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Land in the Bahamas
My family owns some land in the Bahamas on the island of San Salvodore (not El Salvodore, San Salvodore). Lately, my Dad and Grandma have been discussing what we should do with the property. Real-estate agents told my grandma she could sell it for $5,000 but my parents detremenied we could get at least $50,000. My 85 year old grandma is the true owner but it seems she will be leaving the land to my parents in her will. So we really think we should try to build a house there. But I have a few questions.
1. Do you think they'll have building materials there or would we have to ship them from the U.S?
2. My grandma hasn't paid any taxes for the poperty because they never sent her anything about it. Do you think we still own the land?
3. Do you agree that we should keep the land?
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It depends on the kind of house you want to build there. They have houses and hotels there I am sure, so they should have contractors and home builders there. Depending on what you want, you can probably do both.
If your grandma has not paid taxes on the land that could be a problem. You need to contact an attorney. Some major law firms (like the one I work for) have estate planning departments. You will need to find one to talk to. After she passes, whomever is the beneficiary of land will take on all of the responsiblities, that includes the back taxes and any other taxes that apply.
After you talk to an attorney, then, with their advice and PROFESSIONAL opinion, your family should make their desicion.
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