191
votes
Accepted
I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate
In any instance where your hackles are raised about a possible scam, but you have reason to move forward regardless, approach with caution, and complete whatever due diligence you can, without direct ...
- 42k
182
votes
I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate
To close this out, in fact it wasn't a scam, despite the third letter.
The contact details in the second letter checked out against the Law Society website, so I gave them a ring on their general ...
- 4,413
158
votes
I was contacted by a private bank overseas to get my inheritance
Nobody legit will ever ask you for money to give you money. If there is a million dollar inheritance and it costs $1,000 to get the money to you, someone legit will take $1,000 from the inheritance ...
- 22.4k
92
votes
Selling property inheritance share to sibling, 25 years later: original value? current value? something else?
Shared property is tricky when agreements aren't made up front, but the right answer in a situation like this is basically whatever you agree to. That said, you own 5% of the property, not 5% of what ...
- 69.1k
87
votes
I was contacted by a private bank overseas to get my inheritance
I was contacted by a private bank overseas to get my inheritance
Umm, sorry - but no, you weren't.
You were contacted by a scam artist who is banking on your greed outweighing your common sense.
...
- 1,599
84
votes
Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?
Is your name on your account at all? If yes, you go to the bank tomorrow morning, open an account in your name, and move all the money over. Then tell your company to change their payments to the new ...
- 22.4k
72
votes
Can my sibling double his portion of our inherited property by buying us out and then selling?
You’re thinking about it wrong. To make the maths easier, assume the estate has just $600K in cash and the $300K property. If you each inherit equally, you each end up with $200K and a third of the ...
- 22.9k
63
votes
Economic viability of surviving the death of a sole provider leaving a $500k inheritance?
Consider the difference between this situation and that of a student financing their education through loans. The size of this inheritance is more than sufficient for a student to graduate from a 4-...
- 2,126
62
votes
Best way to invest $300,000 inheritance for a couple intending to retire in 10 years
Lots of people will post lots of advice about what to invest in, or which research blog to read, but definitely the best advice is:
Talk to a financial planner
As newbie investors there are lots of ...
- 33.1k
55
votes
Accepted
Best way to make sure my son has an income after I have died
Typically a trust is the solution to this. You set up a trust fund, and either fund it with money now, or (more likely, in your situation given your income) make it the beneficiary of a life ...
- 35.7k
54
votes
My broker brother-in-law and sister managed my father's stock and estimated million dollars disappeared before his passing
I cannot afford a lawyer unless I recover some of the money.
That is why many lawyers work on contingency. If you bring them the makings of a strong case, they might represent you in exchange for a ...
- 29.4k
53
votes
My father has passed away and I want to buy his home
No, you don't need to take a mortgage - if you have enough cash (or other assets) to pay your sister her share, or if she is willing to take it in installments over the next years.
Mortgages are not ...
- 37.6k
48
votes
Credit card debt after cosigner passed away
Well, we need to know a lot more info, since where your mom lives will have an impact on what assets are at risk, but the general answer is yes, the assets of the estate are at risk, since your dad ...
- 3,997
41
votes
22-year-old inherited 30k from 529 payout - what is the best way to invest?
Also, my wealth manager doesn't like to discuss my money with me. To some extent, I understand this because finances are not my forte
This is akin to porn surfing all day at your job instead of ...
- 76.1k
41
votes
Selling property inheritance share to sibling, 25 years later: original value? current value? something else?
Technically it is worth what you are willing to sell it for and what he is willing to buy it for. Failing that, it is worth the current market value. If you were going to buy a home, and the you ...
- 76.1k
35
votes
Accepted
What to do with a 50K inheritance
The basic optimization rule on distributing windfalls toward debt is to pay off the highest interest rate debt first putting any extra money into that debt while making minimum payments to the other ...
- 875
31
votes
I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?
You say that you inherited the money from your mother, and are now paying these people using money that is already yours. Because of that, the money is considered a gift from you to them, and the ...
31
votes
Accepted
Can you gift someone money for purpose of investing to avoid capital gains upon inheritance?
There are some issues with this plan:
you have to trust they will do what you want with the money.
you have to hope that they won't need it.
you hope that the presence of this investment fund doesn'...
- 136k
30
votes
My father has passed away and I want to buy his home
Owing money to family members can create serious problems. Taking out a purchase-money mortgage to pay your sister for her share is the best way to avoid future friction and, possibly, outright ...
- 5,502
29
votes
Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?
Can those assets in whole or in part be seized in any unfortunate
events?
If the vehicle is used by your wife primarily, then it is likely not at risk. The bank account is, the extent to which you ...
- 69.1k
29
votes
Economic viability of surviving the death of a sole provider leaving a $500k inheritance?
First, the young man needs advice from a certified financial planner. This includes determining how much of the inheritance will actually be his after any taxes or penalties, what withdrawal ...
- 29.4k
27
votes
Can my sibling double his portion of our inherited property by buying us out and then selling?
Imagine if there was no money in the inheritance, just the house. However your brother has his own $200k account with money he saved from his day job. He starts with $200k, inherits $100k worth of ...
- 5,281
25
votes
I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate
I am skeptical too, but given the money involved, it may be worth a day's adventure to do some research.
Mail, email, phone, web can be faked. Offices can't.
You are right, there are a lot of "un-...
25
votes
Joint owned property 50% each. Can 50% rent be charged?
I can't speak to the legality of forcing her to pay rent (it seems hard to do that when she partially owns the house). But I would definitely be frank with her that she is getting 100% of the benefit ...
- 131k
24
votes
What to do with a 50K inheritance
My grandma left a 50K inheritance
You don't make clear where in the inheritance process you are. I actually know of one case where the executor (a family member, not a professional) distributed the ...
- 21k
23
votes
Accepted
Tax implications of large gift
In the US, gifts are not taxable income for the recipient. The giver may owe taxes, or at least be required to file tax forms, if the gift exceeds $15,000 in 2021 ($16,000 in 2022). Note that this ...
- 1,997
21
votes
Accepted
If you inherit a Roth 401(k), is it taxed?
Well, no.
True, a Roth has no income tax. The tax was already paid on deposit and no more tax due.
But, the Roth, IRA or 401, still might be subject to estate tax, as it is still part of the ...
20
votes
Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?
You ask a good question, but I think you are sadly mistaken in some of your views on personal finance. The first is a that a good credit score for you has much value. It has some, but credit score ...
- 76.1k
19
votes
I was contacted by a private bank overseas to get my inheritance
Going by your comments under gnasher's answer, the scam goes something like this: The scammer is, or is associated with, someone who knew the deceased in prison. They found out enough about you from ...
- 1,556
19
votes
Joint owned property 50% each. Can 50% rent be charged?
This should be an example to future readers on how just having a will and leaving assets which are not easily divided can create issues. No good can come of this type of situation.
As D Stanley ...
Only top scored, non community-wiki answers of a minimum length are eligible