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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.

59
votes
6answers
11k views

Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?

A few years ago I got a credit monitoring app and started watching my credit score (high 700's). It's been climbing slowly and sends me an alert when I apply for new credit - like when I bought a car ...
2
votes
1answer
37 views

Inheritance Tax on money received abroad

I am a dual UK and Bangladeshi citizen who recently inherited money from my father in Bangladesh. I want to bring the money over to purchase a flat in the UK. Would i be liable to inheritance tax?
1
vote
0answers
61 views

How to pay taxes on earning from an inheritance without commingling it

I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
3
votes
1answer
63 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
4
votes
0answers
70 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
4
votes
1answer
76 views

When and how to create a will document Vs. inheritance rules

I few questions related to will: Q1: Is there any particular kind of assets for which you must have a will document or inheritance rules are sufficient? In particular: Real Estate Automobile ...
0
votes
0answers
33 views

Self-executing 50-50 split of assets in a trust

Suppose I would like to set up a trust to pass along my estate to two beneficiaries. My goals for this trust are: Assets are given out according to a schedule based on beneficiary ages (i.e., the ...
1
vote
1answer
20 views

Valuation and Deductibility of Inherited Property

Under US tax law, when property is inherited, what are the rules for valuation and deductibility when giving it to charity? I have been assuming that when there is no taxable valuation for inherited ...
2
votes
0answers
57 views

Transfer from Russia to the US after inheritance

My adult children will inherit an apartment in St Petersburg Russia. After the complexities of selling, taxes, etc., will there be any problem with a bank transferring the proceeds to the US? Will US ...
2
votes
2answers
343 views

I'm 25 years old and about to inherit $100,000 CAD, best thing to do with this?

I have roughly $30,000 CAD saved already and I've been looking to get my own place, perhaps a Condo but the prices in the GTA are just absurd, you're looking at 500k for a 1 bedroom/1 den/1 bath pre ...
1
vote
1answer
79 views

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now. Pl answer following queries : Will gift tax be applicable in such case to donor (per Indian law) and/...
2
votes
1answer
72 views

Finishing university and not sure if I want to work in my field or to continue my dad's business [closed]

As context, I'm an electrical engineering student currently working on my bachelor thesis. Also, my dad owns a business that process flat glass by doing cuts, shapes, etc. with the majority of the ...
2
votes
1answer
142 views

If I’m beneficiary on a life insurance policy can gamy make me share it

My mother in law named me as her beneficiary on her life Insurance policy. She lived with me for many years before passing. We are in the state of North Carolina . One of her sons has decided that he ...
1
vote
2answers
137 views

Why is capital gains tax on inherited stocks calculated based on the value of the stock when inherited? [closed]

Here in the US, my understanding is that if you inherit a stock, then eventually sell the stock, the capital gains tax is calculated as if you had bought the stock at the price that would have been ...
1
vote
0answers
57 views

Uniform gift to minors act stock sold by state under escheatment?

My grandmother bought me a stock of Disney when I was born and now in graduate school I decided now would be a good idea to cash in on the stock. It was only one share but the stock has split 1:3 and ...
1
vote
1answer
93 views

Which acquisition date is considered when calculating capital gains tax for inherited mutual funds in India?

Let's say (in India): Ravi's father bought units of an MF on 01-Jan-2011 Ravi's father passed away on 01-Jun-2015 The inherited units were credited (transmitted) to Ravi's account on 01-Feb-2017 ...
2
votes
0answers
71 views

In the U.S., is one who inherits artwork, antiques, or other such goods required to professionally appraise them before selling them?

Artwork, antiques, or other such goods: the category I am trying to refer to is those things which are sold on a market which is not liquid enough for it to be immediately obvious what the market ...
2
votes
3answers
1k views

how to transfer inheritance money to US legally

I have inheritance from my mother in India and would like to bring in USA. I have NRO/NRI account in India. I am aware of 15CB & 15CA forms need to complete. I know that legally I can bring $10,...
2
votes
1answer
324 views

Transferring inheritance money from USA to the UK

I have some inheritance money that will soon be paid out in the US (I am a US citizen). I would like to transfer it to the UK, where I currently live, to help buy a property. Will the money be taxed ...
1
vote
1answer
55 views

Tax forms required for heirs who receive money from sale of an estate?

The probated estate is small; no state or federal taxes will be owed for the estate or for those who inherit. The property will be sold and money distributed to the heirs. Are federal 1099s still ...
0
votes
1answer
89 views

“Guesstimating” the value of a property

Country is Germany, in case that’s even relevant. Some fifteen years ago my parents bought a property together with one of my brothers (referred to as “brother A” further down) and his wife (so each ...
1
vote
0answers
100 views

My family inherited a shopping center which we have sold.I'm 73, with only $476 in income a month. My share:$119,000. Will I be taxed? Land Swap?

I'm one of nineteen (1/19) who will receive a check for $119,000 dollars from a shopping center we inherited. I'm 73, receive ONLY $476 Social Security a month and have NO OTHER INCOME. I also have ...
2
votes
1answer
67 views

What is the tax liability from an inheritance from a trust and reported on a K-1 form?

I'm receiving an inheritance from the death of my grandmother. The money is being distributed from a trust, and I am told that the distributions are going to be reported on K-1 forms and I will need ...
45
votes
2answers
7k views

Best way to make sure my son has an income after I have died

I have a son with special needs, he is autistic and has learning difficulties. It is unlikely he will ever have a 'normal' life or be able to financially support himself. I am extremely worried of ...
3
votes
1answer
505 views

28 years old and just inherited large amount of money and real estate - unsure what to do with it [closed]

So a little info for starters: as said in the topic, I'm 28 years old and come from a quite well-off family. I actually earn quite a lot of money myself, but I never get to use it - I spend at most 1/...
4
votes
1answer
312 views

What should a 19 year old with a moderate inheritance look for in a financial advisor?

