Reply to Best thing to do with 8mil inheritance?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]before or after taxes?  either way, yes, a financial planner.[/quote]

We have to pay taxes on it? Ugh. That sucks.[/quote]

Seriously?  Yes, like 50%.[/quote]

This is incorrect.

A lot of it depends on the circumstances, OP. Did the decendent survive a spouse? If so, some amount passed between spouses previously, with a step up in basis for any assets involved.

The tax-free allowance now is $5,340,000 per spouse, so nearly $10.7 million for a married couple. That might be more than enough to exempt the estate from tax.

If it was in some trusts, it might escape tax.

You'll need to spend some money on an estate tax attorney to figure it out, but chances are very good the estate will owe no tax. Depending on where you live, your state may charge you an inheritance tax, however.  (Estate taxes are paid to the federal government by the estate before anything is distributed. Inheritance taxes, charged by some states, impact only the heirs).

See a good tax lawyer. It'll be money well spent.[/quote]

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