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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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 ...
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,...
6 votes
1 answer
162 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, ...
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 ...
1 vote
1 answer
82 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....
2 votes
0 answers
79 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 ...
13 votes
4 answers
7k 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 ...
1 vote
1 answer
89 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 ...
0 votes
0 answers
55 views

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 ...
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 ...
11 votes
2 answers
3k 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 ...
1 vote
2 answers
118 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 ...
3 votes
0 answers
121 views

Transferring proceeds from sale of inherited apartment from Russia to the US

My adult children will inherit an apartment in Saint Petersburg, Russia. After the complexities of selling, taxes, and so forth, will there be any problem with a bank transferring the proceeds — the ...
2 votes
0 answers
113 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 ...
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 ...
1 vote
1 answer
164 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 ...
3 votes
1 answer
544 views

How to claim income from sale of house given by quitclaim deed prior to death

We are in Michigan, USA. A couple years before my mother-in-law passed away she signed her house over to my wife and her sister via a quitclaim deed. Only the mother-in-law and father-in-law (both ...
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?
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 ...
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?
2 votes
0 answers
64 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). ...
1 vote
1 answer
47 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 ...
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 ...
0 votes
1 answer
91 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 ...
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 ...
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 ...
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 ...
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 ...
0 votes
1 answer
83 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 ...
0 votes
0 answers
52 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 ...
1 vote
1 answer
55 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 ...
3 votes
1 answer
227 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 ...
1 vote
2 answers
873 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 ...
1 vote
1 answer
158 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 ...
13 votes
3 answers
7k 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 ...
1 vote
0 answers
67 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 ...
2 votes
0 answers
51 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 ...
4 votes
1 answer
1k 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 ...
3 votes
1 answer
87 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 ...
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 ...
0 votes
1 answer
190 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 ...
1 vote
1 answer
87 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.
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 ...
2 votes
1 answer
134 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 ...
1 vote
1 answer
72 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 ...
1 vote
1 answer
142 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 ...
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 ...
1 vote
0 answers
55 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 ...
8 votes
2 answers
804 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 ...
3 votes
1 answer
92 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?

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