Do I transfer it to one bank account? many? Do I only pay taxes on the money I earn from the interest on it from the bank after I have it? This may sound like winning the lottery but I was very close to my uncle who was living in London. The funds are being transferred to the U.S.
2006-07-13 01:31:55 · 23 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
send it to me with paypal & i will look after it for you till you want it
2006-07-13 01:37:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Put all of it in a single bank (the one with the biggest rate you could find), imagine if the rate is 5% every month you get $250000
Even if the rate is 2,5% you get $125000. Even with taxes is quite good.
So, if I was you I would do that, put all the money $5 million or $4 million (after you bought yourself a nice house) all in a single bank, and live off the interest every month. The other just stays there until who really needed it or when you want to buy something really worth it (car, trip etc)
If you put it in several bank accounts not only you will loose some interest and have several fee but also, and more important if you divide the money in many groups it won't seem as much money (you always think: the other accounts have more money) and you will spend it more easily and faster.
With one account you can control and have a real assessment of how much you still have and how much you lost.
2006-07-13 01:47:59 · answer #2 · answered by Mary7 3 · 0⤊ 0⤋
Put in in many bank accounts and you pay an inheritance tax once and taxes on the interest only after that. Check out the FDIC rules for insuring your money in banks after that.
Undeveloped real estate or vacant land is another a way to invest your money as the property tax rates are lower with no improvements (i.e. house or building) and real estate values will increase over time.
2006-07-13 01:45:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have to ask then you definitely need professional help!
If it is a serious question, then you need professional help! Diversity is key. You wouldn't want to keep 5 million in just one account for various reasons, the least of which is it would only be insured for $100,000 by FDIC. I would imagine that you are going to have to pay inheritance taxes in England and when you get it here they are going to want a certain percentage. I think inheritances are tax free up to $1,000,000. Unless it has been raised. Not sure. I know people have been trying to do so.
Your best bet is to leave it offshore to begin with. A swiss account or maybe in the cayman islands that way you wouldn't be taxed in US. Your other problem is that with that amount of money you are going to raise red flags so don't think you are going to do it without some scrutiny. Seek professional help!
2006-07-13 01:43:50 · answer #4 · answered by Sam B 4 · 0⤊ 0⤋
well, i do know that you'll need multiple accounts b/c many banks will only insure bank accounts to a certain amount.
if i were in your shoes, i would look into financial planning companies. you should get an accountant and a financial planner.
one person can monitor what to pay taxes on etc. and the other can help you grow your windfall.
i, also, am sorry for your loss. it's sad that you have something amazing happen because of something tragic.
take care.
2006-07-13 01:37:15 · answer #5 · answered by joey322 6 · 0⤊ 0⤋
In my personal opinion, you should first get the cash into a small, interest bearing account where the money is easily accessible. Money Markets are good for this purpose. This should only be a short-term until you can find the right place to house your investment.
2006-07-13 01:36:35 · answer #6 · answered by Ted K. 3 · 0⤊ 0⤋
Get it into a bank, then ask to see the Financial consultant, with that much money you want to invest it for the future.
Th emoney you recieved maybe subject to inheritance tax but after that, you only are taxed on the earnings (interest) from the lump sum.
2006-07-13 01:37:15 · answer #7 · answered by Whisper4691 3 · 0⤊ 0⤋
I would put most of it in several Swiss bank accounts to collect intrest and keep just enough here in the U.S so that you can live comfortably! That is my guess! What ever you do, do it wisely you owe it to your uncle as he was very generous to you even in his time of death! Good luck and congrats!!!! Oh and by the way it would probably help if you got a good certified accountant and a good lawyer just to help you with all of this!
2006-07-13 01:45:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If I were you I would hire a CPA and/or an investment broker. I would invest some in some form of IRA, some in stocks and bonds, and some in a savings account that you can access so that you have it should youu wish to do some traveing, buy a house, set up trust funds for kids you may have or wish to have.
2006-07-13 01:42:48 · answer #9 · answered by knightslady97 2 · 0⤊ 0⤋
this is exactly what i would do..
sit on it and live off the interest
you wont even need most of the interest to live an awesome life
use the money you dont spend to either A. reinvest to become future interest, or
b. donate the money to a charitable organisation..
thats just what i would do.
but for you.
transfer into an interest account and consult a financial adviser
2006-07-13 01:38:08 · answer #10 · answered by elmoishiding 2 · 0⤊ 0⤋
Put in a bank, and live off the interest
2006-07-13 01:35:11 · answer #11 · answered by littleman 4 · 0⤊ 0⤋