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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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 ...
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1 vote
1 answer
143 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 ...
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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 ...
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2 votes
0 answers
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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 ...
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2 votes
1 answer
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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 ...
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13 votes
3 answers
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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 ...
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0 votes
1 answer
142 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 ...
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0 answers
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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 ...
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1 vote
1 answer
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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.
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Austria tax on property as a gift permanent resident

Shortly on the situation. My father has a property in Montenegro(non EU) that he is selling and wants to transfer the money to me. Austria (EU) what taxes will be applied in Austria if he just sends ...
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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 ...
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2 votes
1 answer
56 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 ...
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1 vote
1 answer
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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 ...
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1 vote
0 answers
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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 ...
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1 vote
0 answers
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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 ...
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3 votes
1 answer
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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?
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1 vote
1 answer
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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 ...
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12 votes
8 answers
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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 ...
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1 vote
0 answers
73 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 ...
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1 answer
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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 ...
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2 votes
1 answer
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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....
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2 votes
1 answer
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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 ...
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1 vote
1 answer
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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 ...
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2 votes
1 answer
142 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 ...
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0 votes
1 answer
262 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?
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-1 votes
1 answer
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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,...
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1 vote
1 answer
69 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 ...
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2 votes
1 answer
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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 ...
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2 votes
1 answer
136 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 ...
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0 votes
1 answer
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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 ...
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1 vote
1 answer
398 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?
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1 vote
0 answers
111 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 ...
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3 votes
1 answer
249 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 ...
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1 vote
0 answers
57 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-...
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0 votes
2 answers
224 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 ...
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11 votes
3 answers
4k views

Are there countries where children are forced to inherit their parents' debts?

Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs? In the UK and USA, it seems to be well understood that if the deceased's estate is ...
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37 votes
7 answers
10k views

Selling property inheritance share to sibling, 25 years later: original value? current value? something else?

My father died about 25 years ago, leaving me and my siblings a certain percentage of the lake home and property equaling 100%. At the time of death the property/home was paid for. My brother bought ...
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4 votes
3 answers
241 views

Coming into some inheritance, how to smartly put it to the best use to pay off my debt and/or pay for a home downpayment?

I'm in the United States. A family member just passed and it looks like I'll be coming into a little inheritance ($30,000 USD). I've got quite a bit of debt and am also looking at potentially buying ...
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14 votes
1 answer
4k views

My broker brother-in-law and sister managed my father's stock and estimated million dollars disappeared before his passing [closed]

My broker brother-in-law and sister managed my father's stock. I know he made illegal trades and used my fathers account to buy sell trade to cover his purchases. He was fired from three companies for ...
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1 vote
1 answer
66 views

Property owned by a child "A" and a parent (50/50), gifting child "A" 50% interest to a parent

My mother and my sister co-own an apartment. My sister wants to gift all of her interest to my mother. On my mother's will, I am sole beneficiary. After my mother's passing, what is my capital tax ...
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0 votes
1 answer
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Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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0 votes
0 answers
50 views

Mom gifted me property that she inherited what is my cost basis? [duplicate]

The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do ...
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-3 votes
2 answers
258 views

Money stoped by UK fraud dept

My fiancee got her inheritance from her father's account he put in the bank before he died. Now it had the stamps to leave UK but was stopped by UK in Canada, because it could be money laundering or ...
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27 votes
13 answers
18k views

Best way to invest $300,000 inheritance for a couple intending to retire in 10 years

My wife and I are getting older and have a target to retire in 10 years. We just inherited $300,000 from a family inheritance (from liquidated property). So this money will come shortly and I'd like ...
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2 votes
1 answer
61 views

If a UK citizen living and paying tax in California USA has a UK relative die, what US tax would they pay?

If you have a relative living in the UK die and leave an inheritance (eg over $1m), how much total US tax would you pay? How much more would you pay vs being in the UK?
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1 vote
1 answer
130 views

Do I need a will if beneficiaries are designated?

Beneficiaries are properly designated in brokerage accounts: spouse primary, children secondary, etc. The only major thing outside brokerage accounts is the house. And I live in FL. Should I bother ...
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1 vote
1 answer
153 views

Inheritance withheld due to taxes from USA

My girlfriends dad died last year and left her a sum of money through a company called fidelity. She received a lump sum but some of the money was withheld pending her father's tax return. She was ...
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1 vote
0 answers
74 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
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4 votes
1 answer
828 views

Lifetime ISA with small stake in an overseas home

I have been using a Lifetime ISA to save towards a deposit on the purchase of my first home. Recently, I inherited a 12.5% share of the house in Germany in which my father currently lives. The rules ...
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1 vote
1 answer
72 views

How much of an RMD from an inherited IRA with basis is taxable?

My wife received an inherited IRA last year, so took an RMD (required minimum distribution) last year (still under the pre Secure Act rules, thought that doesn't really matter). We got a 1099R for ...
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