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transferring ownership

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1 transferring ownership on Thu Oct 17, 2013 4:28 pm

razzy


Arresto Menor
Hi! Not that I'm dying soon, but I thought it a good idea to type out my Last Will and Testament. The possessions I have that are of most value are 2 cars and a lot which are under my name. When I pass, I want them to go to my brother and not have him pay inheritance tax or whatever tax is applicable.

My question is, if I include an extra document in my will stating the cars and lot are in payment of the P 1M loan I got from him (fictitious, but no one knows that) on x date and am transferring ownership to him and include all original documents of my registration/ownership, will that work? Will that be sufficient for him to transfer it to his name when I'm gone?

thanks!

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2 Re: transferring ownership on Fri Oct 18, 2013 7:37 pm

attyLLL


moderator
what you are suggesting is tax fraud.


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3 Re: transferring ownership on Fri Oct 18, 2013 7:58 pm

razzy


Arresto Menor
Hi, AttyLLL! Thanks for the reply. I didn't realize it was so. Do I understand it correctly that absolutely anything and everything I pass on via the will shall have an inheritance tax due?

The small lot is mine. The two cars under my name are actually family cars (my brother, among others, uses it) but it's just under my name since I paid the bulk for them, so I was thinking it's disadvantageous to pass it to him with the inheritance tax apart from the other payables in in the course of registration update.

But if it IS a real payment for an unpaid loan which I didn't get to repay before I died, is it still considered tax fraud?

thank you!

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4 Re: transferring ownership on Fri Oct 18, 2013 8:25 pm

attyLLL


moderator
if there is truly a loan, then it can be legit. it is called dacion en pago. goods in payment for debt.


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5 Re: transferring ownership on Sat Oct 19, 2013 12:04 am

razzy


Arresto Menor
Thank you for the advice! Will read up more on that.

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6 Re: transferring ownership Today at 8:49 pm

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