depending on the number and value of estate assets, the completeness of records, and whether the estate has business interests or complicated deductions.

XVII. Appraisal Fees

An appraisal may be useful or necessary when:

The estate includes valuable real property;
Heirs disagree on valuation;
Property will be sold;
There are business interests or shares;
Tax basis needs support;
Banks, buyers, or institutions require valuation.

Real property values may be based on zonal value, fair market value, tax declaration value, or actual selling price, depending on the tax or transaction involved.

For private partition among heirs, appraisal helps ensure fairness.

XVIII. Cost of Certified True Copies and Documents

A practical but often overlooked cost is document gathering.

Heirs may need to obtain certified true copies of:

Death certificate;
Marriage certificate;
Birth certificates of heirs;
Certificate of no marriage, if relevant;
Land titles;
Tax declarations;
Real property tax receipts;
Tax clearances;
BIR forms and receipts;
Special powers of attorney;
Court or guardianship documents, if minors are involved;
Corporate documents, if shares or business interests are involved.

Costs may be small per document but can add up, especially if records must be obtained from different government offices.

XIX. Special Power of Attorney Costs

If an heir is abroad or cannot personally attend to the settlement, that heir may execute a Special Power of Attorney authorizing a representative in the Philippines.

If executed abroad, the SPA may need to be:

Consularized, or
Apostilled, depending on the country and applicable rules.

This adds costs for notarization abroad, apostille or consular authentication, courier fees, and sometimes translation.

XX. Bank Charges and Settlement of Bank Deposits

If the estate includes bank deposits, the bank may require:

Death certificate;
Proof of heirship;
Estate tax clearance or BIR documentation;
Deed of extrajudicial settlement;
IDs of heirs;
Indemnity agreements;
Internal bank forms.

Banks may withhold or require payment of applicable tax before releasing funds. Processing requirements vary by bank.

XXI. Motor Vehicle Transfer Costs

If the estate includes a motor vehicle, the heirs may need to process transfer with the Land Transportation Office.

Costs may include:

Deed preparation and notarization;
Estate tax documentation;
LTO transfer fees;
Emission testing;
Insurance;
Registration updates;
Penalties for expired registration;
Clearance requirements.

If the vehicle is sold, additional documentation may be needed.

XXII. Shares of Stock and Business Interests

If the deceased owned shares of stock, corporate interests, or partnership interests, additional costs may arise.

These may include:

Corporate secretary certification;
Stock transfer taxes, if applicable;
BIR clearance;
Notarial fees;
Replacement or issuance of stock certificates;
Legal review of bylaws, shareholders’ agreements, or restrictions;
Valuation of shares;
SEC-related documents, if needed.

Closely held corporations can complicate estate settlement because transfer may be restricted by corporate documents.

XXIII. Common Cost Scenarios

A. Simple Estate with One Real Property and Cooperative Heirs

This is the most straightforward case. Costs usually include:

Estate tax;
Publication;
Notarial fee;
Lawyer or document preparation fee;
BIR processing expenses;
Local transfer tax;
Registration fees;
Assessor’s office fees;
Certified copies and clearances.

This may still cost tens of thousands of pesos or more depending on property value.

B. Estate with Multiple Real Properties

Costs increase because each property may require separate documentation, tax declarations, transfer tax payments, Register of Deeds registration, and assessor’s transfer.

The estate tax is computed on the total estate, but local transfer and registration expenses are often property-specific.

C. Estate with Sale to a Buyer

If the heirs sell inherited real property, the transaction may involve:

Estate tax;
Capital gains tax;
Documentary stamp tax;
Transfer tax;
Registration fees;
Broker’s commission, if any;
Lawyer’s fees;
Notarial fees;
BIR processing costs.

This is more expensive than a simple settlement because sale-related taxes are added.

D. Estate with Waiver by Some Heirs

If some heirs waive their shares, the cost depends on how the waiver is structured. A waiver in favor of specific heirs can create donor’s tax issues.

Careful drafting is important.

E. Estate with Heirs Abroad

Costs increase because of:

Apostilled or consularized special powers of attorney;
Courier fees;
Coordination delays;
Possible translation;
Additional lawyer review.

F. Estate with Missing Documents

Missing titles, old tax declarations, unregistered deeds, or inconsistent civil registry records can significantly increase costs.

The heirs may need:

Reconstitution of title;
Correction of entries;
Affidavits;
Court proceedings;
Administrative petitions;
Additional professional help.

XXIV. Sample Cost Components Checklist

A practical checklist of possible expenses includes:

Estate tax;
Penalties for late estate tax filing, if any;
Estate tax return preparation fee;
CPA or tax consultant fee;
Lawyer’s drafting fee;
Notarial fee;
Publication fee;
Certified true copy of death certificate;
Certified true copies of birth and marriage certificates;
Certified true copies of land titles;
Certified true copies of tax declarations;
Real property tax arrears;
Real property tax clearance fee;
BIR documentary requirements;
Documentary stamp tax, if applicable;
Capital gains tax, if sale is involved;
Donor’s tax, if waiver or donation is involved;
Local transfer tax;
Register of Deeds registration fee;
Assessor’s office transfer fee;
New tax declaration fees;
Special power of attorney costs;
Apostille or consular fees;
Courier and logistics costs;
Broker’s commission, if property is sold;
Bank processing charges, if deposits are involved;
LTO transfer fees, if vehicles are involved;
Appraisal fees;
Miscellaneous transportation and administrative expenses.

