Estate Taxes

[Adam Spenser]

I have a DR corporation, which owns real estate in the DR. I am the president and a friend the vice president of the corporation, since it was convenient to have some one here to sign papers with me. My United States Will leaves the property to my children. I do not have a Will in the DR and strongly believe if I had one it would create all sorts of problems. Recently someone told me when I die my friend not my children would own the real estate. Moreover, the DR government somehow can find out I died and collect taxes on the value of the property. I have the stock book, but who knows what would happen if someone gets their hands on it after I die. By the way a number of years ago I presented this problem to a lawyer here and was told not to worry. Should I?
Adam Spenser

[mrednyc]

Worry? Why would you its only Dominican Republic....worry and worry a lot my friend, your better off selling or getting out doesn't leave much a choice does it?

They will rape you, when you die sucking the life out of your lifeless body.
There are no rules there are no laws, and only the almighty dollar riens surpreme!

Get the picture?

[Ken]

I discussed this question with Fabio Guzman, the attorney who answers questions in the Legal Section. He told me that the courts in the DR recognize a will made in the US if it met the requirements of the jurisdiction in which it was made. He examined a copy of my will, made in the US, and assured me it would be accepted by the courts in the DR.

Some of what he had to say on the subject of wills by expats can be found here Additional Question on Wills by Foreigners and Wills for Expatriates

Like you, I own a corporation in the DR and my children are the beneficiaries after my wife. After talking with Fabio, I am not worried.

I recommend that you contact him. His website is www.drlawyer.com and his email address is info@drlawyer.com For your peace of mind, you should have him examine your papers to be sure your assets in the Dominican Republic will be distributed as you wish in the event of your death. You may also want to consider engaging him to protect your interests.

If all the attorney you consulted said was "don't worry", you didn't get much for your money. Whether or not he is right isn't the point; a client deserves more of an explanation than that to avoid worrying.

[mrednyc]

Dont believe it! The courts will not honor a will drawn up in the US. The lawyers will twist and turn every word and come up with a million reasons why, corrupt lawyers will buy corrupt judges and your loved ones will be tied up in litagation for years, your assets will be siezed, bank accounts freezed, and liens will be placed on your properties without a court hearing its a shoot now ask questions later attitude.

"Yes worry" don't be happy!

[Ken]

mrednyc, do you take a shot of bitter juice every day?

I know and trust Fabio Guzman.

I read your posts re your problem with Remax and can understand how that would sour your outlook. But perhaps if you had gotten the advice of a competent attorney before giving Remax any money you could have saved yourself money and grief.

[mrednyc]

Ken,

You make an excellent point, and your right I should have consulted an attorney, If I was there when the contract was drawn up I would have. But this is much more about everything else I've encountered after the fact and this is the wrong thread to have this conversation.

Its a warning that doing business in Dom. Rep. is a crap shoot and I'm not accustomed to doing that business that way. Here in the states you get a few of these crooked lawyers and judges and everything else in between but the stakes are higher and there are repercussions to these under handed tactics.

That doesn't hold true in Dom. Rep. a sad testament to such a beautiful place.


And by the way I drink Kool-aide everyday it's really quite sweet.

Cheers! my friend