When my mom passed about 6 1/2 years ago, the only thing left was the house we grew up in. She died right before the crash when the value was lowest, and while there was no rush, it took about three years before I tried to do anything with it. [more inside]
I'm supposed to inherit some Berkshire Hathaway shares currently in a US Fidelity fund. Catch: I'm a Canadian resident US citizen. Fidelity wants to transfer the shares to a Fidelity account, but won't let me establish an account because I'm Canadian resident. Will another US brokerage allow me to establish a US account, or do I need a Canadian brokerage? And if so, are there any ramifications I should be aware of?
A dear friend is about to pass away from cancer. She is an Irish national currently residing in Ireland. Most of her career was spent oversees in a non-EU middle-eastern country where her life savings of about $250,000 is currently banked. She has avoided repatriating those funds back to Ireland due to tax reasons. But as time is very short, she would now like to do this and pass them on to her family after her death. I have advised consulting a lawyer. But as time is very short, does anyone know what taxes is she liable to incur with this transaction, including inheritance taxes of her heirs? And is there an optimal method which will minimize her tax burden in this situation? Thank you.
I've come across a website exporting used silk and rayon saris from India. A few seem in poor condition, or have some obvious stains. But some appear pristine. My question is, one, is there not a market for second-hand saris in India? Two, what renders a sari unwearable, apart from stains and rips and obvious wear? Like, would you not be seen dead in a fabric pattern from 5 years ago? And three, would you not want your mother's or grandmother's vintage silk saris, and if not, wouldn't somebody else? I can't understand why it makes economic sense to export this stuff: the garments on the website seem too cheap for 5 yards of vivid silk, even if the buyer has to discard portions of it.
It's from my lovely wife's recent inheritance. It's not a lot, I know, but enough that we don't want to just stick it in the bank. [more inside]
About 10 years ago I inherited my grandmas small fortune of paper and coin currency she amassed during the 70's and 80's while visiting nearly 100 world countries. The shoebox-collection contains maybe 200 coins and 100 paper notes, and some of them are really quite impressive! I've been lugging this box around for years and the time has come to finally part with it (sorry grandma). I'm not a coin collector and really don't know much about any of it, but with the help of a few books I researched a handful of coins and notes only to find out they're not worth diddly (<$1, if that). I have a feeling most of the collection is like this except for a few gold Rand coins and some notes that were previously appraised. Hivemind: what are some ways to liquidate my collection?
Would a standard solicitor be the best person to advise? A specialist of some sort? A tax accountant? How to avoid unnecessary fees for work on this that the family can do--for instance, they are already tracking down all the banks with investments. [more inside]
One of my siblings passed away unexpectedly a few weeks ago and I am one of the beneficiaries for her 401K. I would like some basic information on my options for handling the money. My share is not quite enough for me to pay a CFP (low $40K range) and I'd like to have some idea of where I stand before getting all the paperwork. [more inside]
How shall I decide what to do with an inherited property I have neither inclination nor time to administer myself, but don't need to sell and recognize it could be good if it stayed good to maintain it as a rental? [more inside]
My SO and I have been living for thirteen years in the house that he owns and has mortgaged in his name only. He has willed the house to me should he die and believes that I would be able to assume the mortgage automatically. The Garn St. Germain Act protects relatives from the bank calling the note when inheriting a property with a mortgage, but what about unmarried opposite sex domestic partners? [more inside]
My partner and I are about to buy a house together, and we're trying to decide how to do this. We're gay, and hence technically unmarried, and we're trying to figure out the tax implications of the different options. [more inside]
My father died in February and I have an inheritance coming, probably around the end of the year, but at this moment that isn't soon enough to keep the wolves from the door. It seems silly that I know I have this mid-five-figures amount coming, and may become homeless before I get it. Does anyone have any ideas about how I can get some breathing room? For instance, is it possible to get a short-term loan using the inheritance as collateral? Any other creative ideas?
My godfather has offered me a job in his company. I am unsure what to do and need help! [more inside]
As the trustee for my parents' estate, what responsibility do I bear if I have ethical questions about how they treat my siblings in their will? [more inside]
What's the best way to get this 100-year-old house marketed and sold without it becoming the money pit first? Oh, and I'm 1,500 miles away. [more inside]
I need help with my inheritance in another state... [more inside]
Going with my mother next week to a meeting with the management team and surviving founders of a start-up company my dad founded. She's trying to figure out how to value the company shares he left her as part of her estate planning, hence the meeting. [more inside]
My dad passed away this year and my mom has very generously decided to gift the house to my sister and I rather than. The house is in Canada, I live in the U.S. (Permanent residence). My sister and brother in law bought my half of the house when the mortgage was due (approximately April 1st) so I now suddenly have a 6 digit lump sum of cash in a Canadian account. I have not signed anything yet. I want to protect this from taxation, I also don't want to jeopardize my permanent residence status or potential citizenship. I know I need a lawyer, but what kind and how do I find a good one? I am in Wisconsin, particularly Eau Claire since that's probably important.
Suppose I were soon to receive a check for approximately $20,000. Also suppose that this represents a portion of my share of an inheritance from a relative and that additional monies will be forthcoming and, though I don't know exactly how much, that'll probably be on the order of $50,000 or so. What are the tax implications of this for me? What could I do to minimize the taxes I pay on this money? (I'm in the U.S.) YANAAccountant or MAccountant.
My Aunt, Uncle and cousins have never been good with money, and have also never had well paying jobs. My Uncle has just inherited a (low) six-figure sum. Do I try to help them out by offering to build a financial plan for them? [more inside]
What steps do I have to take to ensure I do not inherit anything from my family's estate, even if I'm included in the will? [more inside]
How do I get money (30,000 Euro/$50,000) from Europe to the United States with the least amount of pain? [more inside]
My wife and her three siblings have decided to re-invest the money they have received from the sale of their deceased mother's stake in a Cancun vacation home. They want to purchase another vacation home with the money. Together. [more inside]