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Hello,
My father and I both live in the U.S. and he has some property back in the Philippines. He wants to donate to me through a Deed of Donation. Based on what I have read/heard, the property is to become immediately mine, upon the execution of the donation. Is this correct? My father indicates that this is not the case and is only transferred with his passing. He may just be misinformed.
If it is indeed immediatly mine, will I be responsible for any future property taxes? If so, how is the collection of these taxes done? I live in the US full time.
Thank you in advance for any clarity in this matter.
My father and I both live in the U.S. and he has some property back in the Philippines. He wants to donate to me through a Deed of Donation. Based on what I have read/heard, the property is to become immediately mine, upon the execution of the donation. Is this correct? My father indicates that this is not the case and is only transferred with his passing. He may just be misinformed.
If it is indeed immediatly mine, will I be responsible for any future property taxes? If so, how is the collection of these taxes done? I live in the US full time.
Thank you in advance for any clarity in this matter.
