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.
205
questions
9
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4
answers
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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, ...
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26
votes
3
answers
6k
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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 ...
- 261
3
votes
1
answer
517
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U.S./Irish taxes on U.S. retirement account inherited from uncle?
I was just wondering if I could have some help on this. I live in Ireland and my uncle passed away 2014. He was a USA Green Card holder. He left myself and my sister between us $240,000 from his ...
8
votes
1
answer
826
views
How can I trade my 20% inheritance equity to a sibling for real property in their name?
My father passed away in July 2014. His residence was willed equally to his 5 children. One of my siblings wants to buy the property from the rest of us but needs a bigger equity share to get a loan. ...
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4
votes
1
answer
222
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sorting out pensions on death
My mother passed away about 14 months ago. She had 3 pensions that are going to pay a lump sum out due to her death, she died before pensionable age. She nominated me and my two brothers to be the ...
- 613
1
vote
1
answer
101
views
Transfer funds from UK to India - Is it taxable in India as well
One of my Relative who was Resident in UK. He expired recently.
Since he had a Fixed Deposit,Hence can I transfer it to my Savings account in India. As the value is huge 10 million. Please let me ...
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6
votes
2
answers
625
views
At what point is the contents of a trust considered to be the property of the beneficiary?
My grandmother passed away several years ago, and left a generous trust fund to her 5 grand children. We can access our share of the money when either of the following two conditions are met:
We turn ...
- 207
2
votes
2
answers
327
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canadian citizen who has not filed a canadian tax return in 30 years
i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
- 21
2
votes
1
answer
238
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US tax liability for beneficiary of UK bypass trust
In the UK, discretionary will trusts (DWT) often were, and to some extent still are, used to ensure that married couples could take advantage of both spouses' nil-rate-band (i.e. estate tax exemption ...
- 121
0
votes
2
answers
474
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How do I tie up an inheritance?
I stand to inherit a large estate over the next ten years or so. The inheritance will come from my direct parents and step parents, who have no other children.
However, I know that other members of ...
4
votes
1
answer
9k
views
Transferring money from the Philippines to the USA?
I would like to bring in $150,000 from my bank in the Philippines to another bank here in the US. This money is from a lot I sold which was given to me (under my name) by my dad who has already passed ...
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27
votes
5
answers
8k
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My father has passed away and I want to buy his home
My father has passed away and I want to buy his home. There is no mortgage left and I will be paying off my sister half of the house value. Do I need to get a new mortgage?
- 281
1
vote
1
answer
128
views
Must an annuity provider payout a lump sum on an inherited annuity without charging fees?
I inherited 1/3 of an annuity account. Is it required for companies, if requested to payout lump sum on inherited annuity account and not charge fees?
1
vote
1
answer
32
views
Inherited IRA for minor in interest-bearing federally insured account? Do any financial institutions support this?
Some minors were listed as beneficiaries on a 457 plan and the plan owner passed away such that the minors inherited it. The local court requires that the money be held in a zero-principal-risk ...
- 145
3
votes
2
answers
631
views
What happens to your spouse's sole proprietorship if they die?
In this case, it is a construction company located in the United States. It is owned by one spouse, all bank accounts/credit cards etc. are co-signed by both. However, the business is a sole ...
- 1,541
3
votes
1
answer
538
views
How do we decide where to pay back debts when someone dies without a will and has both Credit Card Debt and Debts to Family Members?
I have an aunt that died without a will and with a large amount of credit card debt. She lived in Illinois before her death. Before she passed away, I physically took care of her and paid a large ...
- 157
2
votes
4
answers
13k
views
Resident sibling paying property taxes until inherited house sale--financially fair/appropriate?
My two siblings and I are working out our inheritance, one piece of which is our late mother's home. My wife and I had been living here, rent-free (and unemployed and at a mid-career impasse/life ...
