What is the amount of the wire transfer? You can expect no scrutiny or paperwork--just wait for the amount to show up on your bank statement or for the bank to provide you with an official receipt of the transaction. If the amount is over $10,000 they are required to report the transaction to the IRS, but that is just a formality so the IRS can check later on to see whether or not you report this on your income tax form.
As far as the tax liability, you would need to consult with a tax accountant or CPA or an estate planner to get an official answer. If I'm not mistaken, I think that the first $650,000 of an estate is exempt from income tax, but their might be state taxes involved.
What was the reason you hired this attorney or what services has he performed for you already?
Whose estate did this inheritance come from?
Whose estate will this attorney be "settling"?
If he is an executor, then either you would be paying the fee that you paid to hire him or he will receive his executor fee from the estate. Normally, a power of attorney is NOT needed to settle an estate and I think he is trying to put something over on you.
Please do NOT give him Limited Power of Attorney unless he can give you a more specific explanation of why it is needed (and even then you should get a second opinion from another attorney about anything he tells you). You would be giving up control to make financial decisions to him, and there is no need to do that unless you are mentally incapable of making such decisions. That could be an excuse for him to steal excess monies and it would be difficult for you to get it back without going through a costly legal process.
If you don't already have a will prepared, you should consider having one done to protect your financial interests in the unexpected event of your death and to help your heirs avoid hefty taxes in the event you didn't have a will--it's always better to prepare in advance.
SINCERELY,
DANDY DON
