fulwood

I have not been on this forum for quite a while. I need advice as I have been left a substantial inheritance (not sure exact amount yet) and it's from my late uncle who lived in Manchester. I have lived in US since 1984. What do I need to do in terms of getting money sent to US. Do I need tax accountant or is there a bank I can use? Sorry if this is not correct forum to post please delete or add to appropriate forum. Thank you

cyrian

The solicitor who is handling the estate should contact you and arrange for your inheritance to be paid to you in the USA.

Jerseygirl

Agreed or the executor.

Pulaski

It doesn't need to be in the US.

The beneficiary (in this case Fulwood) needs to provide details for the executor (who may be a solicitor, but isn't necessarily so) to make the payment to him/her. This might well be at a bank in the country where the beneficiary lives, but could be in the UK, or a third country, and that is the beneficiary's right to choose. Or the beneficiary could request a bank draft - though I would recommend against that these days as it will likely lead to a delay in receiving access to cleared funds and probably to higher costs in depositing and clearing the draft.

A few states tax inheritances even though the federal IRS does not, so you'll need to check what reporting and tax requirements are in the state where you live.

osgood

if your his nephew/niece they will be an amount untaxed and then taxed 35/40% of the rest of inheritance before you get anything

Pulaski

AFAIK the rates charged on estates in the UK have nothing to do with the beneficiary's relationship to the decedent, and in any case the calculation and payment is handled by the executor and is completely transparent to the beneficiaries. For example if the estate is valued (in 2022) at £1,325,000 and Fred inherits 50% of the estate, then £325,000 is exempt, and the estate (executor) pays $400,000 tax (40% on £1million), and Fred's 50% inheritance is £462,500 (50% x (£1,325,000-£400,000).

And Fulwood will still need to check if the state he lives in levies a tax on inheritances.