XXV. Why the Cost Can Be Higher Than Expected

Many heirs assume that extrajudicial settlement only requires a notarized deed. In reality, the deed is only one part of the process.

The total cost can become high because of:

Estate tax;
Old unpaid real property taxes;
Sale-related taxes;
Multiple properties;
Heirs living abroad;
Missing or defective documents;
Need for publication;
Penalties due to delay;
Professional fees;
Transfer costs at multiple offices.

The largest expenses are usually taxes and transfer-related charges, not the deed itself.

XXVI. Who Pays the Cost?

The heirs may agree among themselves who will shoulder the costs.

Common arrangements include:

Costs are paid from estate funds;
Costs are shared by heirs in proportion to their shares;
One heir advances the costs and is reimbursed later;
A buyer advances the settlement cost and deducts it from the purchase price;
The heir receiving a specific property shoulders the transfer costs for that property.

The agreement should be clearly stated in writing to avoid disputes.

XXVII. Can One Heir Pay First and Be Reimbursed?

Yes. An heir may advance expenses for estate settlement. However, reimbursement should be documented.

The paying heir should keep:

Official receipts;
Acknowledgment receipts;
BIR payment forms;
Register of Deeds receipts;
Local government receipts;
Lawyer’s billing statements;
Publication receipts;
Copies of all filed documents.

Without documentation, reimbursement disputes may arise.

XXVIII. Can the Estate Be Sold Before Settlement?

In practice, inherited property is often sold through a Deed of Extrajudicial Settlement with Sale. This allows the heirs to settle the estate and sell the property in one transaction.

However, all heirs must sign, and the required taxes must be paid before title can be transferred to the buyer.

Buyers should be cautious when buying inherited property. They should verify:

All heirs are included;
No compulsory heir is omitted;
The deed is properly notarized;
Publication requirements are complied with;
Estate tax is paid;
The title is clean;
Real property taxes are updated;
There are no adverse claims, liens, or occupants;
The signatories have authority, especially if acting through SPA.

XXIX. Risks of a Defective Extrajudicial Settlement

A defective settlement may cause serious legal problems.

Common defects include:

Omission of an heir;
Forged signatures;
Lack of consent from all heirs;
Improper waiver;
Failure to publish;
Unpaid estate tax;
Incorrect property description;
Missing title;
Wrong civil status or names;
Failure to account for conjugal property;
Ignoring debts of the estate;
Lack of authority of representatives;
Minor heirs not properly represented.

These defects can result in disputes, tax penalties, cancellation issues, or future litigation.

XXX. Two-Year Issue After Extrajudicial Settlement

Under Philippine practice, extrajudicial settlements may be subject to claims by persons who were deprived of lawful participation in the estate. The law provides remedies within certain periods, and publication helps notify interested parties.

Because of this, buyers and heirs often pay attention to the timing of publication and registration.

Where a bond or annotation is required, the title may reflect matters related to the extrajudicial settlement for a period. Parties should verify the title annotations with the Register of Deeds.

XXXI. How to Reduce Costs Legally

Heirs may reduce unnecessary costs by:

Settling the estate as early as possible;
Avoiding late tax penalties;
Checking real property tax arrears early;
Gathering documents before drafting the deed;
Avoiding careless waiver language;
Confirming the correct heirs before signing;
Using one comprehensive deed where appropriate;
Comparing publication rates;
Clarifying professional fees in writing;
Coordinating with the BIR, treasurer, assessor, and Register of Deeds before filing;
Avoiding repeated document corrections;
Keeping complete receipts and copies.

The goal is not to avoid lawful taxes, but to avoid penalties, duplication, and mistakes.

XXXII. Practical Step-by-Step Process

A typical extrajudicial settlement involving real property may proceed as follows:

Step 1: Identify the heirs

Determine the compulsory and legal heirs of the deceased. Confirm relationships through civil registry documents.

Step 2: Identify the estate properties

List all real and personal properties, including title numbers, tax declaration numbers, bank accounts, vehicles, shares, and other assets.

Step 3: Check debts and obligations

Confirm whether the deceased left unpaid debts, mortgages, taxes, or obligations.

Step 4: Agree on partition

The heirs decide whether to divide the property, assign it to one heir, sell it, or co-own it.

Step 5: Prepare the deed

A lawyer prepares the deed of extrajudicial settlement, including property descriptions, heir declarations, and partition terms.

Step 6: Sign and notarize

All heirs sign before a notary public. Representatives must have valid authority.

Step 7: Publish the deed or notice

Publication is made once a week for three consecutive weeks in a newspaper of general circulation.

