I just inherited a large sum money from my late father how much should I expect to pay in taxes?
You will not be taxed on your inheritance, only money that is made off of it (for example, if you inherit stocks, you will not be taxed on the value of the stock, but if you sell the stock, you will be taxed on the amount you make that is above the value of the stock on the day your father passed away). You should probably make an appointment to see a CPA (not just any accountant) for advice about wisely investing your money. If nothing else, make sure you don't put it all in one bank so that it will be insured. You can open savings account at several banks until you figure out what you're going to do with it.
Is Inheritance Justified?
@Anonymous?: 1) When I said, "Without inheritance, everyone has the incentive to work as hard as possible", I was referring to the new generation who did not have the safety net of their parents' financial success to ensure their own financial security. 2) Once again, I disagree that people continue working hard to provide for their children after their death. Their children will most likely be self-sufficient by this time and, though I doubt they would admit it, parents would rather work towards a comfortable retirement than a hefty inheritance. 3) Even if older workers had a disincentive to work hard, surely this would be (at least) counter-balanced by the extra effort put in by their offspring? They have to secure their financial futures, so the extra effort they put in would be greater than the decline in effort put in by their parents (who's only [tenuous] disincentive to work is a lack of inheritance for their children). 4) Savings are a leakage from the circular flow...
A question about inheritance...?
I always thought that inheritance happens when both of your parents/grandparents/guardians died - My hubby's father passed away, and I just assumed that he would have left everything to his wife, as that is the way my husband and I set up our own will, but is it normal to leave an inheritance to your adult children if your spouse is still alive? When do you/should you make that change, when your child is in highschool, or an actual adult? Just wondering what is the normal practice here -
Can I sue my Uncle to enforce giving me my inheritance?
You do not need to sue. As a person with a "vested interest" in the estate, because you are an heir, you can write to the Probate Judge (in the jurisdiction of where your Grandmother passed away) and request what is called a "Status Hearing". One will be scheduled and everyone mentioned in your Grandmother's will be notified as to the date and time of the Status Hearing. At this hearing, you can notify the Probate Judge that you have yet to receive your fair share of your inheritance. This is where your Uncle will have to answer to the Probate Judge, who will make a ruling to address your concerns. He will either ask for the paperwork to be filed, finalizing your Grandmother's estate or if that was already done and monies were not distributed to her rightful heirs, the judge will order your Uncle to pay your Grandmother's heirs their fair share of the residual of her estate. Follow through asap and request that Status Hearing today.