What is the name of your state? NJ
My mother-in-law (MIL) recently obtained her Green Card. She currently has a home in Korea that she is planning to sell this year and believes she will net approximately US$800,000 from the sale. She'll be going back to Korea shortly to take care of the sale and then plan to permenantly reside in the US (also in NJ).
For various reasons, she would like to transfer the proceeds from the sale of her home to my wife and I. Would my wife and I (or my MIL) run into any gift/estate tax issues? Are there any strategies that would avoid or minimize any potential tax impact? The current thought is to try and wire the money directly from my MIL's foreign financial institution directly into my wife and I's US bank/financial account.
Other than the home, my MIL will transfer the rest of her assets to her own bank account (here in NJ) that she will probably be able to live off of for 5 years or so. After that, she'll expect my wife and I to support her from the $800k. She is currently in her early 60's and is in good health. Are there any other pitfalls that we should be aware of?
Cliff Notes: Green card holding MIL wants to transfer $800k of foreign assets to my wife and I in the US. Any tax problems/issues?
Any advice is sincerely appreciated!
My mother-in-law (MIL) recently obtained her Green Card. She currently has a home in Korea that she is planning to sell this year and believes she will net approximately US$800,000 from the sale. She'll be going back to Korea shortly to take care of the sale and then plan to permenantly reside in the US (also in NJ).
For various reasons, she would like to transfer the proceeds from the sale of her home to my wife and I. Would my wife and I (or my MIL) run into any gift/estate tax issues? Are there any strategies that would avoid or minimize any potential tax impact? The current thought is to try and wire the money directly from my MIL's foreign financial institution directly into my wife and I's US bank/financial account.
Other than the home, my MIL will transfer the rest of her assets to her own bank account (here in NJ) that she will probably be able to live off of for 5 years or so. After that, she'll expect my wife and I to support her from the $800k. She is currently in her early 60's and is in good health. Are there any other pitfalls that we should be aware of?
Cliff Notes: Green card holding MIL wants to transfer $800k of foreign assets to my wife and I in the US. Any tax problems/issues?
Any advice is sincerely appreciated!