aphid 0 #1 October 5, 2013 (Mod's, feel free to move this to a different forum if appropriate) For the solicitors/tax accountants - I'm familiar with this only domestically in Canada. In the event you are bequeathed a stated sum, say a couple of $100K for example, are inheritance taxes (or any kind for that matter) levied against the amount by the IRS? If the benefactor is from outside the USA, does that change anything? Are there additional taxes charged by the State, or is it simply the IRS who would be interested? John Quote Share this post Link to post Share on other sites
FlyingRhenquest 1 #2 October 5, 2013 Not a tax lawyer, but I vaguely seem to recall there's an exemption up to either a million or two million dollars. Two sticks in my head. After that it's pretty hefty, but most USA citizens will never be worth that much. 'Course you should talk to a tax lawyer, if you find yourself in that situation.I'm trying to teach myself how to set things on fire with my mind. Hey... is it hot in here? Quote Share this post Link to post Share on other sites
LuckyMcSwervy 0 #3 October 5, 2013 FlyingRhenquestNot a tax lawyer, but I vaguely seem to recall there's an exemption up to either a million or two million dollars. Two sticks in my head. After that it's pretty hefty, but most USA citizens will never be worth that much. 'Course you should talk to a tax lawyer, if you find yourself in that situation. The amount depends on the year the person died. I believe starting in 2007 it was $2M and I know when my Dad died in 2009 it was $3M when it comes to exclusions. TBH I'm in the middle of this shit right now. For 2 different people. One with heirs coming out of the woodwork, of course, because the deceased was very wealthy and they weren't included in the will. Half siblings who didn't give a shit about him in life but now there's millions to be had, they think it's like fucking Christmas. But.... funny how no one ponies up when there's a federal tax liens on real estate because when these asswipes tie things up in court, accounts are frozen. They're only hurting themselves.... and me in the long run. They're going to lose in court but the appeals process is everyone's right. I mean this shit started in July 2007 days after the man died. Unfuckingbelievable. This guy's "dad", who was nothing but a sperm donor (and #1 called him by his first name, not "dad") apparently stuck his thingy in anything that moved and fathered many half siblings across the country in the 1940s, 1950s. #1 didn't even know about these vultures when he was alive. The vultures, through word of mouth, found out about their half sibling and his wealth. In Wisconsin, the family tree heirarchy includes half-siblings even when the deceased didn't know they existed. It's set for trial in October. OMG... my blood is boiling. The 2nd person I'm dealing with this with had the forethought to make sure things were set up for estate tax advantages when it comes to the disbursement of property, trusts, cash, etc. The only thing is the first person's estate bullshit is holding up more being disbursed in the second person's estate. Yet another reason why I'm bitter when it comes to the vultures who swoop in after death. Please people, get your shit in order with the professionals who are experts in tax and estate law. Federal AND State!! One more thing.... If the person you're planning on making a beneficiary of your estate dies before you do, make sure you get on appointing another ASAP if you have a sole beneficiary. For instance, I made sure my beneficiary #1 has everything but I also appointed a contingency beneficiary of my favorite hospital foundation in case #1 kicks it. #2 has their own attorneys who will fight my estate for what they've been bequeathed and will also fight the tax man, if necessary. Money is the root of all evil. I hate it so much.Always be kinder than you feel. Quote Share this post Link to post Share on other sites
aphid 0 #4 October 5, 2013 Iago***(Mod's, feel free to move this to a different forum if appropriate) For the solicitors/tax accountants - I'm familiar with this only domestically in Canada. In the event you are bequeathed a stated sum, say a couple of $100K for example, are inheritance taxes (or any kind for that matter) levied against the amount by the IRS? If the benefactor is from outside the USA, does that change anything? Are there additional taxes charged by the State, or is it simply the IRS who would be interested? John If it's a significant amount you should probably hire a pro to hold your hand. Either a good CPA with experience in the matter or a good attorney that handles will and trusts. I would be a little careful about the latter as probate is pretty lucrative for attorneys so you'd want to back yourself up with their advice. In either case it shouldn't cost you more than a few hundred to a thousand bucks. You do want to make sure this is handled properly as the IRS does not have a sense of humor or a forgiving nature. Using myself as an example, my estate would be probated in Canada, has been prepared by a proficient attorney, and would be primarily subject to our tax laws. The tax ramifications for a US beneficiary just occurred to me after reading the other thread on a similar topic. However, securing a US CPA or attorney regarding this specific question is not as easy as it might seem from our side of the border. J Quote Share this post Link to post Share on other sites