Step 8: File and pay estate tax

The heirs file the estate tax return and pay estate tax and related charges with the BIR.

Step 9: Secure Certificate Authorizing Registration

For titled property, the BIR issues the Certificate Authorizing Registration after compliance.

Step 10: Pay local transfer tax

The heirs pay the transfer tax at the local treasurer’s office.

Step 11: Register with the Register of Deeds

The deed and supporting documents are submitted for title transfer.

Step 12: Update tax declaration

The new owner or heirs update the tax declaration with the assessor’s office.

Step 13: Keep records

The heirs keep certified copies, receipts, tax returns, CAR, titles, and tax declarations.

XXXIII. Example of Cost Computation Concept

Assume the estate consists of one real property with a taxable net estate of ₱3,000,000.

If regular estate tax applies at 6%, then:

₱3,000,000 × 6% = ₱180,000 estate tax

This is only estate tax. It does not yet include publication, notarial fees, lawyer’s fees, local transfer tax, registration fees, documentary costs, real property tax arrears, or possible sale-related taxes.

If the property is also sold, additional taxes such as capital gains tax and documentary stamp tax may apply.

XXXIV. Frequently Asked Questions

1. Is extrajudicial settlement always cheaper than court settlement?

Usually, yes. It avoids prolonged court proceedings. However, if there are disputes, missing heirs, minors, debts, or contested claims, court proceedings may still become necessary.

2. Can heirs settle the estate without a lawyer?

Technically, heirs may attempt it, but it is risky. A poorly drafted deed can create tax exposure, title problems, or disputes. Legal assistance is advisable.

3. Is publication mandatory?

For extrajudicial settlement, publication is generally required. It serves as notice to creditors and interested parties.

4. What happens if an heir is omitted?

An omitted heir may challenge the settlement and assert inheritance rights. This can affect titles, sales, and future transfers.

5. Can one heir sell inherited property without the others?

Generally, one heir cannot sell the entire inherited property without authority from the other heirs. An heir may only transfer whatever share legally belongs to that heir, unless authorized by the others.

6. What if the deceased left debts?

Extrajudicial settlement is proper only where there are no debts or debts have been settled or provided for. If debts exist and are disputed, judicial settlement may be necessary.

7. Is estate tax based on selling price?

Estate tax is based on the taxable net estate, not simply the selling price. If there is a sale, separate sale-related taxes may also apply.

8. How long does extrajudicial settlement take?

The timeline depends on document availability, BIR processing, publication, local government processing, Register of Deeds workload, and complexity of the estate. It may take weeks to several months, and longer if documents are incomplete.

9. What if the title is still in the name of a grandparent?

If multiple generations died without settlement, there may be successive estates. Each estate may need to be addressed, and taxes may need to be computed per estate or handled under applicable amnesty or settlement rules.

10. Can heirs avoid estate tax by executing a deed of sale instead?

No. Selling property without properly settling the estate can create serious legal and tax issues. The deceased cannot sell property after death, and heirs must establish their authority to transfer inherited property.

XXXV. Common Mistakes to Avoid

Heirs should avoid:

Using generic templates without legal review;
Assuming all heirs are known without checking civil records;
Ignoring illegitimate children or compulsory heirs;
Forgetting the surviving spouse’s share;
Treating conjugal property as entirely owned by the deceased;
Signing a waiver without understanding donor’s tax implications;
Failing to publish;
Delaying estate tax filing;
Not checking real property tax arrears;
Selling property before confirming title status;
Relying only on verbal family agreements;
Failing to keep receipts;
Ignoring heirs abroad;
Omitting personal properties such as bank accounts or shares;
Underestimating transfer costs.

XXXVI. Practical Budgeting Advice

Before starting, heirs should prepare a budget for:

Taxes;
Government fees;
Professional fees;
Publication;
Document gathering;
Possible penalties;
Contingency fund.

A prudent approach is to first obtain:

Certified true copy of title;
Tax declaration;
Real property tax clearance or statement of arrears;
BIR zonal value;
Civil registry documents;
List of heirs;
List of estate assets and debts.

From there, a lawyer or tax practitioner can estimate the likely costs more accurately.

XXXVII. Conclusion

The cost of extrajudicial settlement of estate in the Philippines depends on the value and complexity of the estate. While it is generally less expensive than judicial settlement, it is not cost-free. The major expenses usually include estate tax, local transfer tax, registration fees, publication, notarial fees, professional fees, and documentary expenses.

The most expensive mistakes often come from delay, incomplete heirs, incorrect waivers, unpaid real property taxes, and poorly drafted deeds. For this reason, heirs should treat extrajudicial settlement not merely as a formality, but as a legal and tax process requiring careful planning.

A properly handled extrajudicial settlement allows heirs to transfer titles, sell inherited property, access estate assets, and prevent future disputes. Done incorrectly, it can result in penalties, invalid transfers, family conflict, and litigation.

For estates involving valuable property, multiple heirs, heirs abroad, waivers, sale transactions, or old unsettled titles, professional legal and tax assistance is strongly recommended.