fathers funds in cash
my dad has a lot of cash stored at his home and wants me to take it when he dies. How do I deposit this into my account without triggering taxes? it is near 100,000$ worth.
Terry Says
Whoa! Any deposits over $10,000 trigger a bank filing. That’s for starters. But even a series of smaller deposits could trigger an investigation. That’s how a highly respected IL Congressman was sent to jail.
So let’s assume that your father accumulated all that cash legally, after paying taxes. And he just didn’t trust banks. Keeping it at home exposes it to fire, flood and theft. Consider opening a joint safe deposit box?
There is no inheritance tax on the money, assuming minimal other assets. So at his death the money would be distributed per his will. He doesn’t have to specify total dollar amount, just perhaps “all my assets to my son” or “my assets to be divided equally among my children”.
First step, does he have a will — and a healthcare power of attorney? If no will, the estate will get tied up in probate,depending on the other assets.
If he won’t disclose the assets before his death, and assuming there is no tax fraud or illegality with the money — you and his heirs have to handle the cash after his death.
And I think you need to check with an estate-planning attorney to figure out how — unless you plan to keep it and just use it over the years.
