- Oct 9, 2002
- 28,298
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Between my twin brother and I, we are getting about $24,000 inheritance from a family member. This could not have come at a better time for us. We are getting income tax refunds, economic stimulus checks, and an unexpected $2,100 from my employer...it's like a "perfect storm" of financial relief!
Paying off credit and other debts between my brother, mother, and I would immediately use it all up. It would probably make better sense to turn the cash into a profitable venture, so that the profits would provide financial relief, and eventually benefit.
My brother and I do not want our mother to know that we have received the money. Based on her past behavior, she *will* find a way to waste it. She was specifically excluded from the inheritance for this reason.
My family tells me that I should create a new bank account; one that she would not have any access to.
My main question is this: 1) Because we may want to start some kind of business venture, shouldn't we get some kind of business license or tax ID and open an account in the business name?
Also:
2) Is inheritance taxed?
3) Is it fraudulent to pass inheritance directly to a business to avoid excessive taxes?
4) If all is OK, would I have to ask that the executor of the will send a different check with the business name specified instead of my own?
With the combined technical skills of my brother and me, starting a business venture should be easy if we find someone competent to handle most of the business side of things.
Any advice is appreciated!
Paying off credit and other debts between my brother, mother, and I would immediately use it all up. It would probably make better sense to turn the cash into a profitable venture, so that the profits would provide financial relief, and eventually benefit.
My brother and I do not want our mother to know that we have received the money. Based on her past behavior, she *will* find a way to waste it. She was specifically excluded from the inheritance for this reason.
My family tells me that I should create a new bank account; one that she would not have any access to.
My main question is this: 1) Because we may want to start some kind of business venture, shouldn't we get some kind of business license or tax ID and open an account in the business name?
Also:
2) Is inheritance taxed?
3) Is it fraudulent to pass inheritance directly to a business to avoid excessive taxes?
4) If all is OK, would I have to ask that the executor of the will send a different check with the business name specified instead of my own?
With the combined technical skills of my brother and me, starting a business venture should be easy if we find someone competent to handle most of the business side of things.
Any advice is appreciated!
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