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2
votes
1
answer
10k
views
Financial considerations in buying out siblings on inherited house
My wife and I have the option to buy out my late mother's house from my two siblings; we currently are in the process of inheriting it jointly. They would like to sell the house to someone as soon as ...
- 331
2
votes
1
answer
2k
views
In India, does inheritance income need to be declared while filing returns?
In India, does inheritance income need to be declared while filing returns? What if the said income is received as a cheque from the nominee? For example, consider that a parent with three children ...
- 597
2
votes
1
answer
448
views
House inheritance tax question
I am a little at a loss. 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.
After she passed we sold the house for $80,000....
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5
votes
1
answer
179
views
What needs to be done to transfer IRA accounts when someone dies?
My mother has died, and she had a number of IRA accounts in her name for which I am a 50% beneficiary. One was a Roth IRA. The Financial Advisor she was using wants to charge me exorbitant fees just ...
- 334
2
votes
2
answers
1k
views
capital gains tax on inherited property
So let's say you have a primary residence that was purchased for $50,000 with no money having been spent on improvements and that it's now worth $750,000 according to the tax appraisal district that ...
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4
votes
1
answer
611
views
Given current market conditions, how / when should I invest a $200k inheritance?
Situation: I have $100k in an IRA with Betterment, plus just inherited $200k - currently cash. I'm 34 years old and salary is $97k, with no debt.
Goals:
IRA: growth of principle for retirement (...
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0
votes
3
answers
529
views
Am in the UK and need to sell my late fathers shares, have no idea.where can i get some advice please
I have shares in Tesco and BP that are my late father's, as his executor I would like some advice as to best time to sell and how to go about it.
Can I do this on my own or do I need to pay a broker? ...
user30430
9
votes
1
answer
314
views
What happens when my 401K beneficiary is not my child, nor spouse?
I'm single and no child. My 401K beneficiary is my nephew. Should I pass away and he "inherits" my 401K, what will happen to it? How much will he be taxed for it? Is there a way to avoid any ...
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1
vote
1
answer
428
views
If I were receive an $80,000 inheritance & want to open a business, what taxes would I owe?
I am receiving about $80,000 inheritance, and I want to start a business. How much would I be taxed or be deducted if I were to put it into a savings account. Lets say the bank is some well-known bank ...
- 13
1
vote
1
answer
523
views
How to recover an inherited dormant account without paying a significant commission?
I settled my parents' estate in 2012. Now I am receiving records of a dormant account from Legal Claimant Services (Keane). They claim to have found $68,000 in a dormant account. I live in ...
- 11
1
vote
1
answer
2k
views
Is a pension considered part of an estate
I am receiving half of my husband's pension since he died. Is it considered part of his estate? We had a small business which we sold prior to his death, but his sons think the pension I am receiving ...
- 11
0
votes
1
answer
83
views
Redirecting my portion of beneficiary IRA?
My mother passed away last year. She left her three children as POD to her traditional IRA. I would like to give my 1/3 portion to my sister as a gesture of thanks for the 10 years she cared of our ...
0
votes
2
answers
3k
views
Investing inheritance money to build a spec home
Last year I inherited several thousand dollars from my mom's estate. I paid off my mortgage and purchased a lot in my neighborhood. We are debt free as of this year. My husband is a builder and we ...
- 21
14
votes
5
answers
6k
views
What should a 21 year old do with £60,000 ($91,356 USD) inheritance?
I'm turning 21 years old soon and have an inheritance coming into my control to the value of approximately £60,000. I'm full-time employed, as a Software Developer in a Financial Services company. I ...
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5
votes
2
answers
429
views
How much hassle is it inheriting shares?
A UK-resident relative has died and left their estate to be divided between a few people. The executors are still drawing up a list of assets to file for probate, and they include some stock. I've ...
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37
votes
5
answers
4k
views
What would you do with a large land inheritance with high tax rate?
