Brazilian Inheritance

[mrstormy]

I am a US citizen, my wife is a Brazilian citizen. We live in Florida.

Her father recently passed away and she will inherit about $75,000.

How do we move this currency into our US bank Account?

Is she subject to US taxation?

What documents does she need to move this currency to the US and not be under suspicion of money laundering?

Can we wire it to our US account?

Can we deposit it in a Brazilian account and make payments directly to creditors here in the US?

Thanks for this great web site and your opinion!

 

[ALawyer]

The Brazilian bank should transfer the funds to to your US bank, and that together with a letter from the executor of the estate would give you a paper trial should anyone ever ask. (If you are in politics people might someday ask and you want to be able to show it was not a payoff; and it als shows that it is not income subject to US income tax.)

If you are not otherwise engaged in money laundering or related activities, don't worry about it.

Whatever you do, do NOT take it into the US in the form of cash. And the good news is there are not US Estate Taxes or US Income Taxes on money inherited from a foreign country on the death of bona fide non-resident non-citizens of the US.

 

[mrstormy]

Thank you!

Although we will be getting a Brazilian attorney, I really appreciate the quick response and your expertise.

Thanks again.