May I seek your advise for the situation of settling the estates of my younger brother. We are now filing the estate tax and we would like to avoid if possible and legal another payment of taxes.
My parents are in their late 70s and would like to transfer the titles of properties enlisted to my deceased brother straight to my name. I have an elder sister that are living in abroad and has renounced her Filipino citizenship already.
Can we execute a deed of extrajudicial settlement with both of my parents renouncing their rights, without mentioning that it would be given to me so that it would not be as a gift or donation? This is for the purpose of avoiding donors taxes. As succession of the heir does it go straight as my inheritance. My brother is single and has no children.
My sister and I can work out the proceeds of the estates on our own and she coming over here will be costly besides she don't have time to work this out as she has a family to take care in the states.
We would appreciate this forums advise that would help us save some amount in tax payments.