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Here is the situation:
I have two children, one is in the country, Philippines, the other is abroad and has taken up the citizenship of his new country of residence and work.
Child A is the elder and living and working here in the Philippines, Filipino citizen.
Child B is the younger living and working in his new country with his new citizenship.
I plan to donate all real estate property to A by deed of donation, there are four titles which will be registered to his name alone.
I will also make an informal donation to them both, so that both children will be joint owners of the four titles which will be registered to only A.
The purpose is to avoid complications of B in succeeding to four pieces of real estate in the Philippines: even though a previous Filipino citizen can inherit Philippine real property from his forebear in the Philippines, still there are complications which will make my work more difficult and costly and require more time, then also he will have complications with the laws of his new country of which he is now a citizen, for this new country does not recognize any form of double citizenship in any sense and purpose, that is of any benefit to the new citizen naturalized into citizenship of the new country, in either country.
So, that should preempt all kinds of troubles with B owing to his new citizenship and life and work in his new country, like taxation and privileges and obligations and restrictions of citizenship in both countries, due to laws in the Philippines and laws in his new country.
Next, I will also put a memorandum of encumbrance behind the four titles to be registered in the name of A, to the effect that A cannot transfer the real estate of concern to anyone without the consent of B.
A will be the manager of all four pieces of real estate, but B will share in the advantages of ownership as a co-owner of the four pieces of real estate, according to the best arrangement between A and B, grounded on their goodness and mutual devotion to each other for being full-blooded siblings.
Dear attorneys here, what do you say about my estate planning?
I have two children, one is in the country, Philippines, the other is abroad and has taken up the citizenship of his new country of residence and work.
Child A is the elder and living and working here in the Philippines, Filipino citizen.
Child B is the younger living and working in his new country with his new citizenship.
I plan to donate all real estate property to A by deed of donation, there are four titles which will be registered to his name alone.
I will also make an informal donation to them both, so that both children will be joint owners of the four titles which will be registered to only A.
The purpose is to avoid complications of B in succeeding to four pieces of real estate in the Philippines: even though a previous Filipino citizen can inherit Philippine real property from his forebear in the Philippines, still there are complications which will make my work more difficult and costly and require more time, then also he will have complications with the laws of his new country of which he is now a citizen, for this new country does not recognize any form of double citizenship in any sense and purpose, that is of any benefit to the new citizen naturalized into citizenship of the new country, in either country.
So, that should preempt all kinds of troubles with B owing to his new citizenship and life and work in his new country, like taxation and privileges and obligations and restrictions of citizenship in both countries, due to laws in the Philippines and laws in his new country.
Next, I will also put a memorandum of encumbrance behind the four titles to be registered in the name of A, to the effect that A cannot transfer the real estate of concern to anyone without the consent of B.
A will be the manager of all four pieces of real estate, but B will share in the advantages of ownership as a co-owner of the four pieces of real estate, according to the best arrangement between A and B, grounded on their goodness and mutual devotion to each other for being full-blooded siblings.
Dear attorneys here, what do you say about my estate planning?
