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Questions tagged [inheritance]

for questions related to the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual. Please user appropriate "Country" tag.

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Apartment from non-US parent abroad

If my non-US parent gives an apartment in my native country to me as a gift, vs I inherit this later, and then in the far future I decide to sell that apartment, when doing my US taxes at that time ...
upstream's user avatar
  • 271
5 votes
4 answers
3k views

Parents' house repairs and siblings future inheritance

My sister and I will in the future each inherit a 50% share of our parents' house. The house needs immediate significant repairs, amounting to tens of thousands of pounds. I am prepared to pay the ...
i-am-penguin's user avatar
1 vote
1 answer
65 views

Can DWP withhold money when you receive inheritance?

My uncle (T) has been in and out of gainful employment for years, so much so he has had over 20 full-time positions by the age of (almost) 60. Inevitably he's let go, sometimes receiving redundancy ...
spikey_richie's user avatar
0 votes
2 answers
497 views

Should my trust be the beneficiary of my annuities?

My home and additional acreage are in a revocable trust. I also have IRA annuities and non-qualified annuities. At this time the beneficiaries are my three adult children. At my death, I would like ...
JeanG's user avatar
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1 vote
1 answer
226 views

what to do with inheritance [closed]

I stand to inherit about $150k some time this year. I am 60 years old, divorced, retired and own my home outright. It currently is valued at approx. $500k. I owe about $3k on my car loan. I have ...
Legal Sub's user avatar
7 votes
1 answer
3k views

Is a buyout of an inherited house in a trust an option?

My sister passed away and she had put her home in a trust of which I am the trustee. She had specified that the proceeds of her estate be divided in 4 equal parts — three for individuals, including me,...
Jim Berndt's user avatar
12 votes
2 answers
3k views

Disclaiming part of an Inheritance

Say a relative passes and leaves all of his money to two of his three children. His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
newUserNameHere's user avatar
1 vote
1 answer
115 views

Inherited Roth IRA distributions and taxes

My mother died this year and I inherited her Roth IRA. I do not need the income from her account and I do not need to pay any extra taxes. I am 61 years old and I plan to be on Medicare when I turn 65....
Bob's user avatar
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2 votes
0 answers
81 views

Under UK law, what is the effect on inheritance tax liability of giving a gift back?

Scenario: a parent gives a gift to their child, but the child later gives the gift back. The parent then dies within 7 years of the original gift being given, and the child inherits the parent's ...
jl6's user avatar
  • 589
6 votes
1 answer
183 views

I inherited a Roth IRA less than 5 years after a conversion, can I wait then take qualified distributions?

I inherited a Roth IRA from a parent. I am a designated beneficiary but not an eligible designated beneficiary. IRS Publication 590-B for 2022, Distributions that aren't qualified distributions, ...
User5910's user avatar
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1 vote
1 answer
107 views

Recently my mother died - how to handle her living trust account - Does the date of trust formation change?

A few months ago, my mother died. She had a living revocable trust which reported its income to the IRS under her social security number. When she died the trust became irrevocable and I went to the ...
Bob's user avatar
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0 votes
0 answers
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Form L-8, Death in New Jersey and a TOD account

Consider the following hypothetical case. A parent (living in New Jersey) dies, in 2023, leaving all his money to his daughter, who is over 21, in the state of New Jersey. His sole assets are two ...
Bob's user avatar
  • 1,673
2 votes
1 answer
2k views

Helping family member with complex rental property situation

My grandmother died 10 years ago, leaving her small house in a purely verbal will to my sister. My sister is a "poor musician" and could use the property for rental. However, the will was ...
Bennet's user avatar
  • 489
11 votes
2 answers
4k views

Figuring out the tax basis of property inherited 15 years ago

In 2008 my father died. 15 years later I just sold the property that I inherited from him. Now I need to pay capital gains on that property, but what do I use as the tax basis? I could just assume the ...
neubert's user avatar
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1 vote
2 answers
154 views

Are taxes on unclaimed property lower when living inside the State or outside the State? Specifically: Pennsylvania and New Jersey

I am currently unemployed living in Atlantic City, NJ and previously I lived in Philadelphia, PA. There is unclaimed property in Pennsylvania from my deceased mother's savings account. Will I be ...
I Am Confused's user avatar
2 votes
0 answers
123 views

In a non-community property state, which shares get stepped-up basis when held jointly by a married couple and one spouse dies?

Let's say a married couple lives in a non-community property U.S. state. They have a taxable joint brokerage account and periodically buy shares of stock. One spouse dies so the other spouse is ...
Craig W's user avatar
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1 vote
1 answer
324 views

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
3k 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
  • 71
8 votes
1 answer
1k 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 ...
AA040371's user avatar
  • 353
3 votes
1 answer
50 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
65 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
64 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
8k 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
35 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
105 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
  • 397
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
37 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
2k 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
74 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
163 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
  • 245
0 votes
0 answers
56 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
86 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
229 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
1k 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
159 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
83 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
52 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 ...
Snowman's user avatar
  • 121
3 votes
1 answer
92 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
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13 votes
3 answers
3k 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
192 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
90 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
  • 171
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
156 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
164 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
  • 5,380
1 vote
0 answers
74 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
  • 121
1 vote
0 answers
56 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
93 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
109 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
  • 489
12 votes
8 answers
8k 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
90 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
  • 1,196

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