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Questions tagged [inheritance]

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inheriting (and selling) a house via a trust vs being named on the title

Apologies if this is a silly question. I am quite naive when it comes to taxes. I am a dual US/UK citizen. My wife is a UK citizen. We reside in the UK. My mother is a US citizen residing in the US ...
anonymous's user avatar
7 votes
1 answer
2k views

Will my daughter, a USA resident, owe Taxes on a UK inheritance?

My daughter, who now lives in the USA, has inherited some money from her grandmother in the UK. It is approx £25k. Will she be liable for any tax when it gets transferred to her USA bank account?
Ian's user avatar
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8 votes
1 answer
997 views

Inherited Retirement (IRA) Account (non-spouse)

When my mother passed she left an IRA account that got split up among the kids. I just read an article with the sentence: "If you leave retirement money to your kids or anyone other than your ...
mblatz01's user avatar
  • 297
3 votes
1 answer
47 views

Are there any taxes to be paid to HMRC when I sell an inherited property in another country?

I recently (less than six months ago) inherited a flat in Italy. I'd like to sell it. Are there any taxes to be paid to HMRC if I have the money being paid to a UK bank account?
Blue Moon's user avatar
  • 227
2 votes
0 answers
57 views

Do I need to pay tax in Italy if I'm inheritating in France?

I am inheriting 100k€ in my home country, France. The account is a french one. However, I am currently residing in Italy (I got an italian ID card, work, pay my taxes and live there 99% of the year). ...
Qise's user avatar
  • 121
1 vote
1 answer
39 views

Uk tax inheritance from overseas parents

I'm a UK citizen with double nationality from Italy. I live and work in the UK. I'm receiving some inheritance from my late Father (cash money and shares), who was Italian and resided in Italy. Are ...
Blue Moon's user avatar
  • 227
13 votes
4 answers
4k views

Joint owned property 50% each. Can 50% rent be charged?

My sister has lived in a property that was passed to us both in our parents' will. She has never offered to pay any rent in a mortgage-free house with her and her three children. This has been going ...
user122157's user avatar
1 vote
1 answer
23 views

US inheritance tax on Irish index fund held by non-US resident via US broker?

I am a non-US resident who has an account with a US-based broker. I have invested in an Irish-based index fund that tracks the S&P 500. I'm concerned about my children having to pay inheritance ...
Yuval Atzmon's user avatar
0 votes
1 answer
81 views

Does it make sense to buy a vacation home or invest in mutual funds? [closed]

I understand this has been asked in someway before. Now my turn... I have lived under the impression that property is always good a investment. Here are a few reasons I think I should buy a vacation ...
Marinaio's user avatar
  • 395
4 votes
1 answer
1k views

Using a trust vs stocks to purchase land

I plan to purchase land to build a new home within the next year. I am receiving an inheritance in the form of a trust account; the account is in my name and I am also the trustee. I had planned to ...
GendoIkari's user avatar
3 votes
0 answers
36 views

Trust Question with IHT (UK)

This is a fictional scenario but I'm trying to get my head around it. Say if we had the following. James had a discretionary trust with £600,000 in cash and shares on March 2011. James agreed to pay ...
James's user avatar
  • 31
10 votes
1 answer
1k views

Is a 401K taxed as regular income when the owner dies?

If an owner takes distributions from a 401K, it is taxed as regular income. If the owner of the 401K dies (with no beneficiaries) the money is put into the estate of the deceased. Is it still taxed ...
Steve Wellens's user avatar
0 votes
1 answer
72 views

How does insurance work in the US in case of long hospitalizations?

I have been reading some advance directive (living will) documents online and I wondered what happens when one is in the hospital and is in a vegetative state. I am trying to cover my dependents and ...
heretoinfinity's user avatar
0 votes
1 answer
52 views

Do I have any tax liability for distributions occuring between date of death and transfer of brokerage assets to me?

Due to death of a relative (death during the summer of 2021) I have inherited a non-retirement brokerage account, consisting of various common stocks and mutual fund shares, and also some settled cash ...
311411's user avatar
  • 235
0 votes
0 answers
47 views

What is the difference between succession tax and inheritance tax?

I read on https://www.offshore-protection.com/panama-private-interest-foundations-formation (mirror) (emphasis is mine): Panama is a true 'tax haven'. Panama Foundations offer the following tax ...
Franck Dernoncourt's user avatar
1 vote
1 answer
48 views

Looking for guidance re: how to class inheritance funds so they do not impact FAFSA

My parents passed away and left a small inheritance that I am not planning to access until I near retirement (10-15 years). Most of the funds are currently in an IRA account. Will these funds impact ...
Michelle's user avatar
3 votes
1 answer
225 views

probate / inheritance proceedings - consolidation of all assets - giving out bank books to executor

I am in the process of a probate/inheritance since a relative of mine died. There are different kinds of assets which the executor I hired to process the probate needs to consolidate. He already ...
boxer402's user avatar
1 vote
2 answers
400 views

Sibling wants to buyout inherited property with 4 total siblings. Should we remove sellers fees from value?

