US citizen living in Ireland for a long time and about to inherit a substantial amount

Discussion in 'Wills, inheritances and gifts' started by barton fink, Jan 6, 2017.

  1. barton fink

    barton fink New Member

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    4
    Hi all,

    My beloved mother is unfortunately on her death bed. I am going over to the US to care for her, but the end is imminent.

    My question is, how do I handle the windfall? ( i know it's a big question!). THe amount is mostly investments and a paid off house with a bit of cash as well.

    DO i transfer all money over to my account here? Should i leave the investments for a while with my mother's accountant in the US (she has indicated she would like me too do just that for at least a year or two)? The amount is above the CAT threshold as far as I can tell.

    I currently do not have an Irish passport, but am qualified for one as spouse of an Irish citizen. Just never took the time to get it. My wife and I are both gainfully employed and don't really need to dip into the cash just yet.

    I honestly don't even know where to begin.

    I fully intend to live my life here in Ireland and I can't foresee a move back to the US.

    How would you suggest I go about handling this? Pay off my mortgage (just into year 3 of a 25 year)? I can pay off my mortgage and I would still have money left over.

    Thanks for any help. I have referred to this site for years but this is the first time i need some advice personally.
     
  2. moneybox

    moneybox Frequent Poster

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    715
    I think you should be more concerned at this point in time in spending as much time as possible with your mother as you can deal with the inheritance issues at a later date.
     
  3. barton fink

    barton fink New Member

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    4
    Oh, i assure you i am very concerned. I am uprooting back to the US to take care of her.

    I just know i am going to be way too overwhelmed when something does happen to even think about getting advice like this. I'm going to be dealing with an estranged brother who will be looking for a fight over everything. I will not be equipped when the time comes to deal with anything.
     
  4. noproblem

    noproblem Frequent Poster

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    601
    I'm sure you're genuine but I personally find your post may be a tad premature. A will would confirm what your mums wishes are. Have you a copy?
     
  5. barton fink

    barton fink New Member

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    4
    I do as I am the executor.

    She and I had a long discussion about the whole scenario last month when i was over. We already have discussed who she wants to give money to and what she wants done with her jewelry, where she wants to be buried and how. This is not a secret that she is dying.

    There is nothing premature here. She has stage 4 bone cancer and has been taken off of chemotherapy because it is not working. She has been placed in hospice care and has been given two months to live.

    I'm being pragmatic, nothing more.
     
  6. PaddyBloggit

    PaddyBloggit Frequent Poster

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    2,870
    I think your use of the word 'windfall' might have given the wrong impression barton fink.

    It makes your query sound a little cold.

    Unfortunately, I cannot offer anything in the way of an answer to your query except to offer my condolences on your mother's circumstances.
     
  7. barton fink

    barton fink New Member

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    4
    I actually considered that when typing this up, but had no other word at hand to describe it.

    I assure everyone i am simply devastated at the entire turn of events, but this is what is happening and i am literally just looking for advice.
     
  8. moneybox

    moneybox Frequent Poster

    Posts:
    715

    We all cope in our own way. If your mother has her financial affairs in order you won't have anything to worry about. Besides this is an Irish site, it's doubtful anyone on here can assist you with the legal aspects surrounding US wills.

    If I were in your shoes, I would put the whole thing out of my mind for now and just be there for your mother and enjoy the precious time you have left with her. Sorry for the difficult time you going though.
     
  9. noproblem

    noproblem Frequent Poster

    Posts:
    601
    I understand, really sorry for where you are right now and hope your mum doesn't suffer. I think you've got to totally forget about the windfall for the moment, it's not going to be hugely difficult to sort. It might amaze you how much strength you'll get from spending time with your mum now, do that and this can be sorted later. Good luck.