I just inherited a couple hundred acres of pristine woodland in New England. I'm a nature-lover, so my first impulse is to keep the land as-is, letting campers, trekkers, and wildlife just use it as ...
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11
votes
6
answers
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 ...
- 111
6
votes
1
answer
826
views
Cost basis step-up on inheritance of real estate
Assume there is a property owned by a couple with one son. When one parent dies, s/he bequeaths one half interest in the property to the son and half to the spouse.
Two years later the property is ...
- 518
3
votes
1
answer
357
views
Dealing with Home inheritance
I have been living in my grandmother's house for the past 20 years. The house has been paid off for years. During that time, I have taken care of her and the house until she got bedridden. My aunt had ...
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4
votes
2
answers
380
views
What to do with a distribution as a young person?
Thanks to the private company owned by my grandfather, my wife and I received a fairly large lump-sum distribution. We now have a financial advisor and most of our money is in mutual funds, but are ...
- 143
1
vote
2
answers
180
views
Is Quit Deed all I need?
I would like to get the title of my late grandparents house out of his trust, and into my name (Grandson) and my uncle's(Son) name.
Should I get a lawyer or is this really all I need.
Its Illinois ...
- 1,772
2
votes
1
answer
3k
views
Are the inheritance laws different for a green card holding spouse in the U.S. vs a U.S. Citizen?
Spouse is concerned that she will not be given the same transfer as a wife who is a U.S. Citizen. My understanding is a spouse is a spouse, but looking for confirmation.
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2
votes
2
answers
3k
views
mortgage on half property
My brother and I have been left a house by my late mother, I only work part time and I would like to know if I could borrow money secured on my half of the property to buy my brother out?
- 21
2
votes
1
answer
463
views
Unclaimed Foreign Inheritance
I do not know where to start.
My grandmother died in July 2011 in Guangzhou, China (she is a Chinese citizen). She owned an apartment, and money in her bank account(s). The biggest problem in this ...
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5
votes
1
answer
3k
views
Tax implications of gift from UK to US
My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
- 51
6
votes
2
answers
7k
views
Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?
My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not.
The home is still in the name of "...
- 61
2
votes
2
answers
281
views
I need help understanding inheritance annuities
I am getting an inheritance in the form of an annuity. Am I better off with the annuity or a lump sum. Can I change it to a lump sum? Can I ask for a once a year instead of a monthly annuity? Can I ...
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0
votes
1
answer
337
views
International Inheritance via Trust
My mother is an American citizen living in California - she has had dementia for many years and is legally incompetent to manage her money, but before she was ruled incompetent she put me on as a ...
6
votes
1
answer
2k
views
I inherited financial assets like stocks, bonds, etc. What should I do with them?
I'm specifically referring to financial assets like stocks, bonds, index funds, etc and to people who don't need to file an estate tax return; if they do need to file a return, they're certainly not ...
- 15k
3
votes
3
answers
17k
views
Lump sum annuity distribution -- do I owe estate tax?
I recently inherited an annuity, and I am considering taking a lump sum distribution. I thought I had the income tax situation sussed out, but then I stumbled across mention of a possible estate tax. ...
- 133
4
votes
2
answers
2k
views
Capital Gains taxes on an inherited house
My grandfather passed away in 2011 and my father inherited his house. We are looking to sell the property now and are concerned with capital gains taxes. The property has a market value of around $...
- 143
11
votes
3
answers
3k
views
What happens to 401(k) money that isn't used by the time the account holder dies?
What happens to un-withdrawn 401(k) funds upon the death of the account holder?
Can they be transferred to an heir? What are the tax implications (if any) of this?
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13
votes
2
answers
1k
views
Is there a way to disclaim an inheritance and decide who gets the inheritance that you disclaim?
Is there a way to disclaim an inheritance but be able to decide who gets the inheritance that you disclaim?
FYI, we are talking about a non-spousal inherited traditional IRA account. The original ...
- 181