Four siblings have inherited a home/property. The appraised value is around $480k, but in the current market it would sell for much more. One sibling was already living in the house rent free and ...
Brian Stuart's user avatar
1 vote
1 answer
157 views

Is this inheritance will fair, or only equitable? [closed]

I'm formulating my will and I wish to provide for my three children. They are all aged near 50. Two children earn 300k+ and have assets of over two million dollars each. The third child has no income ...
Stewart Anstey's user avatar
1 vote
0 answers
64 views

Family Member Broker - Managing Mother's Investment

My niece works for a securities firm as registered broker, (not CFP) - her mother, my sister, inherited a large sum of money and will be investing 100% of her funds with her daughters business. Is ...
Katherine's user avatar
2 votes
0 answers
44 views

UK inheritance tax for Jersey-born British passport holder living overseas?

I was born in Jersey, where there is no inheritance tax. I have a full British passport which doesn’t have the page about being a crown protectorate because it was issued in Beijing. I have never been ...
Darryl Snow's user avatar
3 votes
1 answer
79 views

When is the UK Gift/Inheritance tax levied?

This page sets out the rules for UK "gift tax" (a subset of inheritance tax) UK Gift tax is specifically designed to prevent people circumventing inheritance tax by giving gifts to their ...
DJClayworth's user avatar
  • 32.2k
13 votes
3 answers
2k views

Tax implications of large gift

My father received an inheritance from my late grandfathers estate, and he decided to gift me and my brothers an extremely generous check as a Christmas gift. The amount of money is significant enough ...
maple_shaft's user avatar
0 votes
1 answer
173 views

Is a delayed investment a valid agreement among family?

Our family is currently in a bit of dispute over the future of my mother's home (she is still living). I apologize if my explanation here is more complicated than it needs to be; I have simplified the ...
Zephyr's user avatar
  • 101
1 vote
1 answer
84 views

Probate in Pennsylvania

My husband and I have named our daughter as beneficiary to all our financial accounts. After our death will she be able to get the money without probate? We live in Pennsylvania. Thanks.
user65985's user avatar
  • 145
4 votes
3 answers
1k views

UK capital gains tax when I give asset to partner

I'm in the UK. My partner and I aren't married, and we live in separate houses. I'm in the higher tax bracket and he's in the normal bracket. I have a bunch of cryptocurrency, and I'd like to use it ...
Greg Hunter's user avatar
2 votes
1 answer
81 views

US inheritance tax for Spanish tax resident

If a US citizen (but Spanish resident) gets an inheritance from a deceased US citizen with US assets how is it taxed in Spain? I understand that in the US it is the estate of the deceased that pays ...
lambda's user avatar
  • 583
1 vote
1 answer
116 views

Questions about an estate inheritance in Florida

My father passed away last month in Florida and left his estate to me and my older sister. The estate is simple - his house (paid off 20 years ago), some household possessions, and a couple of bank ...
RiverNet's user avatar
  • 5,330
1 vote
0 answers
73 views

How to go about a cost-effective one-time sale of shares?

I have no real experience of trading in shares, but I have inherited some, and I'd like to find out how to go about selling them. There are a few specific considerations to my case: I have a physical ...
osullic's user avatar
  • 111
1 vote
0 answers
54 views

Effect of new tax plans on inherited assets?

I was reading this article on Biden's new tax plans and had a few questions. They propose the following situation where these new laws would come into play. Consider, for example, an entrepreneur who ...
Erik's user avatar
  • 11
3 votes
1 answer
88 views

Inheriting an ISA

What are the restrictions or complications around inheriting an ISA if I already have one? Is it simply that I can’t pay into it or more problematic because of inheritance tax?
Matt W's user avatar
  • 549
1 vote
1 answer
106 views

do the covid-based rules affect when you inherit an IRA?

Given that a traditional IRA owner that died in 2019 (at 95) and had multiple beneficiaries (all people), normally the rules states that the inherited IRA would have to be inherited by all of the ...
piton's user avatar
  • 479
12 votes
8 answers
7k views

Can my sibling double his portion of our inherited property by buying us out and then selling?

I have 2 siblings for a total of 3 of us. My father lived in a home worth $300,000. However, we inherited 2 million split 3 ways. My brother wants the property, and buy us out. When thinking it ...
Tyler wilks's user avatar
1 vote
0 answers
78 views

Is there any more efficent way to donate my inherritance from a trust directly to a non profit in the USA?