This is not about me, but for the step daughter of a friend of mine. Her parents were divorced, her mother died. She is an only child and getting the assets from the estate. My friend isn't sure ...
3
votes
1answer
217 views

Should I be concerned about inherticance if sibling is living with parents?

My parents are about to retire this year, and have a comfortable pension from my Dad's various trade jobs he's worked over the years ($120,000.00/year), which is corrected for inflation each year. ...
0
votes
2answers
441 views

Reality Check for friend

A friend from China just inherited from grandparents in Shanghai (from a very wealthy family) these items. Who could I contact to discover their authenticity and help her perhaps understand the best ...
24
votes
1answer
3k views

I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with ...
2
votes
5answers
374 views

Family inheritance and property

I would like some advice on property allocation between siblings and parents. We all live in England. I have a sibling whom I love very much. We both get along with our parents who are divorced. We ...
2
votes
1answer
302 views

What to do with my inheritance?

I received an inheritance of 120K. So far I paid off our second mortgage. I also paid off all credit card debt. I have 80K left. This is the biggest payout we will likely ever receive. My husband ...
2
votes
0answers
100 views

Depositing / Cashing Inherited Checks (CO, USA) [closed]

My partner has inherited a small amount ok money in the form of checks from and payable to her deceased mother. Her mother did NOT have a bank account, the sums are not enough to warrant probate, her ...
7
votes
2answers
199 views

What to do with art whose price may sky rocket but is too costly to store?

My late father was an art buff, what I never expected (and he didn't tell) was that since I moved to live abroad, he had been collecting signed lithographs, drawing, artistic photos and rare books ...
5
votes
1answer
82 views

Stock sale by person living abroad

An American citizen friend of mine married a person in England some thirty years ago and has lived there ever since. A couple of years ago she inherited some Stock when her mother died. She has ...
2
votes
0answers
85 views

Trusts, Inheritance Tax in UK

My background: I am a British citizen, currently living in mainland Europe i.e. Austria. Off-late, I married an Austrian Citizen. We purchased a property together in Austria. There is no Prenup ...
5
votes
1answer
153 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
16
votes
3answers
1k views

Determining current value for real estate for inheritance purposes

It's my understanding that when someone dies the person who inherits their property has the value of that property reset for capital gains purposes. That is, if the property was purchased for $10,000 ...
1
vote
2answers
682 views

Transfer inheritance money from Bangladesh to US

I'm a US Citizen living in VA state. I have inherited property worth close to 1 million US Dollars. My father is also a US citizen living in Bangladesh. What is the proper procedure for him to send me ...
3
votes
1answer
120 views

Spouse Inheriting only part of an IRA

Assume: Alice (63) and Bob (68) are married and each has both a traditional and Roth IRA Bob's IRA beneficiary designation is 60% to Alice and 40% to his brother Charlie (58), on both the traditional ...
31
votes
4answers
8k views

22-year-old inherited 30k from 529 payout - what is the best way to invest?

I recently received the payout of my college 529, about 30k amount. It's been in a mutual fund with a private investor for about six months. It's the same investor my parents use. I recently got my ...
2
votes
3answers
549 views

Should I buy out my brother on a property we will inherit before making improvements?

I will be 50% owner of my dad's home when he passes, and I want to own it all, and my brother is willing to sell me his half. Right now my dad is living and it has come to the point where he needs ...
6
votes
1answer
163 views

Does someone who inherited a house that was sold qualify as a first time buyer for Lifetime ISA?

My children are at University with large student debts. They have just lost their father suddenly and unexpectedly. He left no will, so they will inherit, but my eldest has not yet obtained probate. ...
3
votes
4answers
187 views

Would this inherited house have half-equity or simply a good deal?

The scenario: I have a cousin C who will be left (they've seen the will in advance) their parent's house jointly with their sibling S. The will has a provision for C to buy out S's share at a pre-...
0
votes
4answers
227 views

Should I re-allocate my portfolio now or let it balance out over time?

My grandparents have been buying me shares of Home Depot stock for years, and these shares were transferred to me once I graduated college. Currently I have 62 shares of HD, and 4 shares of JNJ (which ...
8
votes
2answers
636 views

Distant relative inheritance and outstanding debts

My mom's cousin Larry passed away earlier this year. He wasn't in touch with any family for the later part of his life, but when he became ill, he contacted my mom and she did a lot of work to help ...
1
vote
1answer
216 views

Can you gift assets to your parents well in advance of their deaths to get a cost-basis step-up?

I know that gifts given to parents by their children within one year of their death are not eligible for cost-basis step up upon inheritance by those same children. I understand that this is to close ...
18
votes
4answers
6k views

What to do with a 50K inheritance [duplicate]

My grandma left a 50K inheritance and I'm looking for advice about the best way to use it. My husband and I have 3 kids (11, 3, 1) and are in our early 30s. We have: 60K in student loan debt 15K car ...
4
votes
1answer
3k views

How to transfer inheritance money from India to USA

I'm a US citizen. My father, who was a citizen of India, died last year. My father had CD in Banks and a property in India. The property was legally sold and all taxes in India paid. We are 4 sisters, ...
9
votes
3answers
1k views

Gift house to parent then inherit it back to increase basis?

(Question for USA taxes.) Let's say that I have one remaining parent who is quite advanced in age. I own an investment house that has appreciated in value significantly. I want to sell it eventually, ...
26
votes
3answers
5k views

Credit card debt after cosigner passed away

My father is a cosigner on my brothers credit cards. He passed away last month. My brother is not paying off the debt. Can we remove my fathers name? Is my dads estate responsible? My brother owes ...