Estate Planning and Wills
#31
Just Joined
Joined: Jan 2008
Posts: 8
Re: Estate Planning and Wills
Hi Elvira
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
#32
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,181
Re: Estate Planning and Wills
Hi Elvira
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
Once the taxes are paid and the inheritance distributed amongst the beneficiaries, it is up to your client how she transfers the money to the US. I would recomment XE Trade.
#34
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,181
Re: Estate Planning and Wills
I really do not know the exact figure for *reporting* an inheritance, but I do know that I did not have to pay any tax here when my Mum died.
The Motley Fool (US version) has tax board, and the question is covered there: www.fool.com (
But there's always the Horse's Mouth, aka the IRS...
The Motley Fool (US version) has tax board, and the question is covered there: www.fool.com (
But there's always the Horse's Mouth, aka the IRS...
#35
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Estate Planning and Wills
I don't think there's any requirement for a recipient to report an inheritance. However, money laundering laws will mean any transfer of this size from the UK to the US will get reported.
#36
Forum Regular
Joined: Nov 2007
Location: South Staffs UK & Gulf Coast Florida
Posts: 137
Re: Estate Planning and Wills
Hi Elvira
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
I dont quite understand. I have a client who has asked me how they can send the proceeds of an inheritance from the UK to the US. Assuming the buyer of the house pays the solicitor the solicitor would be free to send this to him in the US.
Realistically seeing as the transfer is that easy is that not the way it is done?
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Last edited by im9907620; Feb 8th 2008 at 7:17 pm. Reason: addressing Edwina
#38
Re: Estate Planning and Wills
Blimey, head is spinning with all this, but its a necessary evil and maybe someone has an answer to this one then?
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
Ta!
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
Ta!
#39
Re: Estate Planning and Wills
Blimey, head is spinning with all this, but its a necessary evil and maybe someone has an answer to this one then?
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
With what U.S. visa/immigration status?
And why would a U.S. will be needed if there is not much real property in the United States?
#40
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,181
Re: Estate Planning and Wills
A simple will takes little time and may cost nothing, so why risk not having one. In any event, the fact that someone has little property now does not mean that they won't have more when they depart this earth........ (Some people actually do win the lottery...)
#41
Re: Estate Planning and Wills
Because any property in the US would go to probate - which is both expensive and time-consuming to resolve. Without a will, the survivor might spend a lot of $$$ to secure the inheritance - even if is little.
A simple will takes little time and may cost nothing, so why risk not having one. In any event, the fact that someone has little property now does not mean that they won't have more when they depart this earth........ (Some people actually do win the lottery...)
A simple will takes little time and may cost nothing, so why risk not having one. In any event, the fact that someone has little property now does not mean that they won't have more when they depart this earth........ (Some people actually do win the lottery...)
#42
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Re: Estate Planning and Wills
If a UK-based person who dies has lots of shares as part of their estate, it might be worthwhile for these shares to be sold elsewhere in the world, if they are also listed elsewhere. The inheritance tax payable is related to where the asset is sold (cant remember the technical term).
Approx five years ago I met a UK-based lawyer who was just back from a week in New Zealand selling up a deceased client's shares there, as it was more profitable for the estate to do it this way, including paying for his business class flights, several days accomm and 5 days legal retainer/charges.
Approx five years ago I met a UK-based lawyer who was just back from a week in New Zealand selling up a deceased client's shares there, as it was more profitable for the estate to do it this way, including paying for his business class flights, several days accomm and 5 days legal retainer/charges.
#43
Re: Estate Planning and Wills
Blimey, head is spinning with all this, but its a necessary evil and maybe someone has an answer to this one then?
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
Ta!
USC and UKC/USC both retire to UK 6mo's/year to benefit from health system, etc in old age. Other 6 months in US. Paid up house in US (owned by kids), a rental (effectively) in the UK. US ira's, soc sec & full UK state pension.
Any ideas on links or info to residency period as defined/claimed when time spent is 1/2 the year? Hoping to claim residency is UK with "visits" to US but not sure if annual residency is sufficient?
Basically, repatriate UKC and USC residency still is US. Poss loophole?
Clear that multiple wills needed.
Ta!
PEOPLE YOU CANNOT HAVE TWO WILLS THE LAST ONE WILL INVALIDATE ALL OTHERS
#45
Re: Estate Planning and Wills
You can avoid probate. I have not had to go through probate, this may depend on which state you live in. with good estate planning you can minimize taxes. think you have it the wrong way round.. probate is only a way of changing ownership, this can be done in a number of ways..
Last edited by candy wy.; Feb 10th 2008 at 2:14 am.