A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Puerto Rico Nominee Trust
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FAQ
A will that is drafted, either outside or in Puerto Rico, must be declared valid and must go through a court process to be validated in Puerto Rico. If this process is not followed, the Registry of Property or the Institution that holds the funds will not respond to your requests.
A Puerto Rico Trust must have specific assets that make up its patrimony. These assets can be any kind of present or future property, including real estate and personal property. It can be created over determined or determinable assets, or over all or part of a patrimony.
The U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from his or her U.S. gross income for U.S. tax purposes.
All real estate in Puerto Rico is subject to the probate system. This system is based on a "forced heir" policy, that states that all children need to receive from the decedent (the person that died).
As a rule, there is no inheritance tax applied. Once the declaration of heirs has been issued by the Puerto Rico courts, you need to procure a certification of value and a certification of debt from CRIM.
Property That May Avoid Probate Property held in a trust3 Jointly held property (but not common property) Death benefits from insurance policies (unless payable to the estate)4 Property given away before you die. Assets in a pay-on-death account. Retirement accounts with a named beneficiary.
A Puerto Rico Trust is Considered Foreign When it comes to Puerto Rico and the US Tax system, it can get very complicated on matters involving international reporting.
The new civil code establishes that, if there is no valid will, the order of inheritance is as follows: The surviving spouse is first in the order of succession and at the same level as the children (descendants).