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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1answer
75 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.
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3answers
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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0answers
19 views

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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3answers
2k 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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1answer
40 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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1answer
65 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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1answer
89 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 ...
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0answers
68 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 ...
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0answers
50 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 ...
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0answers
48 views

How to set up a Trust for an NRA to own US assets and later transfer them to a US citizen child

A non-resident alien (NRA) man wants to hold US assets (e.g. real estate, corporation stocks). He is not a US citizen, but his minor child is a US citizen who is also not a resident of US and lives ...
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2answers
741 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 ...
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1answer
79 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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1answer
93 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 ...
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8answers
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 ...
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0answers
69 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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1answer
974 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 ...
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0answers
43 views

Tax optimization for succession (inheritance)

I would like to have advice for the preparation of a living estate. My mother who is still alive would like to give me her properties (apartments and house for around 1.4 million euros). What would be ...
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1answer
160 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....
2
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1answer
93 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 ...
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1answer
80 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 ...
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1answer
137 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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2answers
384 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 ...
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1answer
184 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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1answer
288 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 ...
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1answer
83 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,...
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6answers
4k views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...
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1answer
65 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 ...
2
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1answer
120 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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2answers
455 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 ...
6
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3answers
762 views

After the sale of my company, I’d like to make a cash gift to a friend who worked as an employee of my company

The cash gift will be paid from my personal bank account from the proceeds of the sale of the company. I will have already paid appropriate tax on the proceeds received from the sale as per the rules ...
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6answers
12k 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 700s). It's been climbing slowly and sends me an alert when I apply for new credit — like when I bought a car ...
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1answer
105 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 ...
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1answer
385 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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0answers
110 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 ...
3
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1answer
228 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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0answers
53 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-...
37
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7answers
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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2answers
208 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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3answers
206 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 ...
14
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1answer
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 ...
1
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1answer
59 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 ...
0
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1answer
90 views

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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0answers
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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13answers
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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2answers
256 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 ...
14
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2answers
5k views

If you inherit a Roth 401(k), is it taxed?

My understanding is that a Roth IRA can be inherited and the U.S. government doesn't put an inheritance tax on it. Does that also apply to a Roth 401(k)? In other words, if I died, would my children ...
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1answer
126 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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1answer
57 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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1answer
145 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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0answers
72 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. ...