Puerto Rico Estate Planning Data Sheet
Description
How to fill out Estate Planning Data Sheet?
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FAQ
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.
No, the IRS does not impose taxes on foreign inheritance or gifts if the recipient is a U.S. citizen or resident alien. However, you may need to pay taxes on your inheritance depending on your state's tax laws.
As of November 28, 2020, inheritances are distributed in two parts. 50% is of free disposition and the other half (legitimate) is divided equally among the forced heirs, which are the children and now include the widow or widower.
Puerto Rico is a territory of the United States. Those born in Puerto Rico carry U.S. passports. But, from an estate planning perspective, they hold a unique place. If a Puerto Rican is living in the United States, they are estate taxed just like other U.S. citizens.
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).
Sections 2021.01 and 2041.01 impose a ten percent (10%) tax on every person who transfers property through estate or gift. Act 76 eliminates the 10% tax on transfers that occur after December 31, 2017, for both residents and nonresidents of Puerto Rico.
As of November 28, 2020, inheritances are distributed in two parts. 50% is of free disposition and the other half (legitimate) is divided equally among the forced heirs, which are the children and now include the widow or widower.
In general, any inheritance you receive does not need to be reported to the IRS. You typically don't need to report inheritance money to the IRS because inheritances aren't considered taxable income by the federal government. That said, earnings made off of the inheritance may need to be reported.