BACKGROUND
My father in law owns some property near Puerto Plata.
He is 85 and has 6 children of which 5 are from a previous marriage (most do not visit or have much of a relationship with him).
Some of these children are getting greedy & want the property separated now.
Currently a chunk of the property is used for the family business, main house & rental houses.
My father in law wants to be sure that this part of the property is transferred into my mother in law and/or husbands name to protect the business and my mother in law.
(note: father in law & mother in law are not legally married but have lived together for more than 30 years, father in law is legally divorced from his first wife)
He is happy to separate the rest of the land between the children legally now in life to avoid fighting after his death.
Questions
1) How do they go about separating the land now? Is this a simple process through a lawyer?
2) Would they be charged a land transfer tax for separating the land & if so what % would that be?
3) Will separating the land now cause any problems if it is done in life vs being done after his death?
Thank you for any advice or information.
Sangria
My father in law owns some property near Puerto Plata.
He is 85 and has 6 children of which 5 are from a previous marriage (most do not visit or have much of a relationship with him).
Some of these children are getting greedy & want the property separated now.
Currently a chunk of the property is used for the family business, main house & rental houses.
My father in law wants to be sure that this part of the property is transferred into my mother in law and/or husbands name to protect the business and my mother in law.
(note: father in law & mother in law are not legally married but have lived together for more than 30 years, father in law is legally divorced from his first wife)
He is happy to separate the rest of the land between the children legally now in life to avoid fighting after his death.
Questions
1) How do they go about separating the land now? Is this a simple process through a lawyer?
2) Would they be charged a land transfer tax for separating the land & if so what % would that be?
3) Will separating the land now cause any problems if it is done in life vs being done after his death?
Thank you for any advice or information.
Sangria