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Reply to "Is it wrong to want an inheritance early?"
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[quote=Anonymous]Hi, I'm following this thread from the UK. Do you not pay inheritance tax in the US? In the UK it is not uncommon (not saying it happens all the time) for an elderly, widowed parent to give money to their children as an 'early inheritance'. The law says if the parent lives at least another 7 years from the date the money was given then there is no inheritance tax to pay. There is a sliding scale of tax. If the parent dies the day after they gave their children the money then 40% inheritance tax is payable by the recipient. If the parent dies a week before the 7-year period is up, then the amount of inheritance tax payable is only a fraction of the 40%.[/quote]
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