My grandfather passed away a little while back and apparently I'm one of the people he had listed as a beneficiary in his will. I'm due to inherit a small chunk of change, but I always donate my ...
dsollen's user avatar
  • 1,186
0 votes
1 answer
3k views

Want to bring inheritance Money from Pakistan to UK?

What are the taxes? or other Uk Gov-related rules that we need to keep in mind in order to bring inherited money from Pakistan to the UK? My Grandfather passed away and left an inheritance for his ...
xack's user avatar
  • 1
2 votes
1 answer
201 views

Inherited bank stock

In 1977 my grandfather passed. In his will he left his grandchildren stock he purchased at a local bank. The will stated that the stock could be claimed when the youngest of us reached 18 years of age....
Jcelda30 Celda's user avatar
2 votes
1 answer
101 views

Lost A Company In a Judgement

I inherited a company from my father. Not sure what the valuation was. I didn't have any money invested in the company, but the company was sued and we lost it in lieu of not being able to pay the ...
Dustin K's user avatar
1 vote
1 answer
95 views

About to inherit assets located in Italy as a UK resident. Any tax liabilities, and if so, where?

I live, work, and pay my taxes in the UK. Sadly, my mother recently died. I am about to inherit some of her assets, which are all located in Italy, where she lived. I'll be inheriting a 25% share of ...
user avatar
2 votes
1 answer
146 views

What happens to all my assets outside US if I die?

The event: I am Brazilian and a Green Card holder and I bought a house in Brazil. First question: Do I need to register this house in my tax return here in US? Second question: Suppose the scenario ...
Wagner Patriota's user avatar
0 votes
1 answer
292 views

Will the US resident be taxed or need to declare amount of a Canadian Cash gift of approx $20,000 USD?

Mom living in Canada wants to give child living in US $25,000 CAD (approx $19,800 USD). Canada doesn't have tax to pay on gifts. Will the US resident be taxed or need to declare the amount?
Mandy's user avatar
  • 1
-1 votes
1 answer
90 views

Land bought before estate planning [closed]

My 2 brothers and I will split our dad's estate when the time comes. However, 6-7 years ago, our dad was going to sell some property potentially worth a considerable sum and when the deal fell through,...
Karen R Jones's user avatar
1 vote
1 answer
71 views

Transfer Inheritance from US to a NRA in Indonesia

I am a non resident alien, not living in the US. I inherited funds from a US stock exchange account after the owner died, but they could not wire it to a non US bank. THey can only wire to a US bank ...
angel's user avatar
  • 11
2 votes
1 answer
75 views

Are there tax requirements for a transfer on death account? If so, how do I file it?

I live in the U.S. My great aunt passed away and I was listed as her beneficiary on her transfer on death Certificate deposit (CD) account. The account has/had approx. $30,000 USD, which is being ...
birdnerdgirl's user avatar
2 votes
1 answer
142 views

Long-term stock investment spanning multiple generations

Is there any financial product that would allow someone to invest a sum X (once or maybe add funds periodically) in a single stock, an ETF or similar for a minimum period of time, say 100 years? I'm ...
tmh's user avatar
  • 161
0 votes
1 answer
115 views

Inheritance Tax example

Mr and Mrs A sold their house in 2013 for 1.5 million . They have 2 children. They bought a new home in 2013 and decided to allocate capital to their two children Date Child 1 Child 2 2013 200k ...
markoptions's user avatar
1 vote
1 answer
438 views

Can I bring a large sum of inheritance money into the U.S. through an airport?

I'm an international student in the United States. I inherited around 1 million USD from my father. Can I bring that money into the U.S. through an airport?
jane doe's user avatar
1 vote
0 answers
113 views

Inheriting an inherited IRA from a spouse

If I inherit the following three IRAs from my spouse: Traditional IRA (no RMD yet taken/required; does that matter?) Roth IRA Inherited IRA (spouse inherited from parent) what can I do with the ...
yoozer8's user avatar
  • 9,496
3 votes
1 answer
261 views

UK Cash Gift Amount

My grandparents are gifting me £7000 towards the cost of buying my first home. Depending on the price of the house I buy, this will probably go towards the deposit, fees associated with buying a house ...
Jsk's user avatar
  • 1,659
1 vote
0 answers
58 views

IRA Inheritance

In 2017, my great aunt passed away and she left her estate and retirement account (an IRA) in a will to myself and family members. She was nearly 80 years old and she lived in California. Within one-...
wilberteric's user avatar
0 votes
2 answers
231 views

For a risk-averse investor, is it ever justifiable to invest in real estate over an index fund?

Let's say I have a chunk of cash sufficient to cover a 50% down payment on an average house (£600k). Or, buy an inexpensive house outright. Let's also say I must use the money for real estate—I cannot ...
Derek Fulton's user avatar

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