My wife and I are bona fide residents of Puerto Rico. I have an act 60 investor decree therefore capital gains on my separate assets are exempt from taxation. If a divorce settlement requires the of transfer some of my exempt from taxation assets to her, is there a tax liability that is accuring on... Read more »
I am being ordered to fly from California to NY to sign documents and turn over my portion of the inheritance to him/them. I have asked for documentation repeatedly and he refuses to give me anything not even verbal information about the matter and now he is threatening to abandoned my father, not... Read more »
First off, blackmailing you into resigning your inheritance is illegal. If your siblings have denied you access to documentation pertaining to your mother's estate (assuming that she died in Puerto Rico), you have the right to request said documents through the Puerto Rico Courts, by way if an...Read more »
Is there a tax with interest and penalty due. Value of Estate is around $4m. There has been 3 bad lawyers involved and internal as well as external fighting that has now lasted 17yrs from DOD. I am very concerned about potential liabilities. All born in PR, 3 live in USA and 1 still lives in P.R..
I would like to know if notorized letter is signed in NJ will it help with changing name on property in PR. Not sure, what I need to do as my father is now in a nursing home. He never fixed the right papers to leave me the property. I don't know if the property will be lost?
No, a notarized letter is not sufficient to transfer real property. You need a properly drafted deed signed and notarized by your father. First you'll need to determine the ramifications of a transfer. Will this effect medicaid /medicare, will it be a taxable gift, does he have an estate plan,...Read more »
If the property is located in PR and his parents are no longer alive, and he did not leave a will, then the heir will be your mom but the inheritance process will have to be done in order for her to formally become the owner. If the property was his principal residence and he had obtained full...Read more »
In general, the 2017 TCJA changes the tax laws related to divorce in some key respects. The tax aspects of a property settlement did not change where property changes hands at the time the divorce is finalized. But be careful of receiving property with a built in tax gain where the value exceeds...Read more »
She has the deed and it is registered with the property registry in her county under her name. I am not sure if she owes any taxes etc. on the property but she has owned this land for over 30 years. The property needs maintenance as well. I am looking for some tips in the right directin on how... Read more »
Good evening and thank you for using JUSTIA. There are various questions you need to be answered before you accept such as is there a mortgage, is this her only property, are there any children (future inheritors), is it tax free, any liens, ect. The first thing you should do is have a title search...Read more »
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