189 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 ...
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176 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 ...
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  • 4,293
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 ...
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  • 21.2k
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 ...
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  • 64.6k
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. ...
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  • 1,577
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 ...
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  • 21.2k
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 ...
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  • 22.2k
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-...
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  • 2,116
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 ...
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  • 30.8k
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 ...
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  • 35k
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 ...
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  • 28.7k
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 ...
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  • 37.1k
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 ...
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  • 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 ...
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  • 75k
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 ...
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  • 75k
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 ...
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  • 875
32 votes

What would you do with a large land inheritance with high tax rate?

In some jurisdictions you can donate the development rights. You and the family still own it, but nothing can ever be built on it. In some cases you will still be able to build a cabin or similar ...
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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 ...
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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'...
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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 ...
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  • 5,323
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 ...
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  • 64.6k
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 ...
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  • 28.7k
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 ...
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  • 4,633
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-...
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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 ...
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  • 20.8k
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 ...
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  • 1,994
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 ...
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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 ...
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  • 75k
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 ...
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  • 1,226
16 votes

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

Let’s make a slight change: instead of your brother buying your share, I’ll buy the whole house at market price, give 95% to your brother, and 5% to you. In each case you should get exactly the same ...
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  • 21.2k

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