I live in Florida and am expecting a large amount from the proceeds of an inheritance in which I was the benefactor. The inheritance is in an account in a foreign country and will be wired to my bank within a week or so.
My main question is: what taxes can I expect to have to pay on the inheritance? If not initially, will I face taxes on the amount next April 15th? And are there ways to place the proceeds in a trust to avoid - not evade - taxes?
Thanks for any advice.