extrajudicial settlement

annajoey · 1 extrajudicial settlement Mon Jan 09, 2012 11:03 am

annajoey

Arresto Menor

Posts : 5
Join date : 09/01/2012

my father left behind a land registered in his name married to my mother, we want to divide the property to six equal share, us five siblings and my mother, all of us have agreed to this, can we execute an extra judicial settlement with this idea?what taxes do we have to pay?Donors tax?

attyLLL · 2 Re: extrajudicial settlement Sat Jan 14, 2012 9:26 pm

attyLLL

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Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

is your father dead? how was the property acquired?

if it was purchased during the marriage, then your mother owns half by her own right. the other half which is your father's share, you can divide by 6 as you planned.

the tax to be paid is estate tax. you should have it computed by the bir.

annajoey · 3 Re: extrajudicial settlement Sun Jan 15, 2012 5:15 pm

annajoey

Arresto Menor

Posts : 5
Join date : 09/01/2012

thank you for your reply,

yes my father is dead, he inherited the property from my grandparents when he was still alive, so does my mother have the right to own the half, or can we divide the whole property in 6 equal shares

annajoey · 4 Re: extrajudicial settlement Sun Jan 15, 2012 5:24 pm

annajoey

Arresto Menor

Posts : 5
Join date : 09/01/2012

btw, my mother have consented or have agreed to this kind of partition,i just want to know if an extrajudicial settlement is enough to execute this agreement,or do we have to execute another document with respect to my mother owning half of the property if ever,tnxs

reggiefb · 5 Re: extrajudicial settlement Wed Jan 18, 2012 1:27 pm

reggiefb

Arresto Menor

Posts : 1
Join date : 17/01/2012

gud day po! We are at the same situation with annajoey, we are 6 children in the family, our father died 1987 and our mother is still alive. We all decided including my mother to divide the lot to 6 parts. If we will pay the estate tax thru extrajudicial settlement, will we be penalize since my father died 25 years ago?

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extrajudicial settlement

1 extrajudicial settlement Mon Jan 09, 2012 11:03 am

annajoey

2 Re: extrajudicial settlement Sat Jan 14, 2012 9:26 pm

attyLLL

3 Re: extrajudicial settlement Sun Jan 15, 2012 5:15 pm

annajoey

4 Re: extrajudicial settlement Sun Jan 15, 2012 5:24 pm

annajoey

5 Re: extrajudicial settlement Wed Jan 18, 2012 1:27 pm

reggiefb

6 Re: extrajudicial settlement

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