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Receiving US inheritance

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  1. #11

    Join Date
    Jan 2018
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    Yes, executor is entitled to fee and expenses...I didn't claim and also paid for the funeral myself, not from the estate, didn't want to have to justify any expenses to my siblings. No regrets there...had the lovely funeral my dad deserved....was only a few thousand as he was a Korean War veteran and the burial was covered in a beautiful cemetery overlooking Mt. Ranier.

    Elegiaque and shri like this.

  2. #12

    Join Date
    Jun 2010
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    Tri-State
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    Quote Originally Posted by MABinPengChau:
    Yes, executor is entitled to fee and expenses...I didn't claim and also paid for the funeral myself, not from the estate, didn't want to have to justify any expenses to my siblings. No regrets there...had the lovely funeral my dad deserved....was only a few thousand as he was a Korean War veteran and the burial was covered in a beautiful cemetery overlooking Mt. Ranier.
    I am sorry for you loss and have great respect for your sense of filial duty.
    shri likes this.

  3. #13

    Join Date
    Feb 2012
    Posts
    411

    As far as I can imagine it's reasonable for an executor to deduct fees for their time and such (ideally it would be documented, but that would be the executor's problem not yours). As far as I can tell, yes you could just have your brother transfer your part of the inheritance to your Schwab Bank account. I think it's reasonable for your brother to deduct reasonable expenses and such from the estate before calculating the estate's worth (value-expenses-liabilities) and sending half of the final value to your Schwab Bank account.

    Federally, you shouldn't need to do anything as the federal inheritance tax exemption is crazy high for US citizens. At least in Texas there isn't an inheritance tax, and you are living in HK, so you hopefully wouldn't be subject to a state's taxes unless your tax residence doesn't matter. I would think that any taxes and expenses that need to be paid from the sale of the house would be paid from the money in estate before sending you (it's not a gift) your half, and ideally you wouldn't need to do anything except wait for the money to get into your account and enjoy it from there. You shouldn't need to file a state return as your address in HK. However, I don't know each state's tax laws (I'm mainly aware of how relatively simple Texas taxes are).

    I hope it all works out for you.

    Elegiaque likes this.

  4. #14

    Join Date
    Oct 2012
    Posts
    6,531

    @LoganH thanks for the clarification. Hope it works out, too. Need to think through the amount my sibling is asking for -- it seems reasonable, though. He has kept an expense sheet.

    By the way, thank you for your tip about using the Schwab account to deposit the US Treasury check. Not sure I would have managed otherwise, so that's $1400USD thanks to your tip. Finally started purchasing my first investments...