What sort of pro can help us manage inheritance across US and UK?
February 1, 2011 7:58 PM Subscribe
Unexpected inheritance of $100,000 - $150,000 complicated by move from the US to the UK in the next year. My wife and I have never dealt with financial matters beyond credit cards and a moderate paycheck before, who do we talk to in Los Angeles/Southern California to make sure we don't screw this up?
posted by anonymous to work & money (18 answers total) 4 users marked this as a favorite
(anonymous because we want to keep quiet about both the money and the plans to move for now)
Very surprisingly, it looks like my wife is about to inherit between $100,000 and $150,000. Her relative has passed away, but it will take 3-4 months to find out how much it's all worth as it's a combination of cash, stocks, bonds and other things I don't understand. I believe we will have the option to cash out or keep the parts of it that are invested. It is being sorted out by a trusted relative and their lawyer.
We're not totally hopeless with money, but we're 30 year olds who rent, have basically no debt and no savings, and work regular salaried jobs. We have never dealt with anything more complicated than a car loan or slightly complicated tax return. We did not grow up around much money and this is a big (good) shock for us.
The big complicating factor is that we plan on moving to the UK (where I have citizenship) within about a year (it's flexible). We would probably like to use most of this money for a deposit on a home there in a couple of years. We will likely be in the UK by the time the last of the investments get sorted out, anything we don't cash will presumably stay in a US based account, and some of the inheritance is some kind of mineral options (??!), so more money could show up down the road.
So yay! but also argh! Obviously Mint is not going to cut it this time. We know we need professional help with this, and from someone who knows about both the US and the UK and can teach us about holding accounts in both countries and moving money around. I know it's not billions, but we don't want to mess up something easy and pay tax ten times over or go to jail.
Any suggestions of who to talk to in Los Angeles or even what kind of professional we're looking for? Your anecdotes and advice are also welcome, but we really need a lead on what kind of a money person does this sort of thing.