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4
votes
1answer
172 views

What to do with a distribution as a young person?

Thanks to the private company owned by my grandfather, my wife and I received a fairly large lump-sum distribution. We now have a financial advisor and most of our money is in mutual funds, but are ...
1
vote
2answers
63 views

Is Quit Deed all I need?

I would like to get the title of my late grandparents house out of his trust, and into my name (Grandson) and my uncle's(Son) name. Should I get a lawyer or is this really all I need. Its Illinois ...
2
votes
0answers
30 views

How do I transfer/cash-in stocks from another country?

My father passed recently and I was just informed that I inherited or have stocks that he had previously purchased in my name, the stocks are located in the country my father is from where he was also ...
2
votes
1answer
55 views

Are the inheritance laws different for a green card holding spouse in the U.S. vs a U.S. Citizen?

Spouse is concerned that she will not be given the same transfer as a wife who is a U.S. Citizen. My understanding is a spouse is a spouse, but looking for confirmation.
2
votes
2answers
54 views

mortgage on half property

My brother and I have been left a house by my late mother, I only work part time and I would like to know if I could borrow money secured on my half of the property to buy my brother out?
2
votes
1answer
46 views

Unclaimed Foreign Inheritance

I do not know where to start. My grandmother died in July 2011 in Guangzhou, China (she is a Chinese citizen). She owned an apartment, and money in her bank account(s). The biggest problem in this ...
5
votes
1answer
122 views

Tax implications of gift from UK to US

My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
3
votes
1answer
272 views

Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?

My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not. The home is still in the name of ...
2
votes
2answers
72 views

I need help understanding inheritance annuities

I am getting an inheritance in the form of an annuity. Am I better off with the annuity or a lump sum. Can I change it to a lump sum? Can I ask for a once a year instead of a monthly annuity? Can I ...
0
votes
1answer
108 views

International Inheritance via Trust

My mother is an American citizen living in California - she has had dementia for many years and is legally incompetent to manage her money, but before she was ruled incompetent she put me on as a ...
5
votes
1answer
368 views

I inherited financial assets like stocks, bonds, etc. What should I do with them?

I'm specifically referring to financial assets like stocks, bonds, index funds, etc and to people who don't need to file an estate tax return; if they do need to file a return, they're certainly not ...
3
votes
2answers
2k views

Lump sum annuity distribution — do I owe estate tax?

I recently inherited an annuity, and I am considering taking a lump sum distribution. I thought I had the income tax situation sussed out, but then I stumbled across mention of a possible estate tax. ...
4
votes
2answers
850 views

Capital Gains taxes on an inherited house

My grandfather passed away in 2011 and my father inherited his house. We are looking to sell the property now and are concerned with capital gains taxes. The property has a market value of around ...
9
votes
3answers
892 views

What happens to 401(k) money that isn't used by the time the account holder dies?

What happens to un-withdrawn 401(k) funds upon the death of the account holder? Can they be transferred to an heir? What are the tax implications (if any) of this?
11
votes
2answers
378 views

Is there a way to disclaim an inheritance and decide who gets the inheritance that you disclaim?

Is there a way to disclaim an inheritance but be able to decide who gets the inheritance that you disclaim? FYI, we are talking about a non-spousal inherited traditional IRA account. The original ...
11
votes
3answers
518 views

Own my home, have no debt, and must start taking RMDs on an Inherited IRA. What should I do?

My father passed away and I have a sizable amount of money in an inherited IRA (about 2 times my yearly salary). I don't have any debt to pay off as I already own my home, auto, no credit card debt, ...
11
votes
1answer
377 views

Should I set up a family trust?

I'm setting up a will in the near future and trying to decide if a trust is the right way to go. I'm in my thirties, married, and have two small children. Our assets consist of our home (mortgaged), ...
9
votes
2answers
485 views

I inherited a lump sum and paid off my debts. How can I preserve the value of remaining capital?

I managed to benefit from an inheritance lump sum payment overseas. After paying off my debts, I will still have majority of that inheritance lump sum. My goal for that money is to preserve its value. ...
4
votes
1answer
153 views

How is an inheritance taxed in the United States?

My wife will be receiving an inheritance from her Uncle's estate. What are the federal tax implications?
7
votes
3answers
621 views

Should we use an expected inheritance to invest in a rental property with cash, i.e. no mortgage?

My wife and I will be getting an inheritance soon. There are many ways to invest this money. One thought we had was to take advantage of the down real estate market and buy a house for a rental ...