Wills or testaments in the dr

The estate of any person, Dominican or foreign, whose last domicile was in the Dominican Republic is subject to Dominican inheritance taxes. The inheritance of property located in the Dominican Republic is subject to Dominican inheritance taxes, irrespective of the nationality or domicile of the deceased (Art. 1 of Law #2569 of 1950).

Law #288-04 lowered inheritance taxes to 3% of the value of the estate, after deductions, as determined by the tax authorities. Medical and funeral expenses, as well as outstanding debts and mortgages, are some of the allowed deductions. The rate is increased to 4.5% for beneficiaries who do not reside in the Dominican Republic (Art. 7 of Law #2569).

Beneficiaries must file a declaration with the tax authorities within 90 days of the death of the decedent. An extension of an additional three and a half months is possible in complex cases (Art. 26 of Law #2569). Delays in filing are subject to a 2% per month penalty, up to a maximum of 50% of the tax owed (Art. 9 of Law #2569).

source : http://www.drlawyer.com/practice-areas/dominican-tax-attorney.html

die with next to nothing in the bank...no t.v. no car. no house no wife no fridge...good plan...or just write the checks before you pass...

she///t my problem is i like stuff...buying im a hoarder...need things like a bargain then i ve bought it have to have room for it...buy another place w/garage so i dont have to pay "storage" and end up on storage wars...

chic said:

die with next to nothing in the bank...no t.v. no car. no house no wife no fridge...good plan...or just write the checks before you pass...

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No Wife???
die with a Wife and you are assured to die with Nothing,
problem solved.

Mike

Wills are for people that don't spend their money properly.

Kipling333 said:

I wonder if contributors here are aware of the huge taxes and costs that an estate and beneficiaries must meet here in the DR . I have recently needed to radically alter my will and start some estate planning . The taxes are 3 or 4 % on the estate, the amount depending if the beneficiaries are Dominican or not and then the beneficiaries must pay 25% on the amount of the legacy . In addition , the lawyers seek between 20 and 30 % of the value of the estate for their work .
I am taking steps to ensure that die with next to nothing in my name, just enough to cover the cremation and the wake and little more ..and definitely my beneficiaries will not need to fork out any tax.

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Things have changed dramatically on this issue during the last couple of years. First, the clause in the tax statute that increased the amount of estate taxes paid by non-residents was struck down as unconstituional by the Constitutional Court. Residents and non-residents, Dominicans and non-Dominicans alike, now pay the same amount. Second, Law 544-14 on Conflicts of Law now allows the estate to be governed by the laws of the country of residence of the decedent, with certain exceptions.

You should seek expert legal advice on this issue, which is quite complex.

Lawyers should not charge 20 to 30% of the value of the estate for their work. This could happen only in case of extensive litigation when contingency fees are agreed upon. For regular estate work, and even for litigation, reputable lawyers work for a fixed fee or by the hour.

  Can anyone update this thread.  I understand this is an old thread. My question is does an out of the country will stand here in the DR??? I have heard many different answers.

janlindy said:

  Can anyone update this thread.  I understand this is an old thread. My question is does an out of the country will stand here in the DR??? I have heard many different answers.

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I suggest you start a new thread in the legal section with your specific question. It is different  from the original. The DR1 legal expert has already answered the original question.

Nothing has changed since my post of August 2015.