What is the name of your state (only U.S. law)? Georgia
One of my brothers (whose legal residence was in Wisconsin - and who held dual citizenship in the USA and Australia) passed away last year. I have two other brothers, and one is the executor. He has found out that the deceased had a life insurance policy in Australia for which he will seek distribution (set up as divided equally between surviving brothers).
Very simply, does Uncle Sam get his share of this? Meaning do we get 1099's and pay taxes based on our income bracket? I ask because while not legally obligated we feel morally obligated to reimburse our mother who loaned this brother a hefty sum 6 months before he became suddenly ill and so we would each essentially pay her about 50% of our distribution. I'm in the 25% tax bracket so, inquiring minds want to know if, in fulfilling this obligation I'm basically out 75% of the funds?
Regardless of the answer, we have chosen to make her whole this way financially.
Thanks.What is the name of your state (only U.S. law)?
One of my brothers (whose legal residence was in Wisconsin - and who held dual citizenship in the USA and Australia) passed away last year. I have two other brothers, and one is the executor. He has found out that the deceased had a life insurance policy in Australia for which he will seek distribution (set up as divided equally between surviving brothers).
Very simply, does Uncle Sam get his share of this? Meaning do we get 1099's and pay taxes based on our income bracket? I ask because while not legally obligated we feel morally obligated to reimburse our mother who loaned this brother a hefty sum 6 months before he became suddenly ill and so we would each essentially pay her about 50% of our distribution. I'm in the 25% tax bracket so, inquiring minds want to know if, in fulfilling this obligation I'm basically out 75% of the funds?
Regardless of the answer, we have chosen to make her whole this way financially.
Thanks.What is the name of your state (only U.